Nancy Wambui Wangai

Understanding Plexcoin in Cryptocurrency World A cryptocurrency is a digital medium of exchange that uses cryptographic techniques to transact online, with guaranteed security. It is decentralized and not issued by any central authority. This makes it free from government interference, exchange rates, inflation rates and interest rates. Additionally, no bank or financial institution is required to validate your transactions, thereby taking fees on your transactions. This eliminates transaction delays, high transaction fees and the disclosure of your personal information to such institutions. Since it is a completely digital product, cryptocurrency cannot be counterfeited, a property that makes it very popular. . It has been well-received worldwide, with many companies and individuals adopting the concept. Evolution of Cryptocurrency The cryptocurrency concept has been in existence for almost ten years now. Bitcoin was the first cryptocurrency to be created in 2009. Since then, Cryptocurrency has evolved to witness creation of many more virtual cryptocurrencies. These include Ethereum, Namecoin, Litecoin, PlexCoin, among others. This article addresses itself to PlexCoin. What is PlexCoin? PlexCoin is a cryptocurrency which is relatively new compared to other cryptocurrencies like Bitcoin. Research on PlexCoin started sometimes in 2016.It was then developed at the beginning of this year (2017) and registered in July. Its pre-sale began in August 2017. Its official launch was in October. It is hoped to have another application – Plexwallet – to be launched in the course of this year. In 2018, its other two applications, Plexcard and Plexbank will be launched. Like other cryptocurrencies, PlexCoin is decentralized without any central authority, meaning its transactions will not be managed by any traditional financial institution. Its operating structure is however safer and much easier to use than any other current cryptocurrency. In comparison to Bitcoin for instance, its deposit, withdrawal, purchase, and sale transactions are faster with more storage efficiency. PlexCoin's aim is to make use of cryptocurrency easy, safer than standard currency and improve privacy. Benefits of Using PlexCoin Flexibility With PlexCoin, one can conduct transactions anywhere in the world using the Plexcard. It’s going to be so convenient to privately send or receive funds. It will be easy to exchange Plexcoin for other cryptocurrencies or even standard currencies. Stability Cryptocurrencies are generally volatile. PlexCoin boasts to have the first cryptobank, Plexbank. With Plexbank, it will be possible to secure the cryptocurrency against market variations. Secondly, Plexbank will enable investors to invest in assets with guaranteed returns. Additionally, since PlexCoin is based on Ethereum's structure, it works the same way as it was programmed, no fraud, downtime, or external manipulation. Accessibility The Plexwallet application will enable users to trade with Plexcoin quickly, conveniently and easily. There will be no need of going through a secondary market before people can access their cash, as is the case with other cryptocurrencies. One may use available ATMs anywhere in the world to cash PlexCoin. It will also be easy to track and manage one’s account balance, or send and receive money from other PlexCoin users. Often, people in remote areas have challenges accessing traditional financial service providers. With PlexCoin, this will be a thing of the past since they will only need an internet connection to make any transaction. It’s worth noting that the world is fast moving towards digitization. Due to its freedom from external factors like fraud, interest rates, exchange rates, inflation among others, PlexCoin is quite an attractive financial product. The benefits outlined above are evidence that anyone intending to invest or transact should confidently choose PlexCoin in doing so.