Entering the crypto market with the ability to add utilities, is PLC Ultima really worth spending your money on?
In December 2021, a new competitor entered the cryptocurrency market. Called PLC Ultima (PLCU), the currency was not valued at $0.10 until its inception. To put that into perspective, 6,000 cryptocurrencies had been launched by 2021, taking the total number of cryptos in the market from 10,000 to 16,000.
Doesn’t sound like anything special, does it? But what sets the PLCU apart from other currencies that hit the market in 2021 is that, despite its short lifespan, this crypto has attracted a community of more than a million people from over 120 different countries. But before you decide to invest your hard-earned money in this cryptocurrency and join this community, let’s take a look at what PLC Ultima is and whether it is really as special as it seems.
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 that aims to bridge the gap between crypto and traditional businesses. Simply put, money is meant to be used to pay for goods and services rather than as an investment. It differs from other cryptocurrencies in the following aspects:
Coins vs Mining
PLCU blockchain is based on Litecoin blockchain (a fork of Bitcoin blockchain) which inherits some of its features such as network stability, transparency and high transaction speed. What sets it apart from Litecoin and other cryptocurrencies on the market is that the coins are not mined, but rather minted.
In order to mint a PLCU coin, users must meet a number of necessary conditions. They have to buy a digital Ultima Minter certificate that freezes a certain amount of their PLCU holdings. Then they need to download the Ultima Farm app where the coins are mined and their locked possession is stored for a certain 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 even be punched with a smartphone. This makes it more environmentally friendly than other cryptocurrencies. In order to maintain a stable value for PLCU in the long run, the number of new coins minted is reduced each month.
As we said, PLCU was intended to facilitate transactions, which is why the developers created the following product offerings: PLC Card, Platin Hero and Platin Deal.
The PLC card is a debit card that works like a traditional bank card. It allows users to use their cryptocurrencies to make their daily payments, online or anywhere you can trade electronically. 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 crypto-based crowdfunding platform. Here, individuals, businesses, and even charities can raise money for just about any project under the sun. This is a great platform for investors because funds raised on Platin Hero are only frozen for a period of time after which investors receive their money with a reward. In other words, they don’t have to spend money to support projects and charities.
Finally, the developers have created their own marketplace, Platin Deal, to make it easier for businesses to sell their products in exchange for crypto. Currently, the Marketplace is only available in Germany. The market currently only offers car vouchers and apartments for sale.
Reasons for PLCU .’s Growth
In addition to the features mentioned above, PLCU founder Alex Reinhardt claims that its value is not tied to other crypto assets like most coins, which makes PLCU stand out from the crowd. He shares that PLCU’s value is more linked to the real economy, which is quite stable and growing, making it easy to weather stock market crashes.
Another reason for its popularity could be its community-based approach. To ensure that the community continues to benefit from PLCU’s ownership, the developers burn 1% of every transaction it processes. They also burn 100% of their own property to regulate the supply of PLCUs in the market to increase the value of coins in circulation.
Moreover, although the general public thinks that this cryptocurrency came out of nowhere, the developers had 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 that mean you should invest in this token?
All the good aspects of this token must be carefully weighed against the drawbacks. The first and one of the most important is that there is not enough credible data on PCU to help you make good investment decisions.
It is also important to note that information such as circulating PLCU offerings and current market capitalization is currently self-reported. In addition, while the token is at an all-time high of US$113,579, its current price (as of July 28) is US$7,100. This huge fluctuation is enough to make you wonder whether this currency is credible or not.
In addition, there are talks that PLCU is a Twitter scam related to founder Reinhardt’s alleged previous project, Platinum Coin, which has been flagged for financial fraud by the Mongolian Financial Regulatory Commission. Some Redditors have also raised concerns about PLCU as it is not traded on any of the standard crypto exchanges. Crypto is traded on Bibox, Coinsbit, Digifinex and LBank. Among these, Bibox is the most popular exchange, but it has already been criticized for allegedly leaving the list of fraudulent coins on its platform.
Whether this currency is as special as claimed is uncertain at this point. 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 for informational purposes only. Make investment decisions at your discretion.
Header image courtesy of the PLC Ultima website.