The term cryptocurrency refers to digital monetary unit that can be used for various transactions just like tangible money.
It has been around for quite some time and has gained popularity worldwide. Perhaps, this can be attributed to the controversies surrounding it. The mode of operation and mechanisms used makes it different from the existing traditional systems.
Thus, some people view it as a scandalous system that can’t be trusted. PacketCrypt(PKT) is one of the most recent cryptos that is on the rise and is quickly gaining popularity.
Here is what you need to know about it. You can also read about PKT blockchain to help you learn more.
What is it?
It is the world’s first bandwidth-hard blockchain protocol designed to incentivize the growth of internet network infrastructure. This means, you will be rewarded with PKT currency when you share your internet bandwidth to the network.
This native blockchain is based on the bitcoin code and usually has a block time of about one minute. This blockchain uses PKT proof of work and always has a Network Steward address that will always receive 20% of each and every payout done on the coinbase. If you are planning to use this blockchain, you should have in mind that there are going to be about 6 billion PKT in total that will be available for mining. However, instead of having the payout halved after every four years, the PKT will use a steady decay of about 10% after every 100 days.
What are the requirements?
PKT is just like the other available digital coins in terms of the principle of operation. It is managed using the blockchain technology that helps in ensuring accountability and security. All the transactions carried out are recorded and the coin used can be tracked if need be.
There is no duplication. To be able to acquire and use such coins you need to have a digital wallet. This is where you store your cryptos.
See this link to find out how blockchain technology and PKT can influence other industries
How is different from real money?
All cryptocurrencies operate just like real cash in terms of the transactions that it can be used for, it is different in the way that they are carried out. This is because everything is done digitally. Here are some of the noticeable differences.
There is no central body established to oversee and manage the transactions that are carried out.
It is all based on the technology used and the users are responsible for their dealings with each other. Since the government isn’t involved in any of it, you can’t take anyone to court if a misunderstanding arises in your dealings.
As a result, many people have lost huge amounts of money to scammers. This is one of the reasons why some people are against cryptos.
While it is true that the value of real cash also changes, it does so after a considerable amount of time and is influenced by lots of factors.
For digital coins, the value fluctuates from time to time depending on how much money people are willing to pay for them. You can have millions worth of cryptos today only to have the value fall to hundreds after a few days.
This makes it a high-risk venture for investors. Most entrepreneurs are against such investments because there is no real flow of cash or business growth to ensure stable returns.
Being a decentralized system, it is a bit tricky to guarantee security. The fact that it is a digital system makes it vulnerable to hackers and such malicious users. For instance, someone can manipulate you and gain access to your device then use it to mine cryptos. Click here to learn more about PKT cryptos.
Cryptocurrency such as PKT is more convenient than real cash and investing in it can seem complicated, but not at all when you break it down into steps. Having said that, it is very important for one to do a thorough analysis and consider various factors before venturing into it.
This is because it is highly volatile and there are also lots of scammers online that are out to con you. If you are new to all this it is advisable to consult an expert to avoid losing your money.