What’s PacCoin and how does it work?
PacCoin (PAC), or the People’s Alternative Choice Coin, is a relatively obscure coin that’s been sitting since 2015 and swiftly inflating on the back of generous mining rewards.
Today it’s known as one of the cheapest cryptocurrency coins out there, with an enormous total supply of roughly 3.5 trillion to date, out of a planned cap of 100 trillion. It has developed a devoted community that hopes to see their holdings come to fruition and make them rich, believing in its future as the microtransaction-friendly “Internet penny”.
Two upcoming changes might help them on the way.
- February 1, 2018 – White paper: The PacCoin white paper is due for release. This will outline the roadmap for what has, to date, been an extraordinarily cheap and unusable coin.
- March 1, 2018 – Coin swap: PacCoin will redefine itself to try to break free from the incredible inflation that’s drained its value. It will essentially divide by 1,000, and every 1,000 old PAC will be replaced by a single new coin. So on March 1, someone who owns 10,000 PAC will get 10 of the new coin.
Where to buy, sell and trade PAC
Currently, PAC is only available on the Cryptopia and YoBit exchanges.
Should I buy PAC? Will its value increase?
If the PAC white paper fills you with confidence in the coin’s future, it might be worth buying. Or you might even get in sooner while it’s still relatively worthless, being mindful of the upcoming coin swap.
But there are some things to watch out for in the coming months:
- A marketing-only white paper: Anyone can make big claims in a white paper. You should consider whether the PAC development team actually has the capacity to follow through on any promises made. The coin has seen little development since 2015 other than blog posts, and there are no guarantees that the coin developers can suddenly shift gears.
- A failed coin swap: Many in the PAC community are looking forward to the coin swap and believe it will multiply the value of each coin by 1,000 and give it some heft. Unfortunately, price doesn’t automatically reflect the rarity. The relationship between coin supply and coin value is more of a guideline than a physical law of the universe. Barring serious developments in the coming months, it’s more likely that PAC will simply continue being worth almost nothing, except in smaller numbers.
- A planned pump and dump: There’s always the possibility that the PAC developers are done and simply want to drum up some hype before dumping their coin stashes and abandoning the project.
But nothing is guaranteed. If you have confidence in the community and the developers, and have nothing against gambling, buying PacCoin before the changes might turn into a bargain.
How to sell or trade PAC
- Whether you have PAC on the Cryptopia or YoBit exchanges, go to the corresponding platform. If you have your PAC in a digital wallet, choose one of these two exchange platforms to complete your sale or trade.
- Follow the instructions on the platform to sell or trade your PAC.