Peercoin is another member of the cryptocurrency family and is very similar to Bitcoin. As with Bitcoin mining, Peercoins can also be mined on a completely open source network. But, what can be said as a true advantage, Peercoin mining does not require highly sophisticated, expensive hardware, which is a pre-requisite in Bitcoin mining.
The cryptocurrency is as bit volatile, or even more, than Bitcoin, which has seriously arrested its growth. At the current price of $0.41, the total supply of 22,140,522 Peercoins amount to a market cap of $9,077,614.
Another factor plaguing the Peercoin industry is the storage problem. No appreciable technological advancements have been made to address the safe-keeping concerns. There are no good Peercoin wallets while Bitcoin industry continues to make great strides in ensuring its users get the best of the storage facilities, both online and offline.
Even as the fundamental outlook is grim, to say the least, technical factors may favor the investors in the short term. The latest rise in the value of Peercoin can be attributed to a strong rise in Bitcoin; there usually exists a strong correlation between Bitcoin and other altcoins.
Investors looking to invest in the least expensive cryptocurrencies, and with low risk, must consider Peercoin. The 240-minute PPC/USD chart above reflects a perfect higher top, higher bottom price structure. The recent surge also took the price above the previous top and it ended significantly higher (see the bullish candle marked in the chart). However, market participants are advised to create new positions only on corrections, to minimize their risks. Investing for long term should only be done on the fundamental basis.
The Peercoin community, like all other cryptocurrencies, would benefit greatly if the national governments start considering it as an alternative currency and not as a financial aberration.