PAC, PacCoin, People’s Alternative Choice Coin, whichever way you choose to say it, this coin has been making its mark on the cryptocurrency industry since its inflation in 2017. What makes the PacCoin stand out from its competitors?
Simply: its generous mining rewards and ability to offer miners a different type of cryptocurrency platform. It’s been up and running since 2015, however, only really took off in 2017. By 2018, PacCoin became one of the cheapest cryptocurrency coins available, with an impressive supply of close to 3.5 trillion coins along with a planned coin cap of 100 trillion.
Its loyal community carries a belief that they’ll see their holdings play out in their favor in hopes of its bright future as an Internet Penny which offers itself to micro-transactions.
So, will crypto-made-millionaire wishes come true? What does PAC have over other cryptocurrencies out there besides alluring mining rewards? In this article, we’ll outline everything you need to know about PacCoin: how to sell or trade it, what to consider, and what it provides.
As of January 2018, two changes occurred that may affect PAC down the line. The first being PacCoin’s white paper release. This white paper described the roadmap for PAC, a coin that has been regarded as an unusable and cheap coin since its launch.
Another big moment for PAC was the coin swap which was expected to redefine PacCoin, switching its name to $PAC. The coin swap was an attempt to loosen itself from the inflation which was the main cause of its drained value. During this coin swap, every PacCoin was divided by 1,000 and then every 1,000 older, PAC was replaced by a new coin. This means that a user who owned 10,000 PAC received 10 new coins.
Unfortunately, PacCoin is currently ranked at #607 according to Gecko Rank and doesn’t look like it’s making its way up the ladder anytime soon.
Keep in mind, information shared here should not be taken as a cryptocurrency advertisement of any kind. We’re not recommending trades. These currencies are complex and can include some risks. They’re also very sensitive to secondary activity.
This is why you should double check any service or product before making any decisions. Check out PacCoin on Finder or through their site for more information on this cryptocurrency.
The Four Cs of PacCoin
Despite PacCoin’s bleak current situation, they have a solid foundation and admirable pursuits.
These qualities breathe a bit of hope back into the future of PAC in the cryptocurrency industry.
One aspect of PacCoin we particularly thought was insightful and respectable was their “3 Cs” listed on their website:
According to PAC, they stand for the People’s Alternative Choice, which is a new type of internet currency. Being able to have a choice in an alternative type of value harbors commerce and promotes innovation. The heavyweight of rules and regulations these days disrupts innovation within today’s business economy.
The team and community behind PacCoin also believe that the legal system is bending under the weight of its own lack of comprehensible choices. PAC wants to stand out as a choice that supports grassroots decisions, where systems blossom from innovation and great ideas.
PAC stands as a system that will help create resources to find solutions as opposed to becoming stuck in legal debates.
PAC believes in the power of content and how it’s one of the main vehicles that is transformed into value. PAC has decided to house a marketplace where people can come to find branding for their business or videos explaining their chosen offerings.
They want this to be a place where digital products can be sold using PacCoin to other PAC users and community members. This would all be done on PAClyfe.net and would work similarly to FIVERR.com.
PAC also wants to be a place for community, where people come together to solve identity problems and offer support to other community members of PAC. PacCoin has found a social governance framework, which is planned to help boost their social network and transform it into a problem-solving hub.
While the complex nature of managing and maintaining a decentralized community will be a challenge, PAC believes it’s also very possible. The goal? To find proposals for the PacCoin economy and promote them for approval and resource allocation from the master-nodes.
This is also another key aspect of the PAC economy according to the team. Charitable drive helps PAC focus on their values while encouraging others do the same. The community environment PAC provides insight into how a functional charitable economy can benefit everyone involved and therefore is the foundational fabric of the PacCoin ecosystem.
There are many brands that seem to want to support this system as they align their goals to support the interests of all parties. PAC has a charitable crowdfunding platform that works similarly to Kickstarter. This platform can be found on PAClyfe.net
Things to Consider Before Buying PAC
Before you dive right in, you should know a few things about PAC. Yes, their white paper looks promising and therefore may fill you with a bit of confidence in the future of the coin. You could also be thinking about purchasing it soon while it’s price is still fairly low.
As of May 31st, the redemption window to swap the old PacCoin to $PAC was closed. Although the $PAC has been trading since February 2018, it has been affected by the system of the old coin unfairly, according to PAC. $PAC was launched in May 2018 for its second growth phase and hit some impressive milestones along the way, such as reaching over 4,000 masternodes, which is over halfway to their goal of 7,000 masternodes, which would give $PAC one of the largest masternode networks available in the cryptosphere.
It has also created an extremely secure payment network through the process which is of value to many different commercial industries. In June 2018, PAC closed the redemption window due to people abusing the process.
Unfortunately, this caused some people to miss this window, which left them with a wallet of unusable, old PAC coins. One thing's for certain: when it comes to cryptocurrency industry, nothing is guaranteed.
If you’ve developed any sense of confidence in the developers and community, and you like a bit of risk, you may find out that buying a PacCoin will turn into a bargain. Currently, the $PAC is set at a circulating supply of 4,432,773,166 $PAC, which isn’t great, but then again it’s hard to tell where these currencies will go.
How to Sell or Trade PAC
If you’re still interested in PacCoin, you can sell or trade PAC through the YoBit or Cryptopia exchanges. First, go to the corresponding platform. If you already have your PAC in a chosen digital wallet, you can pick one of these exchanges to verify and complete your trade or sale.
Then simply follow the platform instructions to trade or sell your PacCoin.
Final Thoughts on PacCoin
PacCoin was founded by Willian Corliss in 2013 and was originally known as the Pacifica Nation’s official coin. Since then, it was rebranded and launched as PacCoin, standing for the People’s Alternative Choice Coin.
Like Litecoin and Ethereum, PacCoin is based on blockchain technology.
Since then, PacCoin has switched to $PAC earlier this year, as previously mentioned. In theory, this was a great move by Corliss and his team.
In fact, according to a discussion on BitcoinTalk, every new $PAC has 1,000 times more value than the older PacCoin. The total supply of coins currently being circulated is now at 3.5 billion. So while PacCoin itself is obsolete and rendered invaluable for a number of reasons before its coin swap, the new and improved $PAC still has a long way to go.