Before delving into the reasons why buying PIVX should be a reasonable contender for 2018 investors, it is important to discuss exactly what PIVX is and what it means for other heavy hitters in the industry.
It is the second generation of the renowned cryptocurrency, DASH, or as the PIVX website cites it DASH 2.0.
The acronym PIVX stands for Private, Instant, Verified Transaction and it is a rising star within the current realm of cryptocurrency.
It is an open-source cryptocurrency that is focused on complete privacy and security within their transactions.
Launched on February 1st of 2016 PIVX is already tipping the balance of the virtual market enough that other currency giants are paying attention.
Functions of PIVX
The functions of PIVX work through a hierarchy of early investors that is still open and thriving.
Developers are the highest ranking, with likely the most invested in the currency. The job of the developer is to continuously keep the progress of the currency active.
The highest investors are the Masternode. These are the investors who work out of the same wallet software on the same blockchain, in order to mix coin transactions, ensure swift transactions are running smoothly, and basically hold their finger on the pulse of PIVX to ensure the fiscal and market survival.
These are also the investors who vote for what they believe the best steps are for the currency. While they don’t make all the decisions unilaterally, the masternodes are the loudest voice in the proverbial, virtual room.
To achieve the status of the Masternode, one must invest 10,000 PIV, (which is about $101,900 USD in the current market).
Although, for all of this extra work, they are compensated a portion of the reward for each block, which is currently a 20% return on their investment. Most of which, can be collected as passive income, while still having more control over your investments.
The second tier of the PIVX hierarchy is the speaker. This is an investor who owns a node, or nodes. Stakers are also tasked with helping to run the network, as we well as storing the blockchain.
There is no required amount of PIV to become a staker but of course, the more staked nodes an investor has, the more they are paid.
Now, like every good business model, there is a method to say which facet gets what percentage of the currency’s earnings. Before even the Masternodes are paid, there is a Treasury fund that collects 10% of the transaction fees. That way, currency can flow through the business side of PIVX, keeping everything running smoothly.
After the Treasury is paid, the remaining 90% is spread throughout the rest of the hierarchy using the See-Saw Reward System.
This system keeps a balance between the Masternodes and the stakers. While the amount that a master node and a stakers will vary individually, throughout both groups, the overall system will balance itself out with each pay period, again to keep the structure running smoothly.
Features of PIVX
The premier feature of PIVX is the Zerocoin, or zPIV, which provides full privacy and anonymity to the users of the currency. This is a feature that Bitcoin does not employ. Therefore, if you buy something with PIVX, after unlocking your funds and transferring the amount into the wallet of the buyer, there will be no record of where the funds originated from.
A second feature that is revolutionary for PIVX is the higher Bitcoin codebase, namely the Core.10.x and the PoS 3.0. These two features work in tandem to be able to provide higher functionality to the users while ensuring that the people who are using the platform the most are rewarded.
With the code of other cryptocurrencies, users would be able to open their wallets once or twice a month and receive the same credit and reward that truly loyal users received. This update has done away with this glitch by being able to track the wallet’s use in real time.
Third, the default transactions are transparent but private transactions can be enabled to keep your anonymity.
Other features that are unique to PIVX include being driven higher by the community and social networking support, and it has a consistently higher profit percentage than its predecessors; namely, DASH.
Best Reasons to Buy PIVX
While there are plenty of reasons why investing in PIVX is an optimal choice for 2018, here are a few reasons that are particularly persuasive for the common PIVX investor.
The scalability of PIVX is extremely good. Until now, PIVX has worked off a dynamic block size that has all the security features of the big cryptocurrency players but since the currency’s inception, the creators of PIVX have worked to make it even better.
However, in 2018, PIVX hopes to unveil their elastic block system. Instead of the stagnant block system that could only be raised by a vote, the elastic block system will be able to adjust to fit the current demand.
This will ensure that even during peak transaction period and network attacks, transaction times will not be throttled. This revolutionary system will be able to help PIVX adjust to mass consumer adoption and utilization.
- Low Transaction Fee:
PIVX is hailed for having an extremely low transaction fee when utilizing the currency. There are three transaction options that investors have when transferring PIVX and they are all extremely inviting.
The first (and fastest) is the PIVX SwiftTX, which costs 0.01 PIV, giving 5 confirmations in under one second.
The second is the recommended PIVX fee and that costs 0.0001 PIV. This option ensures that the transaction will be confirmed within the next “block” (or 60-second interval).
The third and final option is a free option. However, this selection does not guarantee that the transaction will be confirmed within the next block. The reason for this is if the transaction per the second capacity is reached before the fee-free transaction is confirmed, the confirmation will have to wait until the next block starts. While this may not sound important, when the purpose of cryptocurrency is a speed of transaction and security of the transaction, it might be better to spend the 0.0001 PIV.
For context on exactly how low this transaction fee is, across all three PIVX options, the average Bitcoin transaction fee is $28 USD.
Now, besides the obvious advantage of a low transaction fee, another benefit for PIVX, if they can maintain their low fees, is the potential for mainstreaming. If the transaction fee is low, much lower than that of other cryptocurrencies and traditional currency, it will encourage businesses to option PIVX as a form of payment.
Ultimately, that is the goal of all cryptocurrencies, to streamline their currency and get the business world, outside the realm of the internet to understand it’s value enough to allow the transaction to be legally warranted.
Whether we are a long way off from that or just around the corner is hard to say but low transaction fee is a term that all consumers understand and consider to be a positive for the method of payment they are dealing with. Therefore, this is certainly a good way to step in the right direction.
PIVX has an extremely strong community base and heavy social networking support from sites like Facebook, Twitter, and Reddit. Of course, it is nice for a potential investment to have friends in high social places but having a mass community base is equally important. After all, when dealing with investment, it is a mass acceptance that is the true goldmine.
The prediction for PIVX, specifically over the next five years is a positive and steady climb. According to Wallet Investor, PIVX is going to double in value by next year and continue a stable upward scale into year five, where it is predicted that each PIV will be worth $63.392 USD.
Now, predictions indicate that PIVX will not directly be contending with Bitcoin for the top-ranking spot anytime soon. However, the likelihood of PIVX taking an unsurmountable downward spiral is also extremely rare.
In summation, the forecast for PIVX looks bright and for the investors who are looking for a stable, safe venture for 2018, PIVX could be the right cryptocurrency for your virtual wallet.
PIVX predictions for 2018
Data source: wallet Investor
Facts of PIVX
When PIVX was first unveiled, it was known as Darknet (DNET). However, it wasn’t long before their public stepped in and encouraged them to re-brand their name into something that didn’t sound like the antithesis of the company’s ideals.
Thus, PIVX was born and the contender that we know today started to rise in the ranks of the cryptocurrency market.
While PIVX has yet to be recognized by the universally renowned asset exchange, Poloniex, it has found a home on Bittrex. This home base has allowed PIVX to rise to become currently ranked in the fifty-second spot in Cryptocurrency Market Capitalizations.
While fifty-one places behind first, which is, of course, Bitcoin, it is still an impressive feat. Given the age of the currency and the fact that PIVX has risen steadily and quickly in the market for the last thirty days (and it doesn’t seem like it’s going down anytime soon).
A testament to the continued projection of success in PIVX is outlined in the currency’s recent progression.
The coin supply is endless, growing by a set amount of 2.6 million every year.
However, by the time that people start to adapt cryptocurrency into their daily lives, the inflation will not be able to keep up with the rate of need, therefore the currency will not devalue. In fact, if anything, experts believe that PIVX will continue to increase over the next hundred years.