Entering the cryptocurrency market with the ability to add utilities, is it really worth spending your money on PLC Ultima?
In December 2021, a new competitor entered the cryptocurrency market. Under the name PLC Ultima (PLCU), the currency was only valued at $ 0.10 when it was created. To put that into perspective, 6,000 cryptocurrencies were launched in 2021, bringing the total number of cryptocurrencies on the market from 10,000 to 16,000.
Doesn’t sound like anything special, does it? But what separates the PLCU from the other currencies that entered the market in 2021 is that, despite its short lifespan, this cryptocurrency has attracted a community of over a million people from over 120 different countries. But before you decide to invest your hard-earned cash in this cryptocurrency and become a member of this community, let’s take a look at what PLC Ultima is and if it’s as special as it sounds.
What is PLC Ultima?
PLCU is a deflationary currency with a maximum supply of 11,000,000 PLCU coins. But unlike other deflationary cryptocurrencies, such as Bitcoin, PLCU is not intended to be used as a store of value. In fact, the PLCU website defines it as an infrastructure project aimed at bridging the gap between cryptocurrencies and traditional businesses. Put simply, the money should be used to make payments for goods and services instead of being used as an investment. It differs from other cryptocurrencies in the following aspects:
Coinage against mining
The PLCU blockchain is based on the Litecoin blockchain (a fork of the Bitcoin blockchain) which adopts some of its characteristics, such as network stability, transparency and high transaction speed. What sets it apart from Litecoin and other cryptocurrencies on the market is that its coins are not mined but rather minted.
To mint a PLCU coin, users must meet some necessary prerequisites. They must purchase an Ultima Minter digital certificate that freezes a specific amount of their PLCU holdings. Then they have to download the Ultima Farm app where the coins will be mined and their locked properties will be stored for a specific period of time (no more than three years). After that, users are automatically rewarded with new coins.
This process does not require users to have computers with fast processing speeds. PLCU parts can also be minted using a smartphone. This makes it more environmentally friendly than other cryptocurrencies. To maintain a stable value for PLCU in the long term, the number of new coins minted is reduced every month.
As we have already mentioned, PLCU was intended to facilitate transactions, and therefore its developers created the following product offerings: PLC Card, Platin Hero and Platin Deal.
The PLC card is a debit card that works just like a traditional bank debit card. It allows users to use their cryptocurrencies to make daily payments, both online and anywhere else where electronic transactions can be made. The card is not limited to PLCU coins, but you can also use it to spend Bitcoin, Ether and USDT from your crypto wallet.
Platin Hero is a cryptocurrency-based crowdfunding platform. Here, individuals, companies, and even charities can raise money for almost any project under the sun. This is a great platform for investors because the funds raised on Platin Hero are only frozen for a specific period, after which the investors will receive their funds with a reward. In other words, they don’t have to spend money to support charities and projects.
Finally, to make it easier for companies to sell their products in exchange for cryptocurrencies, the developers have created their own marketplace, the Platin Deal. Currently, the Marketplace is only available in Germany. The market currently only offers good cars and apartments for sale.
Reasons for the growth of PLCU
In addition to the features mentioned above, PLCU founder Alex Reinhardt says its value is not tied to other crypto assets like most coins, which sets PLCU apart from the crowd. He shares that PLCU’s value is rather tied to the real economy, which is quite stable and growing, helping it easily resist stock market crashes.
Another reason for its popularity may be its community-centered approach. To ensure that the community continues to benefit from owning PLCU, developers burn 1% of every transaction they process. They also burn 100% of their own holdings to regulate the supply of PLCUs in the market to increase the value of the coins in circulation.
Furthermore, even though the general public thinks this cryptocurrency has come out of nowhere, the developers have been working on it for five years, so they believe that the growth is not sudden but rather the result of sustained efforts.
But does this mean you should invest in this token?
All the positives of this token should be carefully weighed against its disadvantages. The first and one of the most important is that there is not enough credible data on the PCU to help you make sound investment decisions.
It is also important to note that information, such as PLCU circulating supply and real-time market capitalization, is self-reported at this time. Additionally, while the token has an all-time high of $ 113,579, its current price (as of July 28) is $ 7,100. This massive fluctuation is enough to raise the question of whether this currency is credible or not.
Additionally, PLCU is rumored to be a Twitter scam related to founder Reinhardt’s alleged previous project, Platinum Coin, which was flagged for financial fraud by the Mongolian Financial Regulatory Commission. Some Redditors have also raised concerns about PLCU as it is not trading on any of the standard crypto exchanges. Crypto is traded on Bibox, Coinsbit, Digifinex and LBank. Among them, the most popular exchange is Bibox, but it has already been criticized for leaving the list of fraudulent coins on its platform.
Whether this currency is as special as it claims is uncertain right now. Hopefully, this article will help you understand both sides of the coin so that you can make an informed decision before investing.
This article is intended for informational purposes only. Please make investment decisions at your own discretion.
Header image courtesy of the Ultima PLC website.