It has been mentioned before that the success of an alternate cryptocurrency depends on 5 primary things:
- Good development team and the support of the community.
- Technical features (total number of coins, fair mining, speed of transactions, etc.).
- Listing and liquidity on main exchanges (first of all, http://cryptsy.com, the largest, stable and legitimate exchange).
- Wide adoption and infrastructure (growing around altcoin services).
- Name of coin and its identity (memorable history of trading/development a coin).
Name Most Important
But it was quite unexpected that the name of the coin does play the most important role over the long term, since it’s the only one thing from the five features, mentioned above, that cannot be changed, or significantly improved.
A Bitcointalk.org member using the moniker alt19 explained:
You can add an infrastructure, you can add innovative features – to any coin, theoretically, but you cannot change the past, you cannot change the history that is in price logs and in a people’s memory.
So let’s try to build a rating of the cryptocurrency names of real coins, based on various criteria:
- Seriousness of name (as a currency, the name shouldn’t be fun).
- Whether the name is conceptual (makes sense, dedicated to ideas), or not.
- Whether it’s brief and has one syllable only.
- What it looks like to non-English speakers, whether it’s recognizable worldwide (for example, Love coin is still recognizable, but Firefly, and HoboNickels are not).
- Does it have money or financial mental associations, or even slight links, for example, Luckycoin is for luck, that is necessary to become rich, Mooncoin means Moon, and the Moon drives ocean waters and financial flows (as assumed in financial astrology) plus ‘to the moon’ means also price growing process… And MEOW, or BBQ coins have no these associations at all).
- But BBQ, MEOW or DOGE have GOOD associations, and that’s to be taken into attention, too.
- Some coins are also BELOVED for their names, linked with people’s emotions. That’s not the same with GOOD associations (previous criteria). For instance, KEY or SHIELD are something good-associated, but still not BELOVED like BottleCaps and emotionally neutral, not like Liberty, Cool or Noble coin.
- And last but not least, coin names must not be too ordinary/banal. There are some loud names like Super, Ultra, Max, World coins, but they are annoying a little, do you think? And it’s quite ordinary to put the great themes like Love and Liberty in cryptocurrency names, too, though these names are really not bad regarding other criteria.
The Final Results
This story is based on the ideas of Bitcointalk community members. If you would like to participate in the discussion, you will find the thread here: https://bitcointalk.org/index.php?topic=655461.0
Do you think the name of a coin matters? What’s your favorite name? Log in below using your favorite social network and weigh in on the discussion.