Hellascoin Gains Big on Greece Worries, But Don’t Bet Your Life Savings

Hellascoin would seem to have much in common with its predecessors- the 'national cryptocurrencies, all of whom have bitten the

Another altcoin has emerged, ostensibly to offer salvation to the next country with a broken financial system and economy on the verge of collapse.

Hellascoin would seem to have much in common with its numerous predecessors- the ‘national cryptocurrencies’, all of whom have bitten the dust.

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The coin, according to its website, refers to itself as the “only Greek currency.” “Hellas” is Greece’s traditional name, and brings with it fond memories of better times. It is Scrypt-based, says to charge no ‘tax fees’ during any stage of its production and states to offer 24/7 support.

Unlike the Auroracoins of the world, which briefly spiked to stardom soon after their inception, Hellascoin has actually been around for some time. It has been traded for over eight months, although as one of the bottom-ranked coins in valuation.

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It has apparently experienced a recent surge due to the crisis, its market cap exceeding $100,000, good enough for 100th place. It has since come off record highs, currently worth 2000 satoshi ($0.005) on a trade volume equal to $42 during the past 24h.

According to International Business Times UK, 129 companies have applied to accept the coin for payment. This would be well beyond the acceptance rate of all national cryptos combined. By comparison, only a half dozen merchants reportedly accept bitcoin for payment in Greece. Finance Magnates has been unable to verify the figures.

The coin is also reportedly in negotiations to raise €1 million.

We leave it to your good judgement whether this coin will take off. In any event, it represents yet another telling example of improvised virtual money in Greece, for which right now, there is a real demand.

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