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 crypto 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.
- 1 February 2018 – Whitepaper: The PacCoin whitepaper is due for release. This will outline the roadmap for what has, to date, been commonly regarded as a cheap and unusable coin.
- 1 March 2018 – Coin Swap: PacCoin is expected to redefine itself to try to break free from the inflation that’s scuppered 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 1 March, someone who owns 10,000 PAC should get 10 of the new coin.
Where to buy PAC
Currently, PAC is only available on the YoBit exchange.
Things to consider before buying PAC
If the PAC whitepaper 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 whitepaper: Anyone can make big claims in a whitepaper. 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 that 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 PAC Coin before the changes might turn into a bargain. Make sure you undertake thorough research before you act.