Kik Messenger’s New Cryptocurrency Kin, And What It Means for Teens and Kids
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2017 is a booming year for cryptocurrency. Bitcoin is an attractive, if risky, investment Is There Ever a Safe Time to Invest in Bitcoin or Ethereum? Is There Ever a Safe Time to Invest in Bitcoin or Ethereum? There will always be a measure of risk when "investing" in Bitcoin, Ethereum, or any other form of cryptocurrency. However, that risk can be managed. Here's how to do it. Read More . Altcoins are fulfilling the dreams of day traders across the globe. And everyone wants a piece of the cryptocurrency action.

That’s because cryptocurrency is here to stay Why Bitcoin and Other Cryptocurrencies Will Become The Money Of The Future Why Bitcoin and Other Cryptocurrencies Will Become The Money Of The Future Will Bitcoin become the money of the future? Although it has had rough start, and there are security and social obstacles to overcome, could Bitcoin actually make the world a better place? Read More , despite what you might read elsewhere. Digitized, decentralized currency makes certain online activities much easier. Furthermore, many people relate to the focus on privacy some cryptocurrencies offer.

One company is attempting to bring cryptocurrency to young people. Popular social media network, Kik, is launching its own cryptocurrency, Kin.

Here’s what it means for you and your teenagers.

Kik and Anonymity

Kik claims to have over 300 million registered users, of which there are 15 million active monthly users.

But the key statistic for Kik isn’t the number of users: it is the demographics of those users. Estimates put the number of U.S. teenagers using Kik between 30 and 40 percent — and the number is rising, too. Some 57 percent of the active user base comprises the 13-to-24-years-old bracket.

kik anonymity cryptocurrency teenagers

Kik appeals directly to teenagers for a few reasons, but the most important is its anonymity Things You'll Wish You Knew Before Your Kids Started Using Kik Things You'll Wish You Knew Before Your Kids Started Using Kik Every week, there are new and more interesting ways to communicate with each other online. Kik is one of the latest texting apps teens are using — and this is what parents need to know! Read More . You can register for Kik using a fake email address, a fake name, and birthdate showing an age over 13. Select your username, and you’re good to go. Kik doesn’t require a cell phone number, tying your identity to a single device.

In addition, Kik cannot (or refuses too) locate accounts using just a first and last name. The Kik Guide for Law Enforcement states that a “Kik username is the only unique identifier in our system, and the only way we can identify a unique Kik account.” In addition, data is only held for 90 days, unless someone makes a legitimate request to hold the data for longer.

In a boon to parents, Kik doesn’t work well with many parental control apps. Where parents have requested remote device viewing to check in on their teenagers, Kik obscures all messages.

Kik Points and Cryptocurrency

One major challenge each social media network faces is monetization. How can you monetize a platform that users freely enjoy taking advantage of? Kik has long had advertisements. But during 2016, it took a gamble on the introduction of an internal virtual currency, called Kik Points. To earn points, the user had to watch or view a small targeted advert, or play a branded game. Users spent their accumulated points on special emojis and stickers, unique to the Kik platform.

kik anonymity cryptocurrency teenagers

The success of Kik Points seems to have spurred Kik onto greater things. So much so that in early 2017, they announced the development of a new cryptocurrency: Kin.

“If we can make this work, we can build one of the largest, most adopted cryptocurrencies in the world, just by integrating this into Kik, and putting Kik Points on the blockchain.”

Kin

Kik envisages Kin as a general-purpose cryptocurrency. They would like to make Kin as ubiquitous as sending USD through PayPal. As we’ve seen with other cryptocurrencies, that is easier said than done. Even though the top ten cryptocurrencies have a market capitalization of nearly $100 billion, easy-to-use day-to-day services that accept crypto are few and far between.

kik anonymity cryptocurrency teenagers

Kin could make a serious difference. Being integrated into the Kik platform, with its millions of users, will see a sharp uptake in consumer adoption. Furthermore, teenagers can drive trends. If the native support for Kin encourages more teens to use Kik, you can guarantee parents will follow suit.

