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peercoin

Facts about Peercoin

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Guest Post by Sureswipe – https://sureswipe.co.za/

The main features of Peercoin are the low power consumption, different mining than Litecoin and Bitcoin and a .1 Peercoin transaction on each transaction. Here are some facts about Peercoin.

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Peercoin Using Different Mining System that Wastes Less Power

A massive shortcoming of Bitcoin is that millions of dollars are wasted mining it. Mining in this regard means verifying new transactions whilst creating new Bitcoins.

Bitcoin works on a proof of work scheme where mining computers solve problems using a lot of computing power. Bitcoin is network safe, but more power is wasted.

Right now Peercoin uses proof of work, but this will be phased out as mining difficulty increases and rewards decrease. Most new Peercoin will then be generated as interest, 1% per year on existing Peercoin using proof of stake that is less demanding on resource.

Every Transaction has a .1 Peercoin Transaction Fee

It costs money to send Peercoin and this is at about $0.06 but this could be a lot higher in the future. The creator of Peercoin, Sunny King has said that the cryptocurrency movement needs a backbone currency that is able to maintain a high degree of decentralization, a high level of security, but not necessarily providing a high volume of transactions. This has made some believe that a single Peercoin is worth over $1000.

Peercoin is the Official Money at a Star Trek Convention, Trek Con

Peercoin is being accepted for merchandise, tickets and anything else at the convention.

Lawrence Blankenship, the creator of the conference has said that Peercoin takes us closer to what Gene Roddenberry had envisioned where there was no centrally controlled currency and its open source.

Peercoin can be Traded for USD on BTC-E

PPC is available on the market that can be traded for USD. This means that the price can rise freely against Bitcoin.

The Creator of Peercoin also Made Primecoin

Peercoin could save million in terms of power, but Primecoin also takes and interesting approach. Mining Primecoin means verifying transactions and searching for Cunningham Chains.

virtual currencies

The Virtual Currencies

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Bitcoin is a decentralised currency system that is based on a peer to peer network that is mined through the use of computers by cracking difficult math based equations.

The success of Bitcoin has spurred the launch of other virtual currencies. Altcoins is the name given to the collective currencies. Get a Payday Loan and start mining

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These other virtual currencies are easier to mine but have a greater risk in terms of lesser liquidity, acceptance and value retention.

Litecoin

The second largest cryptocurrency is Litecoin and was launched in 2011. Litecoin is based on an open source global payment network which is not controlled by a central authority and uses scrypt for a proof of work. This can be decoded with the help of CPUs of consumer grades.

Litecoin has a faster block generation rate as well as more rewards per block when compared to Bitcoin.

Darkcoin

This is a more secretive version of Bitcoin. Bitcoin are anonymous to an extent as they still keep a record of all transactions carried out in a ledger which can reveal a lot of information.

Darkcoin offers more anonymity as it operates on a decentralised master code network that makes transactions almost untraceable.

Darkcoin launched at the beginning of 2014 and has had an increasing fan following in a short span of time. Darkcoins are mined through the use of CPU or GPU.

Peercoin

Peercoin was launched in 2012 and was the first digital currency to use a combination of proof of stake and proof of work.

The coins are mined through the commonly used proof or work hashing process but as the hashing difficulty increases over time, users are rewarded with coins by the proof of stake algorithm which requires little energy for generating blocks. Over time the network of Pee4rcoin will consume less energy.

As there is no fixed upper limit on the number of coins, Peercoins is an inflationary currency.

Dogecoin

Dogecoin uses scrypt technology as a proof of work scheme. Dogecoin has a block time of 60 seconds and the difficulty retarget time is four hours.

There is no limit to how many Dogecoin can be produced which means the supply of coins will remain uncapped.

Dogecoins deals with larger number of coins that are lesser in value individually which then makes the currency more accessible with a low entry barrier and are good for carrying out smaller transactions.

Primecoin

Primecoin works with a proof of work based on prime numbers which is different from the usual system of hash cash.

Primecoin finds special long chains of prime numbers and offers a greater security and mining ease to the network.