All You Need To Know About The Oil Backed Crypto

Petro a hard asset-backed crypto introduced in February 2018. This crypto was first announced in December 2017 by the Venezuelan president. He stated that its aim was to make the country advance on money sovereignty issues and tap into international financing easily. Petro billed as the first sovereign currency introduced in the crypto space. The crypto built on the NEM blockchain and backed by oil, gasoline reserves and mineral reserves of gold and diamonds. It called oil backed crypto.

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In this post, we will explore what this asset-backed sovereign crypto offers in this arena. Also discuss crucial details such as its price, exchange process and platforms, market cap and value. Find out more about one more oil backed crypto – OilCoin.

Petro crypto price

The current petro price is $0.0225 with a price change of around 3.08%. The confidence in this crypto price is currently high and investors have higher stakes of making returns from investing in this crypto as long as they keep tabs on the price charts.

Even with this, it is important to note that most traders do not treat petro as a very stable coin considering that its price partially depends on the value of the hard asset (mostly oil) it is backed with. Also, not many exchanges will abide by the Venezuelan government’s price as the official price. In this regard, you should also consider comparing the prices on various exchanges and pick the one that offers the best value for your money.

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Ptr coin exchange

Here, it good to first note that 38.4% of Petro sold in a pre-sale private auction at a 60% discount before the official launch date. The pre-sale was made in cryptocurrencies and hard currencies and not local currencies, which are now accepted as a viable exchange medium.

Today, Ptr coins exchanged through various virtual exchange houses. A perfect example here is the state-sanctioned Cryptolago. More and more merchants providing goods and services also accepting Petro as a medium of payment and it is speculated that most Petro will be exchanged through this path.

Citizens, private and state companies can visit any virtual exchange selling Petro and purchase it using Yuans, Rubles, Euros, Turkish Liras and the major cryptos such as Bitcoin and Ethereum.

Ptr coinmarketcap

Ptr current coin market cap $1,432,905 with a fully diluted market cap of $1,435,863. Its current circulating supply is 63,993,275XPD. According to coinmarketcap.com, Petro’s market rank is currently at 1502.

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Petro cryptocurrency value

The average value of a barrel of oil is $62. Which is exactly what one petro backed with and sold at. This simply means that if Venezuela sells around 100 million Petro, they can raise more than $6 billion. With this kind of cryptocurrency value, there is no doubt that petro crypto is very crucial in improving Venezuela’s economy. It is a perfect example of what digital assets can do in improving a country’s economy, if supported by both the government and the citizens.

The Venezuelan government initially allocated 5 billion barrels of Venezuelan oil to back the petro crypto. How stable this petro value is, depends on the existing value of oil, gasoline and other related minerals such as gold. Since petro entirely pre-mined, its value also depends on what the government dictates.

The petro crypto’s value is helping Venezuela greatly in foreign trade. The country is, for example, able to pay for imports with this asset-backed cryptocurrency. An excellent example here is the Venezuela-Brazil trades where several Brazilian companies accept to export food to Venezuela and get paid with Petro.

As people continue accepting this crypto, more businesses and shops recognize it as a viable payment mode; its value will definitely rise. The speculation and trading volume around it will also contribute to value rise.

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Conclusion

So that’s all about oil backed crypto. Although the Petro crypto not fully developed, its future is bright. The government has great plans for this crypto and wishes that it will create an open, independent and transparent digital economy where all Venezuelans will have equal participation. In the international economic realm, this crypto focuses on creating a fairer financial system that will support and develop emerging economies. Investing in this crypto will definitely be a rewarding decision in the future as long as there will be no political influence on its market and usefulness.

Cryptocurrency Risks

In a previous article, we talked about advantages of digital currency. Now let’s talk about cryptocurrency risks. Cryptocurrency is not an issue of the central authority theoretically rendering its immune to manipulate or interfere with the government. For you to understand cryptocurrency risks, you must, first, understand the blockchain or the platform’s features basing it. Blockchain is a decentralized, digitized, public ledger to transactions of the cryptocurrency.

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Constant growth as blocks completes recorded and in a chronological order adds to it. This helps in marketing participants to retain digital transactions of currency with no central keeping of records. Each node acquires a blockchain copy automatically downloaded.

Cryptocurrency Risks and Problems

So what is the main cryptocurrency risks and problems?

Business Risk

Confidence is lost in digital currencies due to currencies’ nascent nature, thus subjecting currency to a high uncertainty level. Online platforms have currently generated broad trading activity through speculators seeking long or short-term profit holding the digital currency. Cryptocurrency supported by the international or national organization, central bank, assets, or any other credit.

Their values determine strictly by the value placed by the participants in that market through participants’ transactions. This indicates that confidence loss may cause trading activities to collapse and thus the value to drop abruptly.

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Fraud or Cyber Risk

Cryptocurrency has attracted a large set of community criminals (cyber risk) because it deals with cash currency. These criminals break into the crypto exchanges, drain the wallets of the and individually infect with malware used to steal cryptocurrency. As internet transaction takes place, hackers target the handling of the service, the people, and the storage areas through such means as phishing or spoofing and malware.

