In 2014, there was interest in issuing country-based cryptocurrencies designed as alternatives to fiat currencies and Bitcoin. One of these alternatives was based in Iceland, which was still experiencing fallout from the 2008 financial crisis.
Auroracoin (AUR) was designed as a borderless payment system aimed at Icelanders. Let’s look at Auroracoin and what you need to know before you decide whether to buy this cryptocurrency token.
|Blockchain||DigiByte (but using various algorithms, including scrypt, SHA-256, Skein, and Qubit)|
|Total circulating supply||14,361,958.74 (as of Jan. 17, 2022)|
|Who it’s best for...||Those interested in country-based cryptocurrencies, and those looking to use cryptocurrency in Iceland.|
What is Auroracoin?
Auroracoin was originally launched in 2014 as an alternate payment system for Iceland. Created by someone (or a group of people) using the pseudonym Baldur Friggjar Odinsson, the token was launched and airdropped to the people of Iceland. The total supply was set at 21 million, and half of that was part of the airdrop. However, the value quickly fell and the entire experiment was seen as something of a failure.
Later, in 2016, Auroracoin was relaunched. Today, Auroracoin is maintained by a group of volunteers, including Mychel Habets, Mikael Hannes, and Martin Jansen.
Originally, Auroracoin used a scrypt algorithm, which was derivative of Litecoin, which itself derived from Bitcoin. After the relaunch in 2016, Auroracoin moved to the Digibyte blockchain, which is also a variation of Bitcoin, using a similar proof-of-work version. Auroracoin has a multi-algorithm proof-of-work consensus.
For the most part, Auroracoin is designed as a payment network and doesn’t do much beyond that. The addresses recorded on the public ledger are randomly generated to protect privacy. The token has its own wallet, the Auroracoin Core wallet, which is available for Windows, Mac, and Linux.
Additionally, there is an Auroracoin Wallet for Android devices and the Lightweight Auroracoin Wallet, which can be used with the Chrome browser. Merchants can also use the Coinomi blockchain wallet to accept Auroracoin payments.
Algorithms used by Auroracoin currently include scrypt as well as SHA-256 (the Bitcoin token standard), Skein, and Qubit.
AUR vs. AOA
It’s important to note that Auroracoin (AUR) is different from a cryptocurrency token called Aurora (AOA). They are not not related to each other at all.
Although AUR is focused on payment processing in Iceland, AOA was founded in 2018 and is working to build a blockchain ecosystem and includes a decentralized exchange. Additionally, AOA offers smart contracts, which automate transactions and other processes, and the ability to develop the chain.
How much does Auroracoin cost?
The current Auroracoin price in USD (as of Jan. 17, 2022) is $0.1781. This is a huge drop from its all-time high of just above $60 in March 2014, shortly after its launch. Auroracoin’s lowest price of $0.035 was in August of 2014 following the acknowledged failure of the experiment.
How to buy Auroracoin
When you’re learning how to buy cryptocurrency, it’s often easier to turn to an exchange such as Coinbase or Gemini, which accept fiat currency for purchases. However, Auroracoin isn’t available on Coinbase or most of the major centralized exchanges.
You will need to start with a wallet, either the Auroracoin wallet or Coinami for best results. The main exchanges for getting Auroracoin include ISX, FreiExchange, and YoBit. You first need Bitcoin if you want to exchange for Auroracoin on FreiExchange and YoBit. On ISX, you need to have Icelandic krona to buy Auroracoin.
For many, it makes more sense to use Bitcoin (BTC) and exchange that for Auroracoin.
FAQs about Auroracoin
Is Auroracoin a good investment?
When investing money, deciding whether something is a good investment depends on your individual goals and portfolio strategy. However, Auroracoin is fairly limited in use and acceptance and is considered one of the smaller cryptocurrency tokens.
With any cryptocurrency, using it as a medium of exchange is based on who will accept it. Almost no one outside of Iceland uses it, and its use isn’t widespread even in Iceland. As a result, it might not provide you with what you’re looking for in terms of potential for future growth.
How much is Auroracoin worth?
As of Jan. 17, 2022, Auroracoin is worth about 18 cents with a self-reported market cap of $2,557,953. Shortly after its launch in 2014 and while being hailed as a new way to free people from bankers, it was worth nearly $61. However, after it appeared that the experiment failed, the token fell to below 4 cents a few months later. It hasn’t recovered substantially since.
Where can you buy Auroracoin?
You can receive Auroracoin in your wallet from someone who has some. Additionally, it’s possible to go on an exchange like ISX, YoBit, or FreiExchange to exchange for or purchase Auroracoin. However, you will likely need Bitcoin to exchange for Auroracoin.
Auroracoin was designed to be a decentralized currency in the wake of the 2008 financial crisis and the collapse of Iceland’s economy and banking system. Originally airdropped to Iceland’s population, the token quickly crashed in value and hasn’t yet caught on.
It can be difficult to buy Auroracoin as it’s not available on all of the best cryptocurrency exchanges. It might not be useful as a medium of exchange unless you’re interested in transacting business in Iceland.