Pesetacoin Review: The Spanish Cryptocurrency

Spain is going through a recession right now and joblessness is at an all time high.  Economic turmoil is ripe for the rise of new disruptive technologies and one which is gaining a lot of attention in Spain is Pesetacoin.

pesetacoin imageWhat is Pesetacoin?

Pesetacoin is Spanish cryptocurrency that draws on the success of other currencies like Bitcoin and looks to provide an alternative currency which is widely accepted all across the country.

Here’s the Wikipedia info about it (http://es.wikipedia.org/wiki/Pesetacoin)

In fact, the founders hope that the currency will be used at physical brick and mortar stores in time to come as accepted tender.

Where To Buy Pesetacoin?

Pesetacoin is traded on the Bittrex.com exchange where you can buy it with Bitcoin.  The price lately (November 2014) has been on a nice uptrend.   There is another exchange called BetaShareX that has a small market for the coin as well.

How to Mine Pesetacoin?

Pesetacoin was one of the few currencies that was not pre-mined before distribution began. This was done to ensure that everyone had a fair chance to invest and earn in something valuable.

The hardware requirements for running the algorithms is not very expensive or restrictive, and thus is accessible to a large number of people. Visit http://pesetacoin.info for mining and mining pool information.

How Many Pesetacoin Will There Be?

Like each cryptocurrency there is an inbuilt limit after which the production of Pesetacoin will cease. The maximum amount of Pesetacoin that will be in circulation eventually is stated to be 166 million.  This is a high enough number to ensure that the currency is stable and able to withstand any sudden shocks or events.

PesetaCoin Video (English)

PesetaCoin Video (Espanol – Spanish)

How is Pesetacoin being distributed?

The currency was popularized by free give away’s and it immediately found traction in the community due to strong fundamentals and a well laid out plan for the future.

Now however, the founders and early adopters are focusing their efforts in getting local e-commerce websites to accept Pesetacoin. The team has set itself a goal of 200 retailers on board by the end of the year.

Specialized wallets are available for all major operating systems including those on mobile as well.

Does Pesetacoin have any advantages over BitCoin?

The team recognizes that competition with Bitcoin is almost impossible thanks to the lead and acceptance BitCoin has over every other cryptocurrency.  At the local level however, there is room for more than one digital form of payment to exist and it is that void that Pesetacoin hopes to fill.

Some advantages that Pesetacoin has over BitCoin are lessons that the team has learned watching BitCoin mature and face the difficulties that it has. For instance, Pesetacoin has an inbuilt difficulty setting that is much more advanced and prevents mass instant mining by MultiPools.

The transaction time, which is the time before which a transaction is confirmed is ten times quicker than BitCoin. It takes 1 minute confirm a transaction done via Pesetacoin as compared to 10 when using BitCoin.

Currently the Pesetacoin algorithm resists the formation of super specialized chips that are made only for mining these coins. All this is done to make the acceptance fair and allow the general population to take part in making it ubiquitous across Spain.

Is Pesetacoin regulated by the government?

Like all cryptocurrencies around the world, Pesetacoin is not regulated by anyone or any organization. These currencies follow the principles of free markets and that a fair price and usage pattern will start emerging as more and more people start using the currency.

Where To Buy Pesetacoin?

You can find Pesetacoin trading on the Bittrex.com exchange.

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