Investors have to rely on their computer securities’ strength systems and systems of the third party’s protection to protect cryptocurrency purchased from theft. Cryptocurrency highly depends upon companies unregulated. Some of these companies may lack internal control that is very appropriate. This makes it susceptible to theft and fraud than regulated institutions of finances.

The software requires regular update suspecting at times. Blockchain source of technology vendor results in exposing the third party to significant risk. Minimal way of recovery provided. Stealing the user the keys of the wallet leads to fair impersonation of the original account owner. This allows access to the monies the original owner has in the wallet. Once the bitcoins are transferred from the account and the transaction be committed to the blockchain, monies are forever lost from the one who owned it initially.

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Dangers of Cryptocurrency

Let’s talk about the dangers of cryptocurrency:

Irreversibility
The transaction is not reversible after the confirmation, and thus net is not safe.

Anonymous
Accounts and transactions not connected to the identities of the real world. This indicates that internet access digitalizes everything.

Speed of the Globe
The network transactions are instant and confirmed in a few minutes. They are very indifferent to your location physically. This is because they happen in a computer’s network globally. Also, third parties are not involved in validation and verification.

Security
For example, firm cryptography and the significant number’s magic make the scheme impossible to be broken.

No Gatekeeper
Everybody can download this software for free. After installation, one can either send or receive bitcoins or any other cryptocurrency.

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Disadvantages of Cryptocurrency

Some disadvantages of cryptocurrency below:

Peer To Peer
For example, user controls their digital wallet other than using a bank. Access loss of your wallet, however, can make you encounter major challenges.

Access
Anyone having internet access and an account can freely use cryptocurrency. This is because they unrestricted to a given country and thus decentralized. Finally, they usually operate in twenty-four-seven across the world.

Privacy and Security
Blockchain technology, in which most of the platform runs, has proven to be entirely secure over time. Moreover, you can also remain anonymous. It is minor if any government report is inolved in making the aspects most controversial to cryptocurrencies.

Uncertainty
The pricing volatility of cryptocurrencies threatens and intimidates acceptance of widespread. Also, a currency should be reliable and stable to earn more trust and used widely.

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Acceptance
Cryptocurrency can be widely used in the whole world in theory, like bitcoin. Many vendors, however, are not ready to educate or accept them because of their potential importance.

In conclusion…

To sum up, cryptocurrency risks contains a few things. Also, the growing secrecy and popularity aspects of cryptocurrency are attacking wide attention worldwide to all sorts of people. Features allowing for money secrecy and laundering attracts criminals. Investors, however, see significant gains of the opportunities going unreported. Likewise, many banks and governments have started to be cautious.

Advantages of Digital Currency

What are the advantages of digital currency? This is an issue that has been of interest to everyone since the beginning of cryptocurrencies.  First of all, digital currencies require lower fees, have fraud protection, simpler international payments, the volatility of prices.

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Digital currency advantages

So what is the main digital currency advantages? As a legally compliant digital currency supported by valuable assets, all currencies will utilize best available protocols for digital currencies. Also it will help promote the ongoing change in the way global asset management and financial transactions occur by removing artificial barriers caused by legacy financial institutions, enabling:

  • True peer-to-peer payments anywhere in the world
  • Minimal transaction fees and processing time compared to traditional banking
  • Payments between pseudonymous parties ensuring financial privacy
  • Non-reversible transactions preventing chargebacks and fraud

Best altcoins all the time

Recent volatility in the price of digital currencies underscores the need for a stable and accepted digital reserve currency such as OilCoin. Though nearly 1,200 individual coins are recognized on www.coinmarketcap.com and supported for trading purposes, as of the end of November 2017 approximately 89% of the market’s approximately $300 billion total value reside in the 10 largest coins and a whopping 83% of total market value resides in only 4 highly volatile best altcoins (Bitcoin, Ethereum, Bitcoin Cash and Ripple).

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Despite the surging popularity and recognition of the multi-billion dollar digital currencies, their volatility in recent months has been significant and is highly likely to continue. This volatility is attributable to a number of factors, principal among them being lack of liquidity. Moreover governmental restrictions and bans on ICOs, digital currency transfers and exchanges, and various protocol battles pitting miners and others with significant sunk infrastructure investments against individuals pushing for more function-oriented, rapid and scalable solutions.

It is reasonable to assume that increased government regulation and protocol wars will persist over the coming months and years and that the currency, platform or protocol that succeeds in today’s market will be replaced by competitive technologies or hard forks in the future.

Benefits of digital currency

Bitcoin has resoundingly proved this point as its dominance as recently at 2016 was broadly accepted and few expected the more robust and useful Ethereum protocol would take significant market share as quickly as it did. In late Q2 2017, Ethereum seemed well-positioned to overtake Bitcoin in terms of the total market cap during the course of 2017. Especially with
Bitcoin’s hard fork and SegWit events which occurred in the summer of 2017.

