Inspired by Litecoin, Marketed like Auroracoin: Meet the New Digital Currency of Spain

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Inspired by Litecoin, Marketed like Auroracoin: Meet the New Digital Currency of Spain

ForexMinute.com – Looks like adding territorialism is a new trend in the cryptocurrency sector. After the much hyped Icelandic currency Auroracoin, another currency – which goes by the name of SpainCoin, indicating its Spanish roots – is ready to challenge the ongoing central bank regulations.

Our team paid a visit to SpainCoin’s official website, which someway reminded us of Auroracoin’s marketing strategy. A cool and enchanting symbol, right above a patriotic description promising a financial revolution, the website hypnotizes people with an idea of owing their hard-earned money without cutting slacks for higher authorities. “SpainCoin means freedom”, the description says, “It is a perfect cryptocurrency for the Spanish people to break free from their shackles.”

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A well-versed definition of cryptocurrency awaits us while trying to explain the noble motives of SpainCoin. But the additional touch to this introduction is the creators “giving away 50% of its premined currency among Spanish people”, which is notified neatly with a timer dedicated to show how many days, hours, minutes, and even seconds left to the alleged SpainCoin “Airdrop”.

The young virtual currency is though born with the similar traits of its forefathers. Until now, it has been clearly volatile in terms of value. In the midst of March, SpainCoin got enough attention as a country-based digital currency, which further got reflected in its value that soared within just five days of its launch. The market capitalization of the currency went up to around $106 million from a mere $9 million. Although the currency’s value couldn’t hold up so well as the hours approached, it fell over 47% within 24 hours.

SpainCoin’s counterpart Auroracoin too has similar luck, with its values representing a perfect half-cycle sine wave graph. But as per the experts suggest, such volatility is very normal for new cryptocurrencies as investors’ faith in them gets dwelled and departed quite easily.

But there might be a lot in the bucket for such new, and country-based cryptocurrencies. Especially the aforementioned ones, which are based on Litecoin’s Scrypt algorithm, inhabiting the latter’s qualities of getting mined quickly and easier than Bitcoin, as well as its security features.

But as we have already commenced that it is after all the events after airdrop that will decide whether SpainCoin and Auroracoin has a long run or not. It solely depends on how people plan to use this virtual currency. They can hold them, spend them or ignore them – with each action deciding the rise, fall and steadiness of the currency’s prices, respectively.

We think it is time to wait for the Auroracoin airdrop, as it will directly hint the possible outcomes for SpainCoin also.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com