Dive Summary:

• Bitcoin is set to receive new competition in the digital currency market beginning Jan. 11 from a Kanye West-themed currency, Coinye West.
• Despite rumors that Coinye West could be an elaborate public relations hoax, the launch of the digital currency has been substantiated by mainstream media outlets and IT insiders.
• The Coinye West “cryptocurrency “ says it will provide encrypted, anonymous digital purchase ability to consumers – providing the anonymous creators can obtain permission from Kanye West himself prior to the official launch of the currency this week.

Dive Summary:

Coinye West digital currency states via the company’s online website at http://coinyewest.com that Bitcoin can be traded-in for “Coinyes” following the launch – but the company is not allowing buyers to purchase the new digital currency prior to the Jan. 11 launch date and Coinyes will not be available for purchase using a credit card or checking account.