7 KEYS TO PICKING A SOLID CRYPTOCURRENCY
The internet age has birthed a number of new business sectors that are changing how business is done internationally, one of those sectors is Crowdfunding and another is Cryptocurrency (CC).
There are nearly 3000 different CCs to choose from the biggest and most popular is bitcoin, but are there other great opportunities to find? The answer is yes, if you search and research carefully.
Here are 7 keys to picking a solid cryptocurrency:
1) Creator’s Vision – every CC creator has a plan, most of the time the plan is focused around high technology, and/or sophisticated features. It is recommended that you know the CC creator’s vision for the CC even if the developer is no longer personally available. A supportive community should be able to articulate a clear vision for the currency.
PICISI (Pi) has a well articulated vision for their CC. Pi will be used more as a currency than a commodity. As a currency Pi will be used a) as a means of exchange between Promotion Contractors and PICISIc.com (the company); b) to raise start-up funds and to procure multiple operational licenses; c) as a host CC option for Campaign Organizers at PICISI.com; and d) as a payment alternative for PICISI.com sponsors. A major aspect of PICISI’s vision is the plan to “rebuy” Pi on the open market.
2) Integrity – decentralization in the CC industry essentially means: ‘no central point of responsible’ however to some it means: ‘many are independently willing to accept responsibility’. Responsive, accountable, and transparent are character traits often used to describe good caretakers of a currency.
Although Pi is technically a decentralized currency because it is built on a decentralized platform, it should be viewed as a hybrid since a large amount of the currency will often be controlled by PICISI.com.
3) Community – all of the people directly involved with a CC including: the creator, administrators, investors, supporters, anyone that uses the CC, watchers/trackers/followers of the CC, regular contractors for the CC, including the uninvolved supporters (endorsers) of the CC should be considered part of the CC’s community.
Some good sign of a healthy community is daily interaction, regular update of meaningful content, some form of leadership, a healthy mix of membership tenure, respectful interactions, and a growing membership.
PICISI had a protracted prelaunch but over the 8 months prior to launch they built an impressive community size of just under 1000 members. September 21, the site went live, it is now in beta testing -- real / live campaigns.
4) Structure & Security – in the CC universe centralization is a bad word, however whenever a major upgrade is needed or the market rate for the CC takes a disappointing turn investors are always looking for someone to “handle it”. Foundations, elected leaders, and/or individuals who ‘step-up’ to assume leadership roles are stabilizing forces for a currency.
At every point in the development of a currency security is vital, safety enables a currency to be able to grow into a strong currency.
Pi’s security is built into the security of NXT and NXT’s Monetary System; that association is also what technically qualifies the CC to be considered a decentralized currency.
5) Purpose & Productive Performance – a CC should have a well articulated purpose, after the code is written, community gathered, and allocations made. At some point a currency must perform as a currency otherwise it is a commodity, or worse a space holder. Productive performance means it has an articulated purpose and is visible, recognized, and woven into the culture.
Pi’s purpose is articulated in the developer’s vision, the currency was created to be used mainly as a currency for multiple purposes, chief among them as a means to pay global Promotion Contractors for providing services to tell the world about PICISI.
6) Utility – Utility often refers to a currency’s usage. Between ‘purpose’ and ‘performance’ is ‘adoption’, adoption of a currency often refers to merchant acceptance or willingness to accept a currency.
Many times CCs create for themselves a niche market eg: HYPER focuses on the gaming industry, and EMC2 focuses on the science research industry.
PICISI has chosen to limit the market size substantially by tying Pi to PICISI.com. The currency was built to serve the business needs of PICISI.com. Although it will likely expand far beyond it’s original plans.
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7) Meaningful Drive – is marketing and outreach that enable you to provide your target audience with additional perspective or detail. This is in contrast to irresponsible hyperbole or rhetoric.
Cryptocurrency is a complex subject, those who are responsible for promoting a currency should be willing to explain every detail to you in terms that you understand.
When considering a cryptocurrency to invest in, think on these things.
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