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Posted on 03/24/2014 2:55:56 PM PDT by Errant
Auroracoin, the “cryptocurrency for Iceland”, will begin distributing auroracoins to the country’s citizens this week, starting tomorrow, 25th March.
The distribution, which is being called Airdrop, will send 50% of the total auroracoins in circulation to the country’s populace. Icelandic residents that enter their permanent resident ID on auroracoin’s official website will receive 31.8 AUR (roughly $385 at press time).
The fourth-place digital currency in terms of overall market cap, Auroracoin quickly rose to prominence even amongst the myriad of new digital currencies for its unique approach to community building. Further, as it climbed up the market cap leaderboard, auroracoin spawned a wave of imitators that has so far included scotcoin and spaincoin, among others.
Part of the reason was its strong nationalistic message.
Auroracoin’s creator, Baldur Friggjar Óðinsson, told CoinDesk the purpose is to give Iceland an alternative form of money to the Icelandic krona, or ISK:
(Excerpt) Read more at coindesk.com ...
I could sure use that for a down payment on my new obamacare plan.
Mark my words today: in less than 20 years, every country will migrate to digital currency. It’s been proven to work with Bitcoin, albeit an inflexible medium. We will all be using cards loaded up with digital currencies soon.
We probably won’t even have to use cards. Most likely your biometrics will be used to authenticate your digital credit transactions.
I hope I’m dead and gone by then.
Yeah, my biometrics ain’t what they used to be either. ;)
Biometrics as a technology is awesome stuff. The idea of biometric hacking and DNA replication technology is terrifying.
The problem with predictions, any predictions, is that the predictor assumes what is happening today, will continue to happen in the future.
I am not saying your prediction is wrong, I don’t know. What I do know is that life is full of uncertainties.
There may be a “black swan” on the horizon that will be a game changer. If so, then our future will take a different path then what we are headed for today.
Four reasons I believe they’ll become mainstream:
1) Cryptocurrencies are, by their nature, more secure than paper currency insomuch as the holder of that currency dictates where that currency is spent, because they hold the private key to digitally decrypt it for sending. With the advent and widespread acceptance of IPv6, which is secure by it’s very nature, I believe digital currency can become as ubiquitous as a wallet full of paper.
2) Cryptocurrencies are finite. Since cryptography relies on large primes, the amount of currency is finite to the computing power of the day. The more computing power, the more currency. It would breed a race to more power, to be sure.
3) Cryptocurrencies are already supported in major retail markets such as London and NYC. Their acceptance is gaining strength, esp. in tech sectors. Once the processing is perfected, consumer marketplaces could be saturated with it.
4) Cyrptocurrencies are locked to technological advancement, thus provided a pseudo-gold standard.
I don’t know about Auroracoin et al, but Bitcoin is way too volatile in value for my taste.
And then the antichrist will make his move................
Twenty years in Bitcoin time is an eternity. There is no doubt that cryptocurrency is the future of money!
What we are witnessing with the adoption of Bitcoin is something so fast it almost defies measurement by known parameters, It is viral money! A medium of exchange with the ease of email.
How anyone can look at what is happening and deny it is happening, is in need a serious reality check.
So much for anonymity.
This is a good move. Those metal coins can get cold in your pockets in Icelandia.
Actually quite the opposite. Cryptocurrency is more anonymous than actual currency. They can get your fingerprints off coins or paper. Since everything is digital and stored in an encrypted “vault,” you decide where the currency is used, and once it changes hands, it’s marked with a new owner. Since cryptocurrency isn’t marked with headers, it’s just exchangeable data used to pay for goods and services. There’s no tracking mechanism inherent in it (yet).
Auroracoin is digital currency backed by the government of Iceland! That means they’re actually adopting an alternative form of currency. That’s huge. Bitcoin was a test. It was never intended to get as big as it did. It was a Doctoral dissertation experiment gone viral. It’s only volatile, because governments are trying to out-hedge it.
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