www.banklesstimes.com

Invest in PAC Coin in 2022

Last updated 26th Sep 2022
Disclosure

The number of cryptocurrencies is ever-increasing, and these days, investors have plenty of choices. One of the lesser-known alternatives to more significant currencies is PAC Coin, which aims to solve several problems when it comes to digital transactions.

But what exactly is PAC Coin, and where can you invest in it? Is it even worth putting your faith in this currency? Keep reading; this page will reveal everything you need to know.

Best way to invest in PAC in 2022

When you’re ready to buy PAC Coin, you’ll find different places to do so. To save you hours of research, we’ve put together a list of the best providers for you to compare below.

1
eToro
Minimum Deposit
$10
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

What is PAC?

PAC Coin is a cryptocurrency that is known in full as the People’s Alternative Choice coin. The currency is a token for the PAC Protocol, which aims to help make online transactions less complicated.

PAC Coin has been around since 2016, and so far, the value of one coin has never gone above $1. Its highest-ever value to date was on 22nd August 2017, when PAC reached $0.0939.

Aside from making transactions more straightforward, PAC aims to improve security when transferring money online. Another one of its intentions is to ensure that transactions cost less than would otherwise be the case.

Key facts about PAC Coin

  • Market Cap: $74.8 million (as of 12th November 2021)

  • Total Coins in Circulation: 15,687,856,573 (as of 12th November 2021)

  • Maximum Supply: 50 billion

  • Trading Opportunities: Cryptocurrency exchanges

What are the pros of investing in PACcoin?

Investing in any cryptocurrency comes with its pros and cons, and PAC Coin is no different. Before we look at the drawbacks, let’s identify the benefits of doing so.

PAC has a clear mission

Any cryptocurrency that wants to shake up the status quo needs a unique value proposition that encourages others to use its network. PAC has that. As such, it has a better shot at longevity than others that were created just for the sake of creating a cryptocurrency.

Opportunities for profit

If you’re tactical about how you invest, you might be able to make a profit from investing in PAC. Note, however, that the value of 1 PAC is low at the moment, therefore it’s worth thinking about buying a larger number of coins.

Room for growth

With a current market cap of $74.8 million, PAC is well behind many other established cryptocurrencies. For example, Bitcoin has a $600 billion market cap.

However, the benefit of this is that PAC has room for growth, and you might find it a worthy long-term investment as a result.

What are the cons of investing in PACcoin?

Despite the benefits associated with investing in PAC Coin, it’s also important to consider its potential cons. Below, you’ll find three of the most significant drawbacks that you should keep in mind.

It is difficult to acquire PAC

Compared to a lot of other cryptocurrencies, purchasing PAC Coin is rather difficult. As a result, it is worth questioning whether or not you think the hassle is worth it, or if you would be better off looking at a different cryptocurrency to buy.

Volatility

Cryptocurrencies are, for the most part, volatile. PAC Coin is no different; its price often fluctuates significantly over a short timespan. When you invest in PAC, remember that you’re responsible for any losses and therefore you should never spend more than you can afford. It’s also important to keep a close eye on market trends so you can maximise your profits if you choose to sell.

Many competitors

Before it can challenge the larger cryptocurrencies, PAC’s priority