Bitchcoin is a crypto-currency backed by the photographies of Sarah Meyohas. Buyers can acquire the coin at a fixed rate of 1 bitchcoin for $100, allowing them to “own” 25 square inches of photographic print. “This rate of exchange will not change, even if the value of the photography increases. As her work changes in value over time, so will the relative value of BitchCoin,” explains the official website of the artist, based in New York City.
Although an oddity in the Altcoin world, Bitchoin qualifies as a “normal” crypto-currency. The coins will initially be mined, through a mining rig installed in Where, a gallery and publishing house located in a shipping container in Brooklyn. The installation is itself an artistic exhibition named “Where 6″. All initial buyers of bitchcoins will receive a physical certificate, acting as a paper wallet for the coin. A software wallet will also be released soon.
The first Bitchcoin-backed photography, above, is entitled “Speculation” and the original is currently stored in a safety deposit box. Later on, with every new release of Bitchcoin, the artist will set aside an unframed archival chromogenic print of her work in a bank vault.
“An artist’s work might fluctuate wildly on the market, changing hands between collectors several times without any permission of, or compensation to, the artist. BitchCoin gives Sarah Meyohas a stake in the supply, demand, and price of her own work,” explained the creators of the project.