Steven Seagal becomes brand ambassador of Bitcoiin2Gen cryptocurrency which wants to fix bitcoin's problems

The world of cryptocurrencies is still facing a lot of distrust from investors. While it's not easy for a newbie to replicate the astronomical growth that bitcoin had experienced in 2017, it doesn't necessarily mean that you should opt for excessive marketing to drive people to the new platform.

Bitcoiin2gen (B2G), a controversial cryptocurrency, has done exactly that, even before launching its initial coin offering (ICO). What has raised even more eyebrows is the hiring of Hollywood action star Steven Seagal as the cryptocurrency's worldwide brand ambassador.

An ICO allows raising funds for a new cryptocurrency venture before launch. It lets early backers invest in the cryptocurrency while the fund is used to further develop the new currency.

When it comes to Bitcoiin2gen, Seagal's endorsement comes more than a month before the digital currency is going to be sold. The move, therefore, has largely been considered as a marketing gimmick to lure potential investors.

Seagal's official Twitter account confirmed the news on Monday while also providing a link to the cryptocurrency's website for sign-ups using the special referral code "Segal 9."

Bitcoiin2gen had last week issued a statement announcing Seagal's endorsement. In the statement, Seagal was called "a believer of Bitcoiin2Gen."

Here's an excerpt from the press release:

As a Buddhist, Zen teacher, and healer, Steven lives by the principles that the development of the physical self is essential to protect the spiritual man. He believes that what he does in his life is about leading people into contemplation to wake them up and enlighten them in some manner. These are precisely the objectives of the Bitcoiin2Gen to empower the community by providing a decentralized P2P payment system with its own wallet, mining ecosystem and robust blockchain platform without the need of any third party.

According to its White Paper, the "second generation Bitcoiin" is based on ethereum's blockchain, and it will offer much faster transactions than the original bitcoin. It also talks about a cryptocurrency mining component through a partnership with a company called Dragon Mining.

"Bitcoiin 2Gen will in fact address current issues that are slowing down the Bitcoin eco-system and the limited opportunity for the enthusiasts to be able to earn by mining either with 1 machine or 1000. The original Bitcoin has already been exhausted because of its longer transactions time, big transactions fees, less earnings to miners , outreach from the common people and most important its core system , the blockchain itself," according to the cryptocurrency's website.

Meanwhile, Bitcoiin2gen has also garnered criticism for sharing its investment structure, revealing how early investors can make money mainly from referral commissions.

"From the name alone it's obvious that Bitcoiin hope to peddle their B2G altcoin using bitcoin's established brand awareness," according to a post on BehindMLM.com, a cryptocurrency review website. "B2G is just another 'me too' altcoin launch, same as the thousands of others who market themselves on the premise of 'fixing bitcoin's problems'."