While it is not quite the right time to talk about Auroracoin in the past tense, the time is rather 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 now be practically worthless. In March 2018, Auroracoin currently trades at 6/100,000ths of a Bitcoin – this limits your ability to gamble with it in any meaningful way.
On this page you’ll find a brief history of Auroracoin, along with quick summaries of other cryptocurrencies which are better suited to gambling.
The Rise and Fall of Auroracoin
There are 100s of altcoins, but very few have had the mainstream media publicity that Auroracoin enjoyed. 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 Auroracoin was that 50% of coins were to be distributed to the people of Iceland in March 2014. This of course created a lot of media attention and was even discussed in Iceland’s parliament.
The coin did enjoy some initial success. However, after the “drop” – as the 50% giveaway was known – it quickly lost its value. At the same time, the ledgers which underpinned the transactions were corrupted, with different versions of the ledgers showing different information. This practically spells death for a cryptocurrency, since the ledger is what gives everyone a sense of trust in the knowledge that the coins are legitimately owned.
Today Auroracoin has virtually no value.
Gambling With Altcoins – Some Alternatives to Auroracoin
There are 100s 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 third-party audits in their place.
Here are some coins you can gamble with right now:
Bitcoin: This is the biggest and best-known coin, with 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-two coin worldwide that 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 – plus dice and lottery-type games.
Vertcoin: This coin is the only one which encodes your wallet address for the ledgers, giving another level of anonymity in case anyone works it out. You can gamble with Vertcoin at any site which accepts BTC, thanks to a special wallet which automatically exchanges and converts into Bitcoins on your behalf.
Namecoin: This coin focuses 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, although your choices here are severely limited.
Dogecoin: This coin started as a joke, but after gaining traction it has taken on a more serious side. There are several casinos which support Dogecoin, which was originally inspired by a popular dog meme.