How Will Kin Work?

Kin has a broad mission statement, but focuses around one central theme: creating a sustainable decentralized “alternative ecosystem of digital services for our daily lives.”

In other words, Kik wants to nurture a system of digital services that use Kin as its main currency. Furthermore, Kik users will be able to send Kin to one another, much the same as other currencies (using other payment apps). Kik, in conjunction with the overseeing Kin Foundation, plans to release small amounts of Kin to the public at certain (as yet unspecified) times.

kik anonymity cryptocurrency teenagers

The majority of the Kin cryptocurrency will be held in reserve for the Kin Rewards Engine. The Kin Rewards Engine is a core ecosystem concept. Business and other digital services using the Kin Ecosystem will receive periodic rewards for their support. The incentives will assist with the rapid development and expansion of the cryptocurrency, in turn adding value. The proportion of Kin distributed to services will relate to their utilization of the cryptocurrency.

kik anonymity cryptocurrency teenagers

How Will Your Teenager Use Kin?

The introduction of a cryptocurrency essentially marketed toward teenagers is interesting. The Kin initial coin offering (ICO — an initial product sale for cryptocurrencies) attracted a significant amount of interest (98 million dollars of it). But this was because crypto-enthusiasts sense an opportunity for short-term profits once Kin hits cryptocurrency exchanges.

The real question is what purpose does this serve the teenagers and young adults meant to use it? Well, Kik envisages Kin as the monetization method of choice for popular Kik users. Celebrities can create exclusive VIP hangouts, using Kin as the payment entry method. In addition, popular accounts can accept Kin in return for a far-reaching product shout-out, or a single message can be pinned to the top of a chat for a certain amount of time.

Another key early use concept is service payment and tipping. Kik is already jampacked with bots, with over 150,000 active bots providing a huge range of services. Kin can replace traditional fiat currency in these transactions, as well as being sent as a tip, too.

Will Your Teenager Be Safe?

Privacy and anonymity are synonymous with Kik How Safe Are Apps Like Kik, Yik Yak And Snapchat For Teens? How Safe Are Apps Like Kik, Yik Yak And Snapchat For Teens? What's safe for my child? Will they be safe on the Internet? Is this a safe app? The reality is that nothing is safe - it's how you use it that makes it safe. Read More . And a cryptocurrency only adds to the appeal. However, there could be problems ahead. While simplifying cryptocurrency for the masses will undoubtedly increase usage, the price of Kin will still be tied to fiat currency. Furthermore, as Kik want to list Kin on public cryptocurrency exchanges, its value will further fluctuate Why Your Crypto Coin Is Not as Secure as You Think Why Your Crypto Coin Is Not as Secure as You Think Bitcoin continues to hit new highs. Cryptocurrency newcomer Ethereum threatens to explode into its own bubble. Interest in blockchain, mining, and cryptocurrency is at an all-time high. So why are cryptocurrency enthusiasts under threat? Read More .

If parents, teenagers, and young adults aren’t careful, money will simply vanish without a trace. Cryptocurrency has a limited real-world application, and explaining blockchain technology is difficult. Kik will distance the technical aspects of cryptocurrency from the Kin Ecosystem, but that doesn’t make it disappear.

Another consideration is the direct link to Kik Points. Kik Points were essentially a novelty currency, used to purchase stickers. Kin is an Ethereum-based cryptocurrency, with real value, and fees for transaction processing. Marketing Kin as an exciting new payment method for teenagers is one thing, but I think it will have unintended consequences.

One consequence relates to the well-noted dark side to Kik, where some teenagers and young adults are blackmailed into performing unsavory acts. An anonymous decentralized cryptocurrency integrated directly with the Kik platform might play directly into the hands of abusive individuals.

Kin Is Coming

Whatever we think, Kin is coming to Kik, and potentially a smartphone near you. If you have teenagers that frequent the Kik platform, it is worth sitting them down and talking about Kin when it arrives.

