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Thursday, June 13, 2024

Is PKT Cash A Good Project?

The massive popularity of cryptocurrencies over the last two years can be attributed to their use as functional money. Bitcoin is a technological marvel in the sense that it’s an option to move wealth through space and time.

It might be the biggest invention of the 21st century, and only history will determine whether that’s true. However, to understand cryptocurrencies like Bitcoin, PKT Cash, and others, everyone needs to understand how money works. To do that, the history and function of this phenomenon must be covered. You can also visit coingecko.com to read more.

Can Crypto Be Used As Money?

Can Crypto Be Used As Money

Everything can be used as money. When humanity was starting to gather in bigger tribes, they used wheat and grains to trade with each other. However, the first form of exchange is through barter. This is only a practical approach in very small communities consisting of less than a dozen people that are isolated from other cultures.

When there are only twelve people around, no one can specialize in a specific aspect since there is so much work to do just to be able to survive. That doesn’t mean that barter doesn’t exist today, only that it’s impractical. You can only use this approach with people you’re familiar with. Click on this website to read more.

When the economy and number of people grow, each individual can choose a specific aspect where they can specialize. Adding strangers into the mix requires a form of money because of the problem of the coincidence of wants. Here’s a simple example of why that’s important.

Let’s say that you have a lot of goats and you want to buy a cow from another person. If they don’t want your goats, what else do you have to offer? The only answer here is money, which can be exchanged for any other good on the market.

The next problem is scalability. Let’s say that you want to trade pens for a car. The other person can’t sell you a part of their car for the price of one pen. Even if the transaction is complete, what are they going to do with so many pens?

Finally, there’s the problem with time frames. If you have a perishable item like fruit and you want to exchange it for something that’s not perishable, it’s going to be hard to negotiate the offer. Imagine trying to buy a house with oranges. All of the fruits are going to rot before the paperwork is complete. Follow this page for more info https://fortune.com/2022/04/21/cryptocurrency-ipos-blockchain-com-coinbase-kraken-gemini-public-markets/.

The only way around these problems is through an indirect option that serves the function of money. Gold was used as the best medium of exchange, but technology is a far better solution. Naturally, the free market is going to choose the best tool for the job and based on current trends, that’s going to be a form of cryptocurrency.

The Point Where Bitcoin Fails

Gold was a great asset that covered all of the functions of money for thousands of years. The only problem it has is transportability. You can’t carry a kilogram of gold in your back pocket and buy a house with it because there’s a high risk it could be stolen. The security aspect of precious metals is incredibly expensive, and it doesn’t have to be.

Bitcoin solves that problem by being everywhere and nowhere at the same time. You can have it on your phone or on a USB stick, and nobody will know. Completing transactions is easy because the network checks if everything is functional, while some people can use Fools’ gold or cash as a counterfeit solution. In every single case, Bitcoin outperforms gold.

However, there’s a point where it all breaks down, and that’s decentralization. Most people think that Bitcoin is decentralized, and that’s true about possession of the coins. But that’s not true about the third party that controls the internet.

Internet service providers are centralized institutions that decide on rates and services to offer their clients. You can’t use Bitcoin if there’s no one to give you the data to complete a transaction. That’s the final link that needs to be decentralized before cryptocurrencies can become the ultimate form of money.

How does PKT Cash help?

PKT Cash is a project that aims to take control of the power from ISPs and give it back to the people in a decentralized manner. Here’s how that’s going to work. When you get a data plan, you usually have more bandwidth than you actually use per month.

Instead of that data going down the drain, you can monetize it by creating the next internet based on Web3. This makes PKT Cash one of the leading projects in the space on coinmarketcap, capable of removing the only link that’s keeping the web centralized.

Should You Invest In It?

Investments are risky and always have the possibility of failure attached to them. However, their main benefit is a return, which is something that the dollar does not. Instead of being a safe haven, the current monetary system silently steals the purchasing power of its people.

The demand for money has never been greater, and investing in smaller projects like PKT Cash is one of the ways in which you can achieve a passive income without learning new skills. Instead, you’ll be monetizing the data that you’re not using anyway. All of the rewards get sent back in the form of tokens, which can be traded or held depending on your opinion on the state of the market.

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