From: Philip St. George, thenorthbaybay.ca staff
NORTH BAY – Look out Bitcoin!
North Bay is smashing into the cryptocurrency market with a coin of its own.
The Northcoin, a cryptocoin designed and launched by The City of North Bay, will soon be available for tech-savvy citizens to buy and trade.
“These last few years have seen the rise of ‘cryptocurrencies’ like Bitcoin, Litecoin, and Dogecoin,” explains City Councillor Marcus Tignanelli.
“Why not bring crypto to the Gateway City?”
Those interested in buying and selling Northcoins won’t have to wait long.
“We’re sending out one free Northcoin code to everyone in the city,” explains Tignanelli.
Citizens will be able to use Northcoins at any arena or “community centre” in the city, though to do what is still a little murky.
“The Battalion said they won’t accept them,” frowns Tignanelli. “But I’m hoping that with enough of them someone can, like, buy a hotdog or something.”
City Work Potential
Fellow City Councillor Scott Robertson asked if they might not be used to pay for extra garbage pickup, but was informed that Public Works doesn’t accept digital currencies.
“Furthermore,” summarizes Robertson, “I was told that even if they were physical coins, their current trade value makes it so that it would take an entire garbage bag of Northcoins to pay for one garbage bag’s worth of pickup – making the act redundant.”
Northcoins are currently trading at a value of 1 Northcoin to 0.000000025 Bitcoin (or 2/10ths of a cent each).
There are other battles ahead for the freshly minted Northcoin. Competing against North Bay’s newest crypto are several other locally invented digital currencies.
“It sort of seems like everyone’s got a coin these days,” says Tignanelli.
Local competition includes Al McDonald’s own digital currency the “Alcoin,” Bill and Tanya Vrebosch’s “Vrecoin,” and the Vic Fedeli’s stalwart cryptocurrency, “The Fearmonger.”