Kin has the potential to create a dedicated ecosystem that serves the majority of its users well, with excellent services, chatbots, and more. But as with any new technology, it will be open to abuse, especially during the early teething period.

Will you start using Kin when it arrives? Will you let your teenager use it? Or is it best to stick to “real world” currency? Let us know your thoughts below!

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  1. Bobby Buford
    October 26, 2017 at 4:05 pm

    This looks super neat! I can't wait to use the new features!! Wow! Super!

  2. Blockchaintoken
    October 25, 2017 at 9:43 pm

    KIN has some serious credibility issues with the ICO/TDE investors based on their pre-sale communications pumping all of the wonderful plans. However, the post sale vague answers, absence of utility, and sudden changes from previous assertions is troubling. If Ted needs a microcosim to represent the issue, it's not the price, it's the stickers. We did't buy KIN for your stickers, we expected a minimally working product on KIK after the ICO/TDE with the minimum being the ability to transact on the platform and/or on a professional level exchange.

    They had an opportunity to come out swinging for the fences with a huge user base and thousands of heavily invested crypto-enthusiasts. That opportunity is now severely hampered by their own lack of insight and planning. I'm hopeful that we didn't prop up the equivalent of multiple Joel Dietz's. I hope that we are all wrong, but at the moment, the Emperor appears to have no clothes.

    • Amy Francisco
      October 26, 2017 at 4:02 pm

      Be honest guy! The people that are upset are the idiot pump and dump crowd that throws hissy fits if their token doesnt jump by 10x after a crowdsale. Don't give me the bullshit, you know if the price of the token would have increased, nobody would have complained. Investors need to be patient because Kin is going to be big. Patient means hold long term not just pray for a quick buck off a pump and dump.

      • Blockchaintoken
        October 26, 2017 at 4:33 pm

        Thinly masked PR counterattack’s won’t polish the turd. I think KIN still has an opportunity to grow. However, they squandered the initial goodwill and benefit of the doubt, granted by the investors, with their pivots and silence when compared to their stance and talking points pre-ICO. I’m fine with initial losses, my personal nut is from funds garnered during the DAO fiasco, but for the flippers we now have two issues as a community on KIN. Irrational FUD and people who will dump the token as soon as it hits ICO price. KIK has created a harder row to hoe for themselves and us all. KIN now needs to actually release something workable and positive. The bar is pretty low, and their is still time. Rainbows and Unicorns are no longer enough.

  3. Joe
    October 25, 2017 at 2:20 pm

    Kik is awesome! This is the coolest thing I've ever heard! I don't care about which blockchain it uses in the background or if they "switched"

  4. ball
    October 25, 2017 at 10:23 am

    The white elephant in the room is considering the abysmal valuation of the token after the ICO with participants losing 55% of their value is anyone really interested in this platform at all.

    • John Jones
      October 25, 2017 at 2:31 pm

      The white elephant in the room is apparently a pumper dumper.. You shouldn't expect every decision you make to yield a 10000% return after 2 weeks. Good things take time. If you aren't in it for the long haul, then leave. Nobody is stopping you.

  5. John Doe
    October 25, 2017 at 7:35 am

    no reason to publish this the company does not even know what blockchain they are going to use. kik falsely misrepresented the product.

    • MildTorro
      October 25, 2017 at 10:13 am

      Kik knows exactly what they are doing and could be very successful with this approach. Rewarding their user community whilst protecting their privacy is much more sustainable than Facebooks invasive and exploitative advertising model. I'm prepared to invest in KIN so we can have a future that isn't under Zuckerbergs supervision.

    • jack black
      October 25, 2017 at 2:28 pm

      Kik is awesome and wants the best for their user base. They are currently using the ethereum blockchain which is great for alpha and will switch to a more performant chain soon that will be able to scale and handle the large number of transactions.

      They want to service their customers TODAY and aren't going to sit around and wait like others seem to be doing for technology to come around.