The ultimate beginner's guide to trading Paccoin
PacCoin PAC: What is PacCoin?
First of all, PacCoin PAC is unlike most of the coins that we review in that 1) there’s no specific working product other than PacCoin PAC itself, 2) no one really knows who is behind PacCoin (devs, private interests), and 3) no one really even knows what it’s for. Normally, this would all be a strong indication that PacCoin…how shall we put this…sucks. But PacCoin PAC actually defies some of the common wisdom traders use to pick winners in today’s crypto marketplace. So here’s why it might be a good idea to buy PacCoin.
Some cryptocurrencies have a purpose in and of themselves, not as a token which functions in some kind of system (like GAS for NEO or Lumens for the Stellar blockchain). We’re talking about coins like Tether, whose only job is to be priced at $1, or even Bitcoin at its slowest and most expensive, which was simply used as a store of value and nothing else. PacCoin’s purpose, at least insofar as the market seems to be deciding it, is much like this. The difference is, PacCoin is about as cheap as a coin can be.
That last statement isn’t an exaggeration. When PacCoin went on the market (with it’s more than 1 Trillion
coin circulating supply), you could buy 1 PacCoin PAC for 1 Satoshi. A Satoshi is .00000001 Bitcoin. That’s One Hundred-Millionth of a Bitcoin, or a single Bitcoin divided into 100,000,000 different tiny pieces. Since Bitcoin is the primary currency against which all other currencies are traded, it would be impossible to buy just 1 of a coin that was worth less than a single Satoshi.
What Does the PacCoin Price Offer to Investors?
When PacCoin was worth just 1 Satoshi, there was literally nowhere to go but up. A coin worth any less would have no value, at least no valuable measurable against Bitcoin. Therefore, when people started buying PacCoin PAC for anything more than 1 Satoshi, the price would at least double. That means if you bought $1,000 of PacCoin PAC at 1 Satoshi and it went up to 8 Satoshis a week later, you would have $8,000.
So where is the PacCoin price now? At this instant, on February 7, 2018, PacCoin is worth well less than 1 Satoshi, simply because the value of Bitcoin has risen so high since PacCoin’s inception. As such, PacCoin can only be bought on exchanges that allow payments through cheaper coin channels like Litecoin or even Dogecoin. This is why almost all of the PacCoin in the world must be bought on a crypto exchange called YoBit.
PacCoin is definitely a speculative coin. And with its extraordinarily low price, it’s something of a leaf blown about by the breeze. This chaotic action, however, is a trader’s dream. With so many opportunities to buy low and sell high, PacCoin has already made millionaires, and it’s likely to make more. But it’s important for traders hungry for this type of gains to have a well-understood strategy before sinking a bunch of cash in PacCoin.
What’s the Strategy For Making Money With PacCoin?
We’re not able to give financial advice, but we can sum up the strategies used by others to make big gains with PacCoin PAC. For the most part traders:
- Buy a massive pile of PacCoin PAC with BTC (remember, there are literally thousands of billions of these coins in the world) on an exchange like YoBit which allows Dogecoin trading pairs.
- Notice the price changing in your favor, hopefully enormously.
- Trade your massive pile of PacCoin for Dogecoin, and the Dogecoin into Bitcoin, and the Bitcoin into cash.
There are endless variations on this strategy, but this seems to be the most effective one supported by people who claim to have made it big with PacCoin. We are agnostic to the potential here, but feel it would be wrong not to explain what the deal is.
Downloading Your PacCoin Wallet
In both of the buy PacCoin PAC examples we’ll show you below, you’ll have to first download a PacCoin wallet to hold your coins once they’re purchased. There’s one available on PacCoin.net
for all major operating systems.
