News
18 April 2020

Litecoin, The Chinese Alternative to Bitcoin

Litecoin itself is based on Bitcoin, although it has some differences with this currency. The main one is that it is easier for “miners” who dedicate their resources to processing transactions to obtain a reward. Instead of the 10 minutes between reward and reward in Bitcoin, Litecoin occurs every 2.5 minutes. This also favors that results can be obtained with normal equipment.

In addition, it is designed so that the systems dedicated to mining bitcoins are also used to simultaneously produce litecoins. This feature is important for the creator of the cryptocurrency, Charlie Lee, since he considers that it is difficult for users interested in mining to focus on Litecoin for now, although it is complementary to the work they do processing Bitcoin transfers with Litecoin.

One of Litecoin's less technical differences from Bitcoin and the dozens of virtual currencies based on the Bitcoin code is that its creator, Charlie Lee, is the brother of Bobby Lee, CEO of BTC China. BTC China is the world's largest cryptocurrency trading market that has pioneered accepting trades between the two most popular cryptocurrencies with no commission involved.

The cryptocurrency trading website BTC China thus announced the commission-free transactions between Bitcoin and Litecoin: "reunited brothers." Do not stop the party.

Perhaps due to its Chinese origin, this currency can be considered as one of the ones with the most ballots to remain. China is one of the countries in which virtual currencies have more acceptances, to the point that news about restrictions on Bitcoin in the Asian giant cause immediate falls in the value of the currency. Litecoin is the bitcoin revolution which changes the world of bitcoin.

 

Auroracoin and other national cryptocurrencies

Strange as contradictory, since these are decentralized currencies, which governments do not know how to regulate due to the difficulty of controlling their use and allowing international transactions without any control? However, Auroracoin claims to be an alternative currency to the Icelandic crown. How do you do that? Distributing large amounts of virtual money among the citizens of that country.

Since last March 25, any Icelandic citizen can claim an amount of Auroracoins (AUR). Specifically, 31.8 AUR, which can be obtained online with the Icelandic identity card. Its creator or creators make themselves known under the name Baldur Friggjar ooinsson, a reference to Norse mythology. Baldur is one of Odin's sons, specifically the god who represents purity, somewhat less known than his brother Thor.

Thus, under that mythological name, a 50% pre-mined coin was created. In other words, half of AUR units are already generated by the authors, to be distributed among the population. The rest are generated by the same system used by Bitcoin, since it is based on this currency. The goal is to offer an alternative to the official currency that cannot be controlled or manipulated by your government, which has already been quick to express how little it likes a national pseudo-currency that is beyond its control.

At the time of its launch, 1 AUR was equivalent to about $ 12, so the amount delivered to each citizen who requested it was almost $ 400. However, the coin has been rapidly devalued and is now worth around $ 2, meaning the auroracoins are now worth around $ 60 or € 45. Not bad for a gift that thousands of citizens have already exchanged.

We do not know if the creators of this very special cryptocurrency will be successful and payments can be made with it on a regular basis. What is certain is that the idea has penetrated elsewhere. Thus, any resident in Scotland can obtain their 1,000 Scotcoins. In Spain we were not going to be less and we also have Spaincoin.

Spaincoin is "the money of the people for the people", according to its own motto. This coin will be distributed in such a way that the first 50,000 users will receive 100 spaincoins, while as they are distributed the amount received will be reduced until only a sad spaincoin is obtained. The delivery will begin on April 16 and, to obtain your spaincoins, you will need an electronic ID reader and have, in addition to this, the necessary key to operate with it.

 

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3 coins to keep an eye on 👀