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What Is Auroracoin?

By Alison Kimberly
What Is Auroracoin

Auroracoin is a cryptocurrency that was developed in Iceland as an alternative to the fiat currency known as the króna. Auroracoin offers faster block times, enabling transaction confirmation at a quicker pace than other altcoins. 

Due to the speed and security of Auroracoin, this crypto has the potential to replace actual currency. In fact, numerous businesses in Iceland already accept Auroracoin. 

Here’s how you can take advantage of Auroracoin to diversify your investment opportunities! 

How does Auroracoin work?

Auroracoin works like many other cryptocurrencies. It is decentralized and secure, as well as developed through peer-to-peer technologies. Auroracoin is specifically used in Iceland and has been presented as a national cryptocurrency-based alternative to the Icelandic dollar, the króna. 

The advantages of Auroracoin include bypassing many government regulations, faster block times, and greater security than Bitcoin or other altcoins. Here is what you need to know about investing in Auroracoin!

What is Auroracoin used for?

Auroracoin is used as an alternative to the national currency of Iceland, known as the króna. Government regulations within Iceland severely restrict the movement of króna outside of Iceland. Auroracoin presents an alternative form of currency that offers greater flexibility as well as all of the benefits of decentralization in Iceland. 

When was Auroracoin created?

Auroracoin was initially released in February of 2014. It was founded in Iceland in response to the 2008 financial crisis. Since its inception, Auroracoin has been recognized by the code AUR and the symbol .

Where can I buy Auroracoin?

You can buy Auroracoin on many fiat-to-crypto exchanges. The top trading exchanges for Auroracoin include Bittrex, Cryptopia, FreiExchange, YoBit, and ISX.

MoneyLion Crypto Coming Soon! Sign up for MoneyLion Crypto and easily buy, sell, and a mix of common cryptocurrencies through the MoneyLion app. 

How do you mine Auroracoin?

To mine Auroracoin, you will need an ATI video card that is no more than two years old. There are various mining software applications, including GPU Miner, which allow you to mine Auroracoin. 

You can also participate in the mining of Auroracoin through Proof-of-Stake (PoS) or Proof-of-Work (PoW) protocols. In order for Auroracoin mining to be profitable, you will need to invest in specialized mining equipment known as ASIC. 

Where can I use Auroracoin?

You can use Auroracoin on cryptocurrency exchanges and in an increasing number of stores in Iceland, as well as when making online purchases. 

Auroracoin factors

While all types of cryptocurrency present unique advantages, here is what makes Auroracoin stand out from its competition. 

Security 

Auroracoin is one of the most secure altcoins on the market today. The blockchain technology that is used alongside Auroracoin prevents as many as 51% of attacks and security threats when compared to other cryptocurrency options, like Bitcoin. 

This is due to a unique, multi-algorithm technology as well as the overall improvements that have been made to Bitcoin’s base code. Automatic checkpoints and a proof-of-work mechanism also make it extremely difficult to forge Auroracoin transactions. 

Stability

Due to extensive improvements to the Bitcoin base code, increased network capacity, and decreased block times, Auroracoin is one of the most stable alt currencies available. This stability is supported by the cryptocurrency’s robust, multi-algorithm technology. 

Speed

Auroracoin offers block times as short as 61 seconds, making it a practical alternative to fiat currency. The speed of Auroracoin has further improved as there is no reward for halving the coins, not to mention that difficulty retargeting is more efficient. The speed and stability of Auroracoin, along with the coin’s high-security features, have all made for the strong market appeal of Auroracoin in Iceland.

Advantages of Auroracoin

Auroracoin offers faster block times and more efficient difficulty retargeting, making it a practical possibility as an alternative to fiat currency. The widespread acceptance of Auroracoin in Iceland also demonstrates its unique appeal and application. 

Another major advantage of Auroracoin is its investment diversity. As it is still somewhat under the radar, there is an opportunity to invest in this altcoin while it has the greatest growth potential. 

Even a small investment in cryptocurrencies is a good way to diversify investments. You can invest directly from your MoneyLion investment account.

Disadvantages of Auroracoin

The primary disadvantages of Auroracoin are issues that are faced by a lot of other cryptocurrencies. For example, Auroracoin is highly speculated and could present excellent investment opportunities, but it could also be overtaken by other more popularized cryptocurrencies. 

For Auroracoin specifically, the crypto is still considered a somewhat niche altcoin that is not yet being traded on all of the mainstream cryptocurrency platforms. There is also the possibility of government regulation or control hindering the coin’s growth potential. 

Auroracoin vs Litecoin 

Auroracoin was originally built via Litecoin technology through the Scrypt algorithm. However, within a month of being launched, Auroracoin’s market cap surpassed that of Litecoin. Since its initial development, Auroracoin has branched out to a multi-algorithm technology, built new code, and increased its network capacity. 

While Litecoin is currently trading at about $170 per LTC, Auroracoin remains speculative penny crypto, making it an excellent choice for cheap crypto to buy. Auroracoin’s price, at the time of writing, is $0.198 per AUR.

Is Auroracoin the next big crypto?

With major improvements to the security, speed, and acceptance of both Litecoin and Bitcoin technologies, Auroracoin is expected to see major growth. While created as a national cryptocurrency for Iceland, its practical application and peer-to-peer technology allow investors from around the world to diversify their portfolios with this up-and-coming altcoin.  

Soon, MoneyLion users will be able to earn, buy, invest, and pay with crypto. Be sure to sign up for the Crypto list with MoneyLion to also receive the latest news about upcoming crypto and other investing opportunities!

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