Chile’s Green Beans Cryptocurrency Climbing 70,000%
It begun trading at 1 pesos and its current value is 697 pesos.
2017 was a pretty good year for Chile’s benchmark IPSA that experienced gains above 32%. However, it seems low if we compare it with the ‘chaucha’ that has returned about 70,000% in the past two months.
Chaucha belongs to cryptocurrencies and its names mean “green beans”. It was created in Chile over Litecoin’s algorithm and started trading at 1 peso in October. According to prices on Orionx.io, it’s currently around 697 pesos. In this wild ride, the prices saw a swing from 0.3 to 1,000 pesos.
The chaucha it’s also a way to refer to small amounts of money. Its developers are Camilo Castro and Cesar Vasquez. The chaucha cryptocurrency seems to have staying power, in contrast with others such as Chilcoin that has deceased.
Until today, approximately 1.5 million chauchas have been mined and there is a limit of 123 million. Mr. Vasquez claimed in an interview that some social networks like Facebook allow their users to sell and buy stuff using the chaucha.
If you think you should rush investing in the cryptocurrency, consider that volatility remains rampant. For instance, Bitcoin’s price has fallen about 30% this week to almost $10,000 after reaching a new high ($19,511) on Monday. Further, Litecoin has fallen about 43%.
Should we be afraid of a bubble?
Vasquez also said that probably there are cryptocurrencies whose value seems too high for their use. However, this isn’t a bubble, because more and more people everyday learning and using cryptocurrencies. Finally, he stated that there is speculation, but that doesn’t reduce the value of the involving technology”
Also read: Crypto Exchange EtherDelta is Under Attack