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It’s highly likely that you overheard some talk about cryptocurrencies during the holidays. Usually, younger people get swept up in something that promises massive profits and uses new technology to make it true.
If you had mentioned Bitcoin to somebody a couple of years ago, they probably wouldn’t have known what it is. Now, it’s a completely different story. The massive growth of cryptocurrencies such as Ethereum and Bitcoin has brought a lot of new eyes to this niche. Click here to read more.
There have been new altcoins rising every day. All of them want to tackle problems that the first two are incapable of. Bitcoin is perfect when it comes to being used as a store of value or a currency. Ether is great for building smart contracts on top of it. But there are plenty of new solutions that the blockchain can bring into the world.
For enthusiasts, initial coin offerings are great to step into the game early. That’s one of the solutions for people who think they’ve already missed the train since Bitcoin is way too expensive to buy on a whim. There are a couple of reasons why everyone should look into the topic and see what this new technology niche has to offer.
What are the most important points?
First of all, cryptocurrencies are not a scam. Even though the field is oversaturated with rug pulls and scams, the honesty of the technology prevails. Blockchain is a technology that will pave the way for the future since it creates scarcity in the digital world. Follow this link for more info
Computers are great when it comes to copying and pasting folders, pictures, songs, and programs. However, the blockchain doesn’t allow that to happen. They can’t be printed like the dollar, and they can’t be seized by the government.
They are true to the sense of community ownership, and most of them are going to become mainstream in the future. A lot of complex math was used to create protocols for navigating this space, and you should do your own research before putting any money into it.
How can it be Censorship-free?
In the age of the internet, censorship is a huge problem. When Facebook broadcasted to the world that they were going to change their name to Meta, signifying their move to make a metaverse, the Instagram handle of a woman was deleted without her knowledge.
That’s a centralized way of doing things since the company can do what it wants with no additional repercussions. If someone is posting content that doesn’t follow the rules of Instagram, they get either banned or shadow-banned, and the algorithm pushes them down.
Taking power away from massive, centralized corporations is going to be a massive step forward when it comes to creating the digital world. If Twitter can ban the President of the United States from using their platform, what hope do regular people have?
What About PKT Cash?
This is a project that aims to decentralize the internet. Here’s the official PKT cash website if you want to read more. That’s a massive move since internet service providers have a monopoly over the network. Think about it. The entire internet is run by a couple of massive companies.
They can set the price at any range they like, and there are no small competitors against them. This means that people don’t have a say in what needs to be done. This project aims to take a small part of today’s bandwidth and store it for future use.
No one uses their network plan to the max. Let’s say that you have 100 gigabytes of data available for each month. If you use 50 gigabytes of data and save the rest, you can use them at another time in the future. If enough people do the same thing, then the internet can basically run itself.
This can all be done through the use of a proof of work system called PKT Cash. You give a part of your network to the project, and they give you cryptocurrencies in return. It makes use of your spare bandwidth, and it also helps a bigger cause in the future. At some point, the network could run on the nodes that have contributed the most, which could turn into a profitable side hustle.