ForexMinute.com – In times of financial crisis, there is a distrust and uncertainty installed in people’s minds. In a hope to counter this dilemma, nation-based cryptocurrencies are being launched trendily. The aim of these launches is to freely distribute these currencies among the people, and inspire them to use them in their day-to-day transactions, making them less dependent on the traditional national currencies.
The latest one to squeeze its way in is Spaincoin – the alleged Spanish Bitcoin that is inspired from Litecoin’s Scrypt Algorithm. Launched a month earlier, Spain’s first national cryptocurrency have now entered into the physical world, and is currently being distributed among over 5 million Spanish citizens.
The distribution is the exact replica of Auroracoin’s airdrop. Auroracoin was the first nation-based cryptocurrency that set the benchmark for others that followed. In a way, Spaincoin was more of a product of Auroracoin’s idea than the Litecoin’s Scrypt.
And now, it is live and squeezing its way inside the Spanish people’s digital pockets (or wallets). According to Spaincoin’s creators, there are over 25 million coins which will be distributed in 5 stages among 5 million citizens, as mentioned above. “We assume not every Spaniard will claim their coins,” they say. “Each stage will last two months, and any coins remaining will be either rolled over to the following stage or destroyed. We will watch the coin supply and try not to flood the market giving away coins (we’ll probably place daily quotas, so that at least no more coins are being given away than being mined).”
Spaincoin’s Performance in Recent Months
Before its distribution began, Spaincoin has had a volatile month in terms of both market cap and value. On March 18, the Spaincoin’s value against US Dollar was recorded to reach its peak at $3.975, as well as its market cap was over $100 million. The same day, its value dropped drastically and reached around $0.6. Since then, Spaincoin’s performance has remained weak, and its current value is priced at only $0.013, while its market cap is only around $363k.
As the distribution is currently active, Spaincoin is making sure to be delivered to only those citizens who ask for it. Of the total coins issued, 50% are free of charge, while the other half is subjected to be marketed in the same way as Bitcoin and other cryptocurrencies. The Spaincoin creators claim that this technique will achieve mass adoption of the digital currency in the long term, and also will educate public about the use of digital currencies.
How to Receive Spaincoin?
You can simply register yourself at Spaincoin’s official website www.spaincoin.org if you are a Spanish citizen. The website will require a two-way identification: the electronic ID card and FNMT certificate. While the electronic ID will require you to know your national identity PIN, the FNMT certificate is a document issued by the Real Fabrica Nacional de Moneda.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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