06.06.2021 – 20:25
Decentralized payment systems, or BlockChain technology behind cryptocurrencies have their fans in Albania and Kosovo. The first digital currencies called AlbCoin, AlPayCoin and KosovaCoin have already been created in both countries.
Coins operate in “BlockChaine” different from each other and can be purchased and held in the digital wallets of every citizen. They are not yet registered on any well-known trading platform, as some security phases have to be passed. Their price just like Bitcoin comes up or down depending on the flows from investors.
Artit Muhaxhiri, creator of KosovaCoin explains that it was a four-month job by a team of four and the ambition for the currency is great.
Representatives of AlbCoin, while maintaining anonymity, said that their currency has been on the market for a year and its value has increased over time, while it currently stands at $ 0.5. “At the moment when the coin is used by all Albanians, its real benefits will be seen”, say the creators.
The production limit of this currency is 1 million. Limits in the crypto world function as a means of guarding against inflation and increasing the value of assets. Like bitcoin or all cryptocurrencies, Albanian cryptocurrencies do not have any financial institution behind them that protects investors from fraud. The biggest fear of cryptocurrencies is that they resemble a pyramid scheme.
The most flagrant is the one created in Turkey by a company, the owner of which one day closed it down and disappeared in Albania with 800 million dollars being extorted from investors. The other risk is that cryptocurrencies being in an unregulated market are a good way to launder organized crime money. Adding to this concern is the fact that cryptocurrency creators or administrators seek to remain anonymous.