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However, Bitcoin saw a remarkable, record-setting recovery in the second half of 2017 suggesting the ultimate the emergence of Ethereum as the dominant digital currency may either delayed or never occur.
Also remarkable was the emergence of Bitcoin Cash which has seen a fivefold increase in token price and total value in the last month alone.

Very few investors, traders or even digital currency experts have proven adept at anticipating future moves and values for existing digital currencies. Bitcoin, Ethereum, Ripple and virtually all digital currencies have continued their upward surge throughout 2017 despite the imposition of restrictions on digital currencies by China, South Korea and Russia among others. So investing and extreme volatility are the main benefits of digital currency.

Extreme volatility

The extreme volatility and surging prices displayed by leading digital currencies as they vie for global platform and protocol dominance have provided a compelling way to speculate as new digital currencies continue to emerge. Certainly, one can expect more disruptive currencies to emerge in coming years.

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However, extreme volatility is a strongly negative factor in market environments with declining values. Or if the goal for an investor, merchant or institutional or individual holder is price stability or value preservation. As a result, the role and importance of a currency like OilCoin – which is fully digital and blockchain supported but is also directly linked to and supported by reserve value derived from the most liquid and actively traded asset in the world – may be an increasingly critical one in future years.

Best Crypto to Invest in 2021

It is good to research the best crypto to invest in 2021 to make the right decision. People are moving to digital currency. There are several benefits associated with the currency, and they have been attracting a lot of attention. There are several cryptocurrencies you can invest in. It is good to research the several benefits of the given currency before you can invest in a given platform. Bitcoin is the leading cryptocurrency, but there are several alternatives you can try as well.

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Best crypto for 2021

The best crypto for 2021 is still Bitcoin. At the end of 2020, it was at an average of $19,857. Many people always trust Bitcoin, and it will be around for a long even if several alternatives are being fronted. For 2021, financial analysts predict Bitcoin will grow in value because of the increase in inflation in different parts of the world. People are looking for ways to protect their monetary value against inflation, and the cryptocurrency is predicated on gaining a lot in 2021. You can invest in Bitcoin, and you will never regret it.

Top crypto 2021

There are several another top crypto 2021 you can invest this year per from Bitcoin. Here are some of the top performers you can try if you would like to realize the best results in your investment:

Litecoin

It is a fast-growing cryptocurrency. People looking to invest in affordable cryptocurrency prefer it. The launch of a decentralized Litecoin based RPG game made the cryptocurrency popular. The fantasy game LiteBringer is based on the crypto coin, where the players make moves that translate into transactions. It is a crypto coin. You can try to grow your wealth.

TRON

The peer to peer network was initially launched on the Ethereum network. It works in such a way to will democratize the entertainment industry and content creation. Content creation is an industry that is growing, and the need for cryptocurrency will keep growing. Also, you can invest in cryptocurrency, and it will work towards helping you grow your portfolio. Its acceptance on significant platforms such as Samsung, Baidu, oBike, and Baofeng makes it a promising cryptocurrency you can try in 2021. It is among the top crypto for 2021 you can invest. The platform has been widely accepted, making it very promising for keen investors.

Best altcoins for 2021

Apart from Bitcoin, there are several alternative cryptocurrencies you can invest in. They referred to as altcoins. The best altcoins for 2021 will increase the chances of making more money. Take time to research and invest in the most promising. Here are the best altcoins for 2021 you need to check out:

Ethereum (ETH)

It is the second-largest alternative to Bitcoins. Several upcoming cryptocurrencies offer a lot of competition, but you will be better off if you can have it as an alternative investment. It provides more than a crypto trading platform. Ethereum platform powers smart contracts and decentralization of apps. It can be applied in commodities trade, business applications, and sciences. Moreover, the crypto platform diversification makes it a great alternative if you would like to diversify your portfolio.

Ripple (XRP)

The platform acts as a bridge between traditional currency and cryptocurrency. It can facilitate cross border payments. It is unlike SWIFT systems in banks that involve a lot of transactions, and they take time. Ripple aims at enabling international transfers of funds within seconds. Many international banks have adopted the cryptocurrency, making it a great option if you are after an alternative cryptocurrency to invest in 2021.

Tezos (XTZ)

It is a promising altcoin you can invest in, in 2021. Tezos stands out because it allows community members to focus and propose changes to how the cryptocurrency operates. It focuses on bringing about a decentralized autonomous organization.  Also, the application of proof of stake and formal verification ensures the transactions are correct. It comes with several features that solve the governance of crypto coins. It is a reliable platform you can have as an alternative in 2021.

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What are other alternatives to Bitcoin?

There are several; you can try IOTA (MIOTA), Stellar Lumens, Cardano, among others. It is essential to compare the benefits associated with the different cryptocurrencies before deciding on the best to try.

In conclusion, investing in cryptocurrency is a great move. Apart from Bitcoins, you can diversify to other altcoins so that you can be safe in case something happens to your cryptocurrency portfolio. Finally, several changes are being introduced, and diversification is key.