Entering the crypto market with the ability to add utility, is PLC Ultima really worth your money?
In December 2021, a new competitor entered the cryptocurrency market. Named PLC Ultima (PLCU), the currency was only valued at $0.10 when it was created. To put that into perspective, 6,000 cryptocurrencies had been launched by 2021, bringing the total number of cryptos on the market from 10,000 to 16,000.
Doesn’t sound like anything special, does it? But what sets PLCU apart from other currencies that entered the market in 2021 is that, despite its short life, this crypto has attracted a community of over a million people from over 120 different countries. But before you decide to invest your hard earned money in this crypto and join this community, let’s take a look at what PLC Ultima is and if 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. However, 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 to bridge the gap between crypto and traditional businesses. To put it simply, money is meant to be used to make payments for goods and services rather than being used as an investment. It differs from other cryptocurrencies in the following aspects:
Coins vs Mining
The PLCU blockchain is based on the Litecoin blockchain (a fork of the Bitcoin blockchain), adopting 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 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, which freezes a certain amount of their PLCU inventory. After that, they need to download the Ultima Farm app, where the coins will be mined and their locked holdings will be stored for a certain period (not more than three years). After that, users are automatically rewarded with new coins.
This process does not require users to have computers with high processing speeds. PLCU parts can even be embossed using a smartphone. This makes it more environmentally friendly than other cryptocurrencies. In order to maintain a stable value for PLCU in the long term, the number of new coins is reduced every month.
As we have already said, 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 payment card that works just like a traditional bank card. It allows users to use their cryptocurrencies to make their day-to-day payments, whether they are online or elsewhere where you can transact 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 collected on Platin Hero are only frozen for a certain period after which investors will receive their funds with a reward. In other words, they do not need to spend money to support projects and charities.
Finally, to make it easier for businesses to sell their products in exchange for crypto, the developers have created their own marketplace, Platin Deal. Currently, the marketplace is only available in Germany. The market currently only offers car coupons and apartments for sale.
Reasons for the growth of PLCU
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 the value of PLCU is rather tied to the real economy, which is quite stable and growing, which helps it to weather stock market crashes easily.
Another reason for its popularity could be its community-centric approach. To ensure that the community continues to benefit from owning PLCU, the developers burn 1% of every transaction it processes. They also burn 100% of their own holdings to regulate the supply of PLCUs in the market to increase the value of coins in circulation.
Also, 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 a result of sustained efforts.
But does that mean you should invest in this token?
All the good aspects 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 PCU to help you make sound investment decisions.
It is also important to note that information such as PLCU circulating supply and live market value are self-reported at this time. Additionally, while the token has an all-time high of US$113,579, its current price (as of July 28) is US$7,100. This massive fluctuation is enough to make one wonder if this currency is trustworthy or not.
In addition, PLCU is said to be a Twitter scam related to founder Reinhardt’s alleged previous project, Platinum Coin, flagged for financial fraud by the Mongolian Financial Regulatory Commission. Some Redditors have also raised concerns about PLCU since it is not traded on any of the standard crypto exchanges. Crypto is traded on Bibox, Coinsbit, Digifinex and LBank. Among these, the most popular exchange is Bibox, but it has already been criticized for allegedly leaving the list of fraudulent coins on its platform.
Whether this currency is as special as it claims is uncertain at this time. Hopefully this article will help you understand both sides of the coin so you can make an informed decision before investing.
This article is intended for informational purposes only. Please make investment decisions based on your own judgment.
Header image courtesy of the PLC Ultima website.