User Review
( votes)Trading in cryptocurrency may seem extremely overwhelming if you are new to the trade. Not even the clever use of alliteration, for example, ‘PKT is a built-in blockchain-based on bitcoin code’ will make first-time users grasp it any better!
The Story Behind PKT Cryptocurrency
PKT is the trading name for Playkey and refers to the first decentralized gaming platform in the cloud from which everyone can profit. You can read more about this on Packcrypt PKT. The gaming industry is far more profitable than other media within the entertainment sector. However, regular upgrades on computers and gaming equipment are extremely expensive.
Cloud gaming became the alternative, as it allowed users to sidestep frequent infrastructural upgrades – they only required high-speed internet. However, high-cost data servers required numerous paying users to enable those companies to continuously upgrade their equipment.
Playkey (PKT) was founded to supply a gaming platform for around USD$10 per month – provided users had internet speeds of at least 10MBps. Since it was still too expensive, Playkey used the blockchain approach to share their servers. Users can rent out their own central processing units (CPUs) and graphic processing units (GPUs) for other users to play with, and receive funds in return.
Playkey listed it on exchanges on the Ethereum network, from where the PKT token gained interest from investors. PKT CASH has provided users with an economic incentive to add bandwidth to the overall network, as they earn more mining rewards. The PKT CASH wallet enables users to send and receive, verify and sign transactions. You can also check out this article on the history of cryptocurrency exchange: https://en.wikipedia.org/wiki/Cryptocurrency_exchange.
Benefits Of PKT Cryptocurrency
- Its use is completely anonymous; yet all transactions are deposited into an open register, namely the blockchain. Any user can view the available data at any time, which implies complete transparency.
- Users can access and manage their currencies from anywhere, with any device and at any time. This provides them with the freedom to buy, sell or make transfers.
- It is a digital alternative to traditional methods of exchange and investment – such as cash or credit cards.
- Investment in cryptocurrencies cuts out the middle man, as there are no paperwork, commission or broker fees to be paid. This creates a clear audit trail and greater accountability and confidentiality.
- There are no transaction fees, as the miners are compensated by their specific cryptocurrency networks. Users only need to pay external fees if they engage third parties to manage or maintain their online wallets.
- Although it is still unrecognized as an actual currency, cryptocurrencies are neither subject to exchange and interest rates nor any additional levies. Blockchain technology simplifies international transfers and transactions. Some scientists have claimed that crypto could be the modern way to decrease poverty and corruption, as it redistributes wealth in an unbiased manner.
- Users are the sole owners of their public or private encryption keys that their cryptocurrency network identity is based on. Once a transfer has been authorized, it cannot be reversed. This protects the user from fraud or account tampering.
- There are currently more than 1200 different cryptocurrencies available to users. Some are fleeting, but most – like PKT – were created to satisfy a specific need. Therefore, it is an extremely flexible industry.
Constraints To PKT Cryptocurrency
- Users tend to use digital currency to buy online tickets or gamble, while they should rather be treating it as long term investments.
Top tip: Users should develop risk assessment strategies before investing.
- Tech-savvy criminals will always find new ways to scam inexperienced users and steal their digital currency.
Top tip: Users should treat their PKT tokens like real money and not trust unrealistic offers or scams.
- Both users and criminals value their anonymity in the digital world. While users may legally benefit, the black market is able to easily transfer infinite amounts of money around the world.
Top tip: Users may enjoy their anonymity, yet be wary of deals that seem too good be true.
- Governments want to centralize all digital currency in order to gain more authority, as they believe crypto threatens national security and central banks.
Top tip: Users should decide whether they want to risk investing in an unregulated digital currency that is exposed to potential future threats.
- Although digital currencies operate on a decentralized network, they are still vulnerable to security breaches, costing investors millions of dollars.
Top tip: Security infrastructure should be continuously maintained by using different cybersecurity measures to those used in the traditional banking industry.
- As crypto has no inherent value, it is subject to extreme price volatility and reduced consumer confidence.
Top tip: Users should view digital currency exactly like they would their tangible assets, and invest accordingly.
- Warren Buffet expressed his concerns about the lack of regulation of cryptocurrency and is of opinion that it might collapse in the near future. There are even cryptocurrency apps available that you can use on your Apple Watch.
Top tip: National banks, governments and blockchains should all adopt the same technology in order to reduce the risk of investment. Since technological concerns are mostly logistical, protocol changes could take years to be implemented.
- Cybercriminals can easily break into users’ online wallets and there is no security or insurance against losses. Payments are also irreversible.
Top tip: Users should guard their wallet passwords and not subscribe to any suspicious deals or offers.
- If users’ wallets are ‘lost’, or they have forgotten their passwords, there is no way to retrieve it and all the currency will be lost. Thousands of unclaimed Bitcoins are currently floating around in crypto-space – most likely due to users having forgotten their passwords.
Top tip: Users must keep their passwords safe make it part of their estate planning for easy access after death.
If you are a beginner and all of this seems too daunting, check out this video on the basics of trading crypto for beginners.
