Cryptocurrency Auroracoin In Iceland
Cryptocurrency Auroracoin Created for Citizen of Iceland
There is another type of Cryptocurrency that has risen in Iceland. This Cryptocurrency was created by a programmer named Baldur Friggjar Odinsson and he calls it AuroraCoin. It was said that the Auroracoin programmer air dropped 31.8 coins to every Iceland citizen.
AUR, short for Auroracoin will function just like bitcoin and this Cryptocurrency becomes famous in a short time. Surprisingly, the coin before the air dropped worth $15 and it is set to launch when there is already 21M AUR. By that time, it will be open to all people in Iceland.
However, after the air dropped, the price collapsed. This is because there isn’t enough infrastructure for this cryptocurrency and people can’t use it in exchange of goods or services, thus they exchange it with Bitcoin.
The concept of Auroracoin is that people will have private ID numbers that they will use in checking in and receiving coins. Just like bitcoin, mining will be done by means of proof-of-work process. We can’t tell an exact time when people will receive their coins and how famous the idea of Odinsson can get. In his proposal, he speaks about the government of Iceland and blames it for bleeding their nation. This is the programmer exact words.
“The people of Iceland are being sacrificed at the altar of a flawed financial system, controlled by an elite that made astronomical bets supported by the government on behalf of the people and ultimately at the expense of the people,” he wrote. “The power must be taken away from the politicians and given back to the people.”
Odinsson goal is to let Icelandic people trade internationally. When asked why Odinsson didn’t just give bitcoin? He answered,
“I wish I could. Alas, it is all but impossible for Icelanders to buy bitcoins for themselves, let alone for a giveaway. Since the banking collapse in 2008, Icelanders have been subject to strict capital controls,”
People are not given the freedom to trade krona, their national currency for any foreign exchange. This means that Icelanders can’t purchase bitcoins.
Odinsson Expectations on Auroracoin Cryptocurrency
#1 Auroracoin will introduce Cryptocurrency to the nation.
With the introduction of Auroracoin to the Icelanders, people will get to know more about Cryptocurrency and will start taking part of the global movement without using the nation’s currency.
#2 Auroracoin Cryptocurrency will help people to be in control of their money.
Since Aurora Cryptocurrency is decentralized, politicians and the banks have no control over the transaction, let alone charge fees in every trade, people are free to do whatever they wish with their own wealth without worrying that they will be charged.
#3 Auroracoin Cryptocurrency enthusiasts will start claiming their coins.
The programmer is expecting that on the first day, people will show interest in claiming their coins. Some will experiment and speculate. He is hoping that everything will work smoothly and people will start to adopt it.
A great story doesn’t end without antagonist. Banks and the government as expecting are calling this proposal a fraud and scam. Auroracoin and other Cryptocurrency trading are called illegal by the government and the central bank said that it is a fringe activity and a capital control violation.
This is a huge thing and a big dream for a single person to make a difference in the market at once. A huge effort should be made to make the nerds move their finger and much more to have the whole country excited about this transfer of wealth.
Nonetheless if he failed, everyone has nothing to lose but if this receives a positive response then it will lead nations into using Cryptocurrency.
Iceland due to its cheap electricity is already a safe place for mining Cryptocurrency. It is a new world to have a digital currency and Odinsson is very positive about it. He is very confident that Auroracoins can be traded internationally and there is no one who will tell people on how they will use their own coins.
Things didn’t go well as expected and the people behind this cryptocurrency made a come back last March, this year.