Peercoin on its way to world domination
I remember the time when Crypto currencies were coming into effect. Bitcoin was the sole power. There were not many competitors that it had. The customers, on the other had been left reeling wanting more options. This was a good time for newer crypto currencies. They had all been developed with Bitcoins as their for-runner and pioneer. So it is not surprising that most people make comparisons with Bitcoins. But to me, every currency is unique and has its own value, which is why I am ever grateful for stumbling into Peercoins. One of my friends accepted Peercoins, in one of the most unlikely places- at a star-trek convention.
What makes Peercoins the currency of choice?
When I enquired about his choice, he said that ten years down the line, Bitcoins will go bust and be non-existent. Well, he has a point. And believed to be the next big thing, people expect Peercoins to remain. Another problem that Peercoin seems to be facing now is the limited audience. The audience is limited, but ranged, to only the computer geeks and those who believe in the virtual world. The sad thing is these people constitute a meager population of the current world. There are a billion others, who prefer withdrawing money by going to the bank directly, rather than using an ATM card. They are scared to use their credit cards, fearing it could be hacked. I say this, because I have seen people like my mom doing this the old fashioned way. The challenge for Peercoin is appealing to these people.
The efficiency of Peercoins:
A serious disadvantage of Bitcoin was that it consumed a lot of time. The predecessor would naturally be expected to overcome the disadvantages. I think this is exactly what Peercoin has achieved in doing, by reducing the energy spent on mining. Thanks to the proof-of-stake method that it uses, mining is not just verified during the transactions, but it keeps it constantly under top security. The reduced energy spent has made Peercoin, the crypto currency of the future; and with everything going green, I find it to be poetic justice that Peercoins are termed as the next Green thing. The cost for mining with Bitcoins is roughly around $150,000 a day.
With reduced energy expended in mining, the work spent is also less. Also, the time consumed is significantly less. This makes Peercoins the most time-efficient coin, fit for the fast and quick age of today.