The cryptocurrency space is gaining more traction with every passing day. The importance can’t be ignored anymore, and there is one question that needs to be answered. Is the current financial system going to become obsolete?
That’s at the root of the cause that marches slowly, with Bitcoin leading the way. There are two sides to the story. On the one hand, you have speculative investors that don’t want to look at this sphere as something long-term. Older investors think that cryptocurrencies have no cash flow. In that case, someone needs to pay more for the coin that you have in order to make a profit.
For most people, the hypothesis is that the people who are getting in nowadays are going to be made fools by the people that got in earlier. You can go to https://pkt.cash/ for more information on the topic. If you have the same opinion, you might also think that this entire fad is just a pyramid scheme, and the entire world is getting in on it.
Well, the truth is much more different. On the other side of the spectrum, there are people who fully believe that Bitcoin and other altcoins are going to be the currencies we use in the future. Just like an established firm, they’re going to grow over time while profits are going to keep increasing, as well as the cash flow as more usability gets added onto the projects.
The people who are in the game long-term know that every single currency requires stability. That’s the explanation for the volatility we have at the moment. Plus, the utility and the transparency that can be achieved by the blockchain can’t be rivaled by the current banking system or the government.
How should you go about purchasing crypto?
There are two main ways in which you can buy cryptocurrencies. The first one is fairly simple. You can go to a centralized exchange and then put in a number of dollars and then pick a coin and exchange the money. Sure, there’s going to be a fee to do it, but that’s the exchange that’s making a bit of profit.
On the other hand, there’s another option. Not all cryptocurrencies can be bought with dollars. Some of them can only be exchanged with Bitcoin and Ethereum. Also, they can be listed on decentralized exchanges where everything that happens is more secure, and the network is supporting the exchanges. Click here to read more.
The most important thing you need is a wallet and a seed phrase that should contain 12 or 24 words. These words work like a password for your account, and if you lose them, then no matter what you do, you can’t log in to your account.
For that reason, the best thing to do is to write them on a piece of paper that only you know the location of. Another thing you can do is get a titanium sealed case that can be embedded with the words. No matter what you do, that’s not going to break, and you’ll be sure that your seed phrase is kept a secret.
Is it legal?
The legality of crypto is something that’s constantly changing. For example, China recently banned all transactions with cryptocurrencies on their territory. You can go to pktpal to find out more. On the other hand, the same government holds over 194 000 Bitcoin. That’s one of the issues of a communist regime where people can’t have their own freedom to choose.
On the other hand of the spectrum, there’s El Salvador, which is a country where the legal currency is Bitcoin. When they implemented this new currency, every citizen of the country was awarded 30 dollars’ worth of this coin. Of course, you need to be extra careful when dealing with scammers.
What about PKT Cash?
PKT Cash is a project that has a long-term vision to create a virtual space with no censorship. Currently, internet applications decide what they want to show you, and there’s an onslaught of fake news. When you remove the centralization, the truth will come to the surface.
For that reason, they’re using the unused bandwidth of the current ISPs to create something that will work better than the current system. This means that it’s a proof of work system, and there are good indicators that it’s going to keep rising into the future.