Published On: Fri, Feb 3rd, 2017

The Relevance of National Altcoins in a Bitcoin Dominated World

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The digital currency revolution has spread across the world. The ease of creation, distribution, and transaction associated with cryptocurrencies has made it easier for communities to have their own cryptocurrencies. These cryptocurrencies are referred to as “national cryptocurrencies” or “local cryptocurrencies”.
[Note: This is a press release]
The Dawn of National Cryptocurrencies
The concept of regional/local currency dates back to pre-Bitcoin times. However, the blockchain adoption of such a concept is relatively new. The national cryptocurrencies occupy a niche segment, restricted for use in specific territories. But, given the nature of cryptocurrencies, it is virtually impossible to confine its use to one particular community as anyone with an internet connection can access it over digital exchanges. Many times, these altcoins end up becoming a tool for those involved in pump and dump schemes.
The misuse of such digital currencies by few doesn’t strip these national cryptocurrencies of their advantages. There are few instances where the altcoins were used by particular tribes and communities to create and operate an alternative economy. Some, like the impoverished Lakota tribes, used MazaCoin to set up their own economy as they felt left out of the country’ …

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