Human beings are transactional. This transactional nature stems from our relational nature and our need for one another. To buttress this point, it is said that no one is an island which means that individuals need each other for one reason or the other.
For transactions to take place, a thing of value is exchanged for a service or product. Today the value of most things is weighed on their financial worth since money is the agreed legal tender with different countries having their own currency. But a legal tender is whatever the people involved or interested in a given situation say it is and today, crypto currency is the new deal.
- 1 What Is Crypto All About?
- 2 What are the Benefits of Cryptocurrency?
- 3 It Doesn’t Require a Middle Man
- 4 It Is Private
- 5 No Need for Banks
- 6 What Is The PKT Cash Crypto?
- 7 What Are Its Benefits?
- 8 Conclusion
What Is Crypto All About?
Simply put, it is a digital currency that is protected with cryptography. It is also called virtual currency and the cryptograph security prevents double spending or the creation of counterfeits. It is blockchain technology operating in a decentralized network format. You can read more on it here.
Another fundamental aspect to it is that it functions outside of the confines of government regulation and thus, is not answerable to any nation’s central bank or authority. Despite this, a lot of people are buying into it and it is already being touted as the way of the future
What are the Benefits of Cryptocurrency?
As earlier pointed out, the market for crypto has been consistently growing the world over. This is despite the fact that some governments in certain parts of the world are directly against its use and have even in certain instances implemented certain rules to that effect. This can only be attributed to the benefits to be made from its use. Some of those benefits include:
It Doesn’t Require a Middle Man
Unlike informal or traditional means of carrying out transactions, it does not require the use of a middle man and this makes for an easier and faster process of carrying out transactions. Again, since there is no intermediary, there are no transaction fees to be charged making it a whole lot cheaper for the user.
It Is Private
Being that each transaction carried out is encrypted, it makes the transactions unique in themselves and very private to the parties involved. Again, because it has its basis in blockchain technology, it is decentralized and no one (whether individual, government or institution) has control over the activities transacted through it.
No Need for Banks
A lot of people in different parts of the world have more immediate access to the internet than they have to banks. Thus, these people generally referred to as the unbanked people can now trade in crypto with no need for banks. This is an added advantage and benefit of trading in crypto currencies. You can read more on the benefits of cryptocurrency at https://www.foxbusiness.com/money/what-are-the-benefits-of-cryptocurrency.
What Is The PKT Cash Crypto?
It stands for Packetcrypt and is a type of bitcoin that is mined differently from other bitcoins. The mining in this instance is done by sharing your bandwidth for coins. And this is so because the algorithm in Packetcrypt is more efficient if the miners work together and this collaboration is facilitated by the sharing of the bandwidth.
What Are Its Benefits?
It’s a Good Investment
Though not yet publicly listed, its potential is huge! And if you are financially minded, this is a good reason to join up as the value of this coin will soar in the future. It has to be added also that it is a very safe investment to make as you have nothing to lose if you invest in it.
Efficient Bandwidth Utilization
Another benefit to it is the efficient utilization of the internet bandwidth as it is deployed to various users for various uses. The scale of the users does not matter, whether they are large scale or small-scale users, it serves everyone well. You can go to PKTpal.com for more information on this network.
Risks Associated With Cryptocurrency
A defining feature of Cryptocurrency is that it is not issued by any central authority. This makes Cryptocurrency immune to any government influence and manipulation. To understand the risk, you first need to understand the features. Cryptocurrency is powered by Blockchain technology. Blockchain technology uses the public ledger concept to keep track of every transaction made.
Here are the risks that you need to be aware of:
- Cyber Risk
- Since Cryptocurrency is essentially a cash currency, it has attracted cybercriminals from all around the world. These cybercriminals are experts at hacking your Crypto wallet and eating it dry. What’s more, they leave behind dangerous viruses that infect your computer. As the Crypto transactions are immutable, it is impossible to recover lost Cryptocurrency.
- Operational Risk
- With the traditional transaction methods, there is always a central authority validating the transaction and making sure the transaction is completed. However, Cryptocurrency transactions lack central authority. This lack of permeance exposes the transaction to many risks.
- Compliance Risk
- Although Cryptocurrencies have been accepted by a few countries, many hold their stand as Cryptocurrency being against the anti-money laundering regulation. Due to the complexity of the single transaction and lack of regulation, you might face compliance issues.
- Market Risk
The market risks are idiosyncratic. The price of Cryptocurrency fluctuates with the demand in the market. Cryptocurrency is limited in the market, it can suffer from liquidity concerns, and limited ownership in the market makes Cryptocurrency susceptible to manipulations. Furthermore, given the current scenario and regulation limitation, Cryptocurrency is more volatile than physical currency.
As the world keeps evolving and churning out new developments, it is important for one to be well informed of these developments. The primary reason to be informed is to be aware of what is happening around you as ignorance can prove to be very costly in life. Another reason to be well informed is so as not to miss viable and life changing opportunities that may be presenting itself to you. One such opportunity is trading in PKT cash crypto.