Know The True Story Of Auroracoins (AUR) Peer-to-Peer Cryptocurrency

Auroracoin, or AUR, was originally developed and founded in Iceland by Aurora Foundation. It was in retaliation to the restrictions imposed on its citizens when the government prevented them from exporting money. The birth of Auroracoins was set to displace the fiat currency, Krona, although that did not materialize. To protest against the government’s restrictive methods, they wanted this crypto to replace that fiat currency. Thus the airdrops were intended for their citizens alone. For more information visit our Home Page.

Some Auroracoin Basics Explained At A Glance

Auroracoin is known by the symbol AUR and was established in 2014. It is best for takers who show interest in country-based cryptocurrencies and for the people of Iceland. It uses the Digibyte blockchain technology. But it also uses other algorithms, including scrypt, SHA-256, Qubit and Skein. By January 2022, the grand totAuroracoins in the market was 14, 361, 955.74 AUR. 

The History Of Auroracoin (AUR)

Auroracoin (AUR) was developed on a peer-to-peer basis in Iceland. And it was floated by its creator, Baldur Friggjar Odinsson, in 2014. It retaliated against the governmental restrictions on its people where cross-border money transfer was concerned. But initially, when the coin was launched, it failed to impact the people it was intended for and was ultimately considered a failed or unsuccessful project. But that is not the end of the coin.

The coin was thankfully revived in 2015. It was done by a group of developers who innovated on the coin by making it usable for daily transactional purposes. And today, its market value is rooted at $0.10. 

Why Auroracoin Went Wrong?

Just before the precedence of the airdrop, the involvement of the national ID system was churning the rumour mills full-time. This government department got mistakenly associated with the general public’s facilitation and distribution of the coins. This led the citizens to believe it was a government-backed token that scaled the value of the tokens in the market. So there was a rush for the coins initially, but eventually, citizens cashed their tokens, leading to their massive fall and ultimate destruction. Eventually, the investors and the general public lost track of Auroracoins, so it went into partial oblivion.

Auroracoin In Depth


The golden fall in the economy of 2008 also impacted Iceland by making it go bankrupt. This forced the government to prevent the citizens from pumping cash out of the country using investing in cryptocurrency. Thus Auroracoin made its entry into the system thinking that it could act as an alternative to the fiat currency of the country. 

The government forced all its citizens to hand over all their hard-earned foreign currency to the Central Bank of Iceland in the following five years. Everyone felt crippled and strangulated by the government’s control over their money. So its creators, like Bitcoin, had thought that this was the alternative to the Krona. Thus they distributed half of the coins to the citizens using airdrops in three phases. 

The Usage Of Auroracoins

Auroracoin was conceived as an alternative to Krona when the economy of Iceland crashed after the great depression of 2008. But unfortunately, the coin never clicked, and thus, it went the way of numerous other failed crypto coins in the market. 

Is Auroracoin Still Available In The Market?

If you think the story of Auroracoin went wrong, and thus it faded into oblivion, then you are quite wrong. Although a failed story of a crypto coin, it is still available in the market. And you can still buy them on exchanges like YoBit, ISX and FreiExchange. And if you want a safe and hassle-free trade in any cryptocurrency, then it is that you must try. Your crypto story will not fail. 

Concluding Note

Is Auroracoin a good investment? That is a million-dollar question, especially if you want to trade in Iceland, as that is an Iceland-specific cryptocurrency. And the answer would be a variable one. How good an investment Auroracoins would be for you would depend on what your goals, intentions and aims are. It will also be decided on your portfolio strategy. 

But the most important thing to note here is that its acceptance and usage are bounded on all sides by stringent barriers. So weigh and measure out all the pros and cons of Auroracoin before investing in it.

Share on:
This article was written by a guest contributor. We accept content from guest authors and publish their insights that are useful to our users. If anyone would like to publish an article, they can check out our Contribution Guide.