What is PacCoin? How does it work?
People’s Alternative Choice Coin, commonly called as PacCoin, is a lesser known that was launched in 2015. The coin experienced rapid inflation in 2017, which was largely attributed to generous mining rewards.
Till the Don of 2018 PacCoin had become one of the least expensive cryptocurrencies in the market with a relatively larger supply of coins, standing at over 3.5 trillion circulation and a planned cap of 100 trillion. PacCoin has a devoted community that expects to witness their holdings materialize, and bump their fortunes. The community believes PacCoin to be the “Internet Penny” in the future, which would be used in microtransactions.
PacCoin in its white paper has outlined a roadmap for the currency which has now till now been commonly regarded as a cheap and unusable coin. PacCoin also went through coin swap to break free from the inflation that ruined its value in 2018. It divided its total coins in the ratio of 1000:10. This means that those who had 10,000 coins were re-allotted 10 coins of the same value. Currently, over 5.6 billion PacCoin are in circulation, with a market cap of $4.54 million.
PacCoin is a Good Option to Buy?
PacCoin is a cryptocurrency which the users are able to generate through the process of mining. It is currently traded on 19 active markets with over $14,000 being traded on a daily basis. It is currently ranked 416. And has been quite unstable in the past few weeks.
PacCoin has been quite uncertain against the dollar for quite some time, as it lost 5.27% on 25th February, after gaining nearly 14% in a single day on the 22nd. It again lost about 1% in the past 24 hours. Stabilitytability is a big factor well considering to buy any cryptocurrency which clearly doesn’t seem to be the case with PacCoin.
However, there is a specific aspect where PacCoin makes a very strong case for itself. Governance and organization are two of the biggest challenges for decentralized projects. According to PacCoin’s team, the low-value digital coin has overcome complex and micro challenges that bitcoin is struggling with, positioning itself as a digital currency that can be substituted as digital cash.
This makes PacCoin apt for the future as internet-based monetary transactions continue to grow across the globe. Especially smaller e-commerce payments and payments for online games will benefit PacCoin’s growth as it is a safe mode of payments. This is actually what the company intends the coin to be used for.
This makes an investment in PacCoin somewhat beneficial in the long run, as short term growth cannot be expected. Nonetheless, from a long term prospect, investing a few dollars in PacCoin could be beneficial, like gaming, and e-commerce companies have started to except cryptocurrencies as legitimate payment modes, though still an early stage.
But the biggest problem with PacCoin is that it has too many competitors in and around the price bracket of sub $1 per unit. Most notably, Tron (TRX, $0.0224) and BitTorrent (BTT, $0.0009) proving to be better bets, though launched years after PacCoin.