Peercoin is one of the cryptocurrencies that has enticed so many investors and traders over the years. It is a peer-to-peer cryptocurrency specializing in utilizing both proofs of work and proof of stake systems. That is why Peercoin has garnered people’s interest over the years because of its ability to hold value and transactions. If you want to know how to get Peercoin, you are not alone.
In recent years, Peercoin has become one of the more distinguishable cryptocurrencies in the market. It is focused on economic stability, sustainability, and can be easily adapted by people and merchants. So, if you are looking for ways and means on how to get Peercoin, read on.
What Is Peercoin?
Before we dive deeper into how to get Peercoin, you must know what is Peercoin first. Peercoin, as mentioned earlier, is a type of cryptocurrency which utilizes the proof of work and proof of stake systems. Like other forms of cryptocurrencies, Peercoin is also a type of digital cash that aims to facilitate transactions that rely on the blockchain.
While Peercoin may have similarities to other cryptocurrencies such as Ethereum, Bitcoin, and Ripple, it doesn’t rely on the huge amount of power needed for its network to work optimally. What Peercoin does is by using the proof of stake concept that is cost-efficient.
Although some traders and investors believe that Peercoin has its fair share of power back in the days, it is easy to know why. Back in 2013, Peercoin was on top of the world, securing the third rank as one of the world’s biggest cryptocurrencies. However, over the years, it is on a steep decline, Peercoin isn’t even at the top 100 at the moment of writing. But don’t let that wind take out your sails. Peercoin is still one of the more recognizable cryptocurrencies today and is still worth trading. By this, there’s still a lot of money to be made in Peercoin.
How Does the Peercoin Function?
Large cryptocurrencies such as Ethereum, Ripple, and Bitcoin face many problems, including having slow and expensive transactions, massive energy needed for consumption, and scalability. For a network to generate safe and new coins, most cryptocurrencies based on blockchain technology uses a proof-of-work system. In contrast, Peercoin uses the concept of a proof-of-stake system that searches the number of coins present in a person’s wallet and how long it’s been there.
How to Get Peercoin
Learning how to get Peercoin is pretty quick and easy. But before you know how to get Peercoin, there are certain things you must do to get one. The steps below will give you a better idea:
Step 1: Get an Appropriate Wallet or Exchange
Before you learn how to get Peercoin, you should sign up first for a reputable wallet. There are a lot of exchanges that are compatible with Peercoin. But if you don’t know which one, we’ll lay it down for you.
The cryptonator has a smooth interface and has easy to use functions. This wallet is great for people looking to start their cryptocurrency journey and is compatible with a wide variety of cryptocurrencies.
Ledger Blue Wallet
It is a type of hardware wallet that can safely and securely hold your coins. Among the list, the Ledger Wallet is the safest way to store your precious coins. And it ranks at the top in terms of popularity and reliability.
If you are an android user, the Coinomi wallet is the best way to go. It is safe to use, has good security features, and user-friendly.
Step 2: Sign Yourself Up
Once you have created your account, the next thing is to get verified. To do this, you must send all your details and information such as proof of ID, photo, and other proof of your identity.
Step 3: Deposit Money
Deposit money to the exchange you signed upon. You can transfer money via wire transfer, bank transfer, or any other method that depends on the exchange.
Step 4: Buy Cryptocurrency or Peercoin
You can go around this in two ways. One is buying a leading cryptocurrency such as Ethereum, Bitcoin, or XRP and having it exchanged or bought Peercoin through the cryptocurrency.
The second method is locating any Peercoin Exchange such as Coinswitch or Changelly. Whichever you choose on the two exchanges, it is one of the easiest ways on how to get Peercoin instantly.
Step 5: Withdrawing Your Peercoin
After buying Peercoin, you might want to immediately transfer your PPC or Peercoin to your wallet. Storing your valuable Peercoin to your wallet is much safer than letting the exchange do it for you.
Pros and Cons of Peercoin Cryptocurrency
When compared to other cryptocurrencies, Peercoin is much more decentralized. And despite being dropped from the ranks, Peercoin is still a valuable asset for investors and traders who are in for the long haul. Plus, Peercoin doesn’t need much more energy than other large cryptocurrencies such as Bitcoin, Ripple, and Ethereum.
Although Peercoin is decentralized, it isn’t 100% decentralized than other big market names. It also has large transaction fees, which traders and investors aren’t willing to commit. Peercoin is considered inflationary, not deflationary, which means Peercoin’s coin supply is strictly unlimited.
Peercoin is a type of cryptocurrency that fell from the ranks because of how volatile the crypto market is. However, don’t let that fool say that you can’t earn money from Peercoin. It still has value and is ideal for traders prepared for the long haul. Luckily, knowing the ways and means on how to get Peercoin is rather easy and quick.
If you are looking for the steps on how to get Peercoin safe and easy, refer to the steps written above that will guide you throughout the process. Find out more about crypto wallets here!