Soon to be distributed among every Icelandic on March 25th this year, ForexMinute is taking a quick recap of Auroracoin, the biggest surprise of the month of February.
ForexMinute.com – Auroracoin is indeed by far the biggest surprise in the virtual currency market. The success this country-based coin had achieved within a very short amount of time is spectacular. A classic Litecoin clone, its market capitalization has once even beaten the Litecoin itself.
How It Came to Success?
The Auroracoin’s secret ingredient to success was not its features, but it was patriotism. The makers of Auroracoin claimed the coin to be the best currency alternative for Iceland’s people who are still battering with the country’s financial crisis. Monetary analysis shows that Iceland’s economy is currently at the brisk of falling, and the shakiest grounds on which its stands can even make it look towards adopting the Euro or Canadian Dollar.
Auroracoin comes at a time when people are desperately seeking a solution for such an emergency. On March 25th this year, each Icelander will be receiving 31.8 units of the cryptocurrency. People who are holding an Icelandic passport will be given this bounty.
With each Auroracoin currently trading at $14.23, each Icelander will have about $450. A coin that won’t be retrieved for the next four-months will be again assigned to a new round of the population. Thus, an Icelander has several opportunities to receive around $1,000 worth of Auroracoin.
Where Auroracoin Goes after the Airdrop?
As an investment, Auroracoin at current prices is currently overpriced. It is uncertain whether the distribution process for such a huge population will function smoothly or not. But in case it is done effectively, many Icelanders will be focusing on selling their coin right away and pull the actual money out which can somehow negatively affect its prices. Meanwhile, if Icelanders decide to keep Auroracoin, its market value can see an upsurge.
Of course, there has been much said against Auroracoin by central bank and other Icelandic government bodies, as it is directly affecting their money monopoly. But in the end, definitive action against the coin is still to be commenced.
To contact the reporter of the story: Yashu Gola at email@example.com