Peercoin: The Limits Are Endless
The Peercoin cryptocurrency, has seen a number of name changes, this could have caused problems, but the way this currency is growing, it hasn’t hampered its potential growth for the future.
Some of the names associated with the currency include, PPcoin and Peer-to-peercoin. The name is stable at the moment, and the coin is seeing some positive interest; along with some of the other top currencies in the cryptocurrency market.
Once we accept our limits, we go beyond them.
The currency was first developed by Sunny King, mirroring the system the currency uses, on the Bitcoin principals. It is common for other cryptocurrencies to use these systems. It has enabled a number of currencies to establish in this area. This increases the currencies popularity. Therefore, the potential markets increase and not decreases. This unique sharing has seen the market currencies spiral upwards, they are not all as highly successful as other currencies, some might not even last long-term, but the more currencies developed, the market increases. This will bring in more revenue for the main player, Bitcoin.
The currency is available to all, which is great, with its position on the leader board of cryptocurrencies, it is in a positive position for the near future.
Peercoin has some differences than some of the other currencies, this is visible in the amount of coins that will be in existence. Other cryptocurrencies have set a limit to the amount of coins that will become available. Peercoin, has been bold and not put an end figure on the amount of coins produced through mining, this allows the currency to grow and develop however the market progresses.
This is different from the 42 Coin, this cryptocurrency is not going to produce more than 42 coins in mining. This means, the mining of the currency, will produce miners that will earn a percentage of a coin, no one person will ever own a whole coin themselves because of the sheer value of just one coin.
Instead of having an upper limit, Peercoin has chosen the route that will allow the growth of the coins, to around 1% per year. This is in-line with the current rate of interest, the amount of currency can increase if inflation was to rise, too.
Purchasing and trading the currency on the cryptocurrency exchanges like the troubled Mt Gox Exchange in Tokyo. In exchanges, like this one, you are able to trade your currency on these markets, normally for Bitcoin or other similar cryptocurrencies. Currencies like US dollar, Euro are not recommended for the initial purchase, the transactions are often irreversible and there are fees associated with the trade; this makes it a difficult currency to use as an alternative currency. It becomes more difficult to use it in everyday settings, it is a currency for trading and not for purchasing items from businesses or people alike.
The mining of this cryptocurrency is more secure because they use the proof-of-stake system instead of the proof-of-work system that is currently used by other cryptocurrency mining companies, including Bitcoin. The Bitcoin system can lead to areas of vulnerability and this could have damaging effects on the ability to protect mining claims.
The system that the Peercoin supports, needs less power to mine. This means it is a greener option for mining, because it will cost less for the miners to mine the currencies. But, what is even more exciting with this currency is the ease of which you can start to mine. The website is easy to read and understand, even if you are not a cryptocurrency expert.
This makes the site and the mining more available to the miners that are just opting into these systems, it gives them a clear understanding of the process involved, as well as a few options to choose from if you are looking to join a pool of miners. Joining a pool, or group of miners allows you better odds of getting the potential of collecting mined coins.
It is important that you have the facilities to store your currency, called a wallet. You can use a memory stick, this is often called, cold storage, or a mobile device, either options are possible for your wallet, make sure that you have this set up before you start your mining process.
There are still some great opportunities in the cryptocurrency markets, it is a great idea to learn your best options before jumping in. But, Peercoin seems a great option to consider at the moment.