Alongside the steady rise of Bitcoin — a digital currency that uses breakthrough open source technologies — there has also been substantial growth in the domain of altcoins (Bitcoin alternatives). Many people are familiar with Dogecoin, the "joke currency" inspired by an internet meme which quickly grew in popularity amongst digital currency enthusiasts after its release late last year. But little attention was paid to Murraycoin, a novel altcoin introduced in January this year.

Murraycoin promised to be the first "celebrity coin" by featuring the name and artistic likeness of American comedic actor and cultural icon Bill Murray. The website — which features a Murraycoin donation fund purportedly to be donated to The Murray Bros Foundation — states its goals as follows: "to raise money for charity, educate the population on the use and advantages of cryptocurrency, and to have fun." However, the website also claims that the project "is not currently affiliated with or endorsed by Bill Murray."

Murraycoin's release came in the wake of Coinye, a digital currency inspired by Kanye West which was quickly issued a ceast-and-desist order from West's attorney. This along with the absence of Bill Murray's endorsement may help to explain why Murraycoin has not garnered press coverage or gained legitimacy amongst most Bitcoin and altcoin fans. However, this does not mean that its development team or its small band of followers have given up.

Murraycoin's lead developer, software engineer Brock Holzer, claims that the project indeed has permission from the St. Vincent star. "We have Bill Murray's indifference but we're working on getting him directly involved," he explains. "Our top concern [with Murraycoin] was ensuring the legal aspects were covered and we have satisfied that requirement."

Bill Murray, notorious for being difficult to reach, was not available for comment on the digital currency paying tribute to him.

Holzer and the Murraycoin team were in attendance for Murray's annual charity golf tournament in March but unfortunately did not get a chance to speak with the iconic actor in person to discuss the coin's potential. Since then, they have been working on features to make Murraycoin accessible to everybody, including an app for mobile devices as well as "physical wallets" that will make coins transferable via printed QR codes.

Like Bitcoin, Murraycoin's software is open source so anyone with coding expertise can contribute to the project. Murraycoin can currently be "mined" with a computer's graphical processing hardware or purchased with Bitcoin at the currency exchange Cryptsy.

Despite not getting official backing from Bill Murray yet, Holzer is confident about the future of the project. "There will not be a problem [with Murraycoin]. Our only concern is improving this coin. Murraycoin is the perfect addition to Bill Murray's legacy as both an entertainer and humanitarian."