Before you begin to dive into using PECU there are a few key things that you really need to know. Pecu Novus is a digital asset payment network and allows you to perform transactions a bit differently than traditional banks, with that in mind please make sure to become familiar with and informed about PECU and the system. The wallet should be viewed as your bank vault, in short the value that would be in your PECU wallet may far exceed what you would have in your physical wallet or purse and closer to what you may hold in your bank or brokerage account. With that said you should treat is as such to avoid potential issues from neglecting to be informed.
♦ Securing your PECU wallet
Ease of use of PECU as a way to transfer value globally quickly, efficiently and securely is what makes PECU a great resource for businesses and individuals. But lets put security at the forefront, your physical wallet or purse you make sure to protect because it holds your money right? Well you need to protect your PECU digital wallet in the same fashion or actually more so because of the value it holds. Pecu Novus can provide high levels of security if and only if it is used correctly, so please make sure to protect your private keys, your wallet sign in information and who you share your information with. Protect Your Assets!
♦ PECU Transactions are Irreversible
Be aware that any transaction performed with PECU cannot be reversed, its a final transaction once the dual or triple confirmation takes place. Although the system provides specialized timed restrictions on PECU to allow for the transactions to take place, goods to be delivered or documents to exchange hands such as an escrow, once the restriction period is lifted and the dual or triple confirmation takes place then the transaction is completed. The only thing that can change that is the receiver refunding the coins. This is why the contractual obligations and dual or triple confirmation is in place to prevent any potential issues. Also be aware that PECU detects typos and has protocols in place to prevent coins being sent to a wrong address. Pecu Novus is continually adding additional security functions.
♦ PECU is Not Anonymous
As with all digital assets the public ledger is just that, Public. Each and every transaction is stored on the public ledger and is permanently in place within the blockchain. So your public key and balances can be viewed publicly so its your responsibility to do your best to protect yourself by changing your PECU Public Key following a transaction. Your identity is revealed during a purchase transaction or other, so definitely adopt good practices with PECU to protect your digital assets.
♦ PECU Pricing May Become Volatile
Be aware that PECU may at times have pricing that may be volatile due to supply & demand and it being a young economy. Although Pecu Novus is seen as a store of value and a true asset, its never recommended that you put all your eggs in one basket, so to speak. The high risk nature of any young economy should be taken into account. There may be a growing list of service providers, such as exchanges, that may be able to convert PECU to your local currency.
♦ Government Taxes and Regulations
Pecu Novus is an asset, a store of value, so more and more governments globally will require you to pay income, sales, payroll, and capital gains taxes on anything that has value such as PECU. It is the responsibility of the PECU holder to make sure that they adhere to all government regulations, laws, and tax requirements that directly impact you.
♦ What Happens If Your Private Key is Lost?
Private keys are just that Private, no one has access to that information other than the user or who they share it with. So in the event that the user literally loses their digital wallet that is not the PECU Wallet, then they are lost forever. The PECU holdings becomes dormant after a time due to the fact that those coins cannot be accessed to use. It takes those coins out of circulation and decreases the number of coins in circulation. Pecu Novus has safeguards to prevent this from happening on the network by users having other information associated with their PECU digital wallet, this keeps users coins safe and sound. It is always a wise idea if you do decide to hold your coins on an exchange or on another digital wallet to save your private key information somewhere safe, as there is no way to help a user recover lost private keys once they leave the network.