While it is not quite the right time to talk about Auroracoin in the past tense – the time is close. This altcoin was launched with much fanfare as a way to get around Iceland’s restrictive foreign exchange practices. Ultimately it lost so much of its value as to be practically worthless. Auroracoin currently trades at 6/100,000ths of a Bitcoin. This limits your ability to gamble with it in any meaningful way.
You’ll find a brief history of Auroracoin on this page – along with quick summaries of other cryptocurrencies which are more suitable for gambling with.
The Rise and fall of Auroracoin
There are 100’s of altcoins, though very few have had the mainstream media publicity that Auroracoin enjoyed. This was hailed as ‘Iceland’s Bitcoin’. It was created in February 2014 under the Norse-god inspired pseudonym of Baldur Friggjar Odinsson. The big ‘story’ with this coin was that 50% of them were to be distributed to the people of Iceland in March 2014. This created a lot of media attention, and was even discussed in Iceland’s parliament. The protest was against the ban on exchanging Icelandic Krona for foreign currencies.
The coin did enjoy some initial success, however after the ‘drop’ as the 50% give-away was known, it quickly lost value. At the same time the ledgers which underpin the transactions were corrupted, with different versions of the ledger showing different information. This is practically speaking death for a cryptocurrency, since the ledger is what gives everyone trust that coins are legitimately owned.
Today Auroracoin has virtually no value.
Gambling With Altcoins – Some Alternatives to Auroracoin
There are 100’s of altcoins still active, and the biggest of these have attracted gambling sites to accept them. These range from very simple ‘guess the random number’ type games through to fully featured online casinos. The main draw of playing gambling games for cryptocurrencies is that the games come with ‘provably fair’ technology. This involves a server string and client produced ‘secret number’ which can be used after each deal (or spin / roll) to prove that all was truly random. Many gamblers using these games insist on provably fair technology, and will not accept 3rd party audits in their place.
Here are some coins you can gamble with right now:
Bitcoin: This is the biggest and best known coin, and has a mini-industry growing around it offering everything from poker to sports and fully featured casinos. You can play the simple (and often ugly) games at amateur sites, or enjoy the latest 3D Video slots – all completely anonymously and free from transaction charges.
Litecoin: This is the number 2 coin worldwide, and is now accepted at a wide range of casinos – you’ll find that many of the big Bitcoin casinos have started accepting Litecoin alongside their main currency. Again, simple games on plain sites also run, including the excellent ‘Ponzi’ game, dice and lottery type games to.
Vertcoin: This coin is the only one which encodes your wallet address for the ledgers, giving another level of anonymity in case anyone works out your wallet address. You can gamble with Vertcoin at any sites which accept BTC, thanks to a special wallet which automatically exchanges and converts into Bitcoins for you.
Namecoin: This coin focused on saving information, and has been put to use in creating an alternative DNS system for .bit domain names. There are some casinos which accept this coin, though your choices are severely limited.
Dogecoin: This coin started as a joke, though after gaining traction has taken on a more serious side. There are several casinos which support Dogecoin, which was originally inspired by a popular dog meme.