Once inside, click “Receive Coins” and you’ll see your unique PacCoin wallet address. This is the coin you’ll use to send your PacCoins away from the YoBit exchange for safekeeping. We’ll come back to this. For now, simply drink it in. **Important note: With the PacCoin wallet, you have to wait for it to download the entire blockchain history before your balance will be displayed. You can see “Synchronizing With Network” and a status bar at the bottom of the wallet. The blockchain is long, so this will take for-effing-ever. Leave it open when you go to bed and it’ll be done when you wake up.**
How to Start an Account With YoBit to Buy PacCoin PAC
You can also choose to buy your PacCoin with YoBit. PacCoin trades on few exchanges because, as we’ve already discussed, a single PacCoin trades for less than any division of Bitcoin, so only exchanges which use base currencies like Dogecoin can make withdrawals happen. YoBit exchange is gratifyingly simple to open an account with. You can do it in like 2 minutes, which is about as good as it gets in crypto.
Once you’ve input your basic information (username, password), you’ll find an email in the address you provided. Click the link, which will take you to the image pictured above. Click “Switch On” to add 2-Factor Identification to make your account more secure.
Download the “Google Authenticator” app and use it to scan the barcode. This will make a 6 digit code appear in the app (a new one every 10 seconds) which, when supplied with your YoBit password, will allow entry into your account. No one who doesn’t have both of these codes (password and GA code) can get into your account. Because hopefully you are the only one with access to the app on your phone, this will make your account close to 100% secure.
How to Send Bitcoin to Your YoBit Account
Now you must fund your YoBit account with Bitcoin so you can trade this Bitcoin for a heaping pile of PacCoin PAC. Go to “Wallets” and click “Deposit” by the BTC wallet. This will make your YoBit Bitcoin wallet address appear. Copy this address and take it to the wallet which currently holds your Bitcoins. Click “Withdraw” or “Send” and paste the address into the requested line. Click “send” or “withdraw” and wait for the Bitcoin to arrive in your YoBit Bitcoin wallet. Once it has arrived, you’ll be able to trade for PacCoin PAC immediately.
How to Trade Bitcoin for PacCoin on YoBit
In YoBit, click on “Market” at the top of the screen. Type “PacCoin” into the little text box atop all of the available markets and select “PAC/BTC”. Click this, and it will take you to the following screen.
On this page, you’ll notice that the lowest price you can pay is “0.00000001 Bitcoin” for 1 PacCoin PAC. All you have to do is select how many coins you want to buy and click “Buy”. If you want to get these coins for a cheaper price (at least compared to USD), first exchange your Bitcoin for DogeCoin and then buy PacCoin with Dogecoin, which is divisible into much smaller values (in USD) than Bitcoin. Your order should be quickly complete.
How to Transfer Your PacCoin PAC to Your Personal PacCoin Wallet for Safekeeping
Remember that PacCoin wallet we had you download at the beginning of this article? Go there now and copy the “Receive” address as described earlier in the article. Now back to YoBit, under “Wallets”.
Select the “PAC” wallet where you should see all of the PacCoin PAC you just bought. Click “Withdraw” and paste your personal PacCoin wallet address into the necessary line. Select the number of coins which you want to send and finalize your withdraw order. As always, if you’re a little unsure about whether or not you’ve done this right, just send a little bit the first time. Once it arrives, you’ll know for sure that you did the process right.
We hold our coins in personal wallets because exchanges like YoBit holds millions, sometimes billions, of customer currencies. This makes a lot of greedy hackers very motivated to find flaws in the YoBit systems, so they can steal all of this wealth. We don’t think YoBit is especially vulnerable, but you don’t want to take the chance. Withdraw your coins to a wallet you control, away from the watchful eyes of would-be coin thieves.
Final Thoughts on PacCoin PAC
PacCoin is a really strange project, without the usual characteristics that mark a coin that could potentially yield immense gains. To sum up discussions we’ve already had, PacCoin has no specific utility, other than being a speculative instrument for investors wanting massive returns. It does this job well because it is so incredibly cheap that it almost can’t go lower in value, and any changes in value will be many and often upward.
The principles of “buy low, sell high” are nowhere more applicable than in the ownership and trading of PacCoin. Buy some Bitcoin (or better yet, DOGE) and get a pile of PacCoin to sell and buy and sell and buy until you’ve amassed quite a tidy profit. It’s crazy that this system works for people, but we don’t think it’s a scam. If you’re into this kind of trading, by all means give it a try.