What’s PacCoin and how does it work?
PacCoin (PAC), or the People’s Alternative Choice Coin, is a lesser known coin that’s been sitting since 2015. It experienced rapid inflation during 2017, which might be attributed to generous mining rewards.
At the start of 2018, PAC had become one of the cheapest cryptocurrency coins out there, with a relatively large total supply of roughly 3.5 trillion coins and a planned cap of 100 trillion. It has a devoted community that hopes to see their holdings come to fruition and make them rich, believing in its future as an “Internet penny” that lends itself to micro-transactions.
At the time of writing in January 2018, there are two upcoming changes that might affect PAC.
- February 1, 2018 – White paper: The PacCoin white paper is due for release. This will outline the roadmap for what has, to date, been commonly regarded as a cheap and unusable coin.
- March 1, 2018 – Coin swap: PacCoin is expected to redefine itself to try to break free from the 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 should get 10 of the new coin.
Where to buy, sell and trade PAC
Currently, PAC is only available on the Cryptopia and YoBit exchanges.
Things to consider before buying PAC
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 worth relatively little, being mindful of the upcoming coin swap.
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 seems to be more likely that PAC will simply continue being worth very little, except in smaller numbers.
- A planned pump and dump: There’s always the possibility that key stakeholders are done and want to drum up some hype before dumping their coin stashes and abandoning the project.
Nothing is guaranteed. If you have confidence in the community and the developers, and you’re a risk-taker, you may decide that buying PacCoin before the changes might turn into a bargain. Make sure you undertake thorough research before you act.
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.