Libertarian lovers of Bitcoin have a new digital currency to fawn over: RonPaulCoin.
The digital currency named in honor of the popular libertarian and former member of Congress officially launched Dec. 29 and is looking for support.
“I believe that Bitcoin and cryptocurrencies will be the closest things to truly bring about the ideas that Ron Paul stands for,” Colin Hutchings, the creator of RonPaulCoin, said.
Hutchings, who owns an online business and runs several websites, first became interested in Bitcoin in early 2013, having been a follower of Paul and his monetary policy relating to gold. When Bitcoin exploded in popularity, Hutchings decided to make his own cryptocurrency that commemorated Paul.
Hutchings said what drew him to cryptocurrencies was the accountability.
“You can account for every dollar, but you don't necessarily know who they belong to,” Hutchings said. “You just know that there are exactly as many in existence as there should be.”
For instance, Bitcoin has an upper limit of 21 million coins, meaning only 21 million Bitcoins will be available. There are 12,189,925 Bitcoins in circulation as of this writing, with more coins to be created every four years. They will reach the 21 million mark around the year 2140.
Once there are 21 million Bitcoins in circulation, the value of the coins will start to increase, as there will be fewer unclaimed coins.
By contrast, there will only be 2.1 million RonPaulCoins available, making it a much rarer currency.
“Cryptocurrencies follow certain, exact mathematical rules. Nobody can print more money on a whim with a cryptocurrency, and a certain, exact quantity will come into circulation and that will be all there ever is,” Hutchings said. “This gives cryptocurrency a scarcity, predictability and a value that the U.S. dollar and other fiat currencies fail to have.”
Compare that to the U.S. government and its ever-increasing debt and money printing.
RonPaulCoin is already getting some traction. It was added to the cryptocurrency exchange site CoinedUp on Friday, opening with the second-highest trading value on the market.
RonPaulCoin, like Bitcoin and Dogecoin, already has a following on the popular social-sharing website Reddit and its own subreddit, r/ronpaulcoin. The cryptocurrency also has its own Facebook page and Twitter account.
On the official website, ronpaulcoin.com, the first thing one sees is an image of the coin, which features Paul's face in gold with the words “in Ron we trust.” Scroll down and a video of Paul talking about Bitcoin as a possible “destroyer of the dollar” can be found.
“Cryptographic digital currency is the future,” Hutchings said. “Cryptocurrency is to money what the Internet was to mail. We are still in the early phases of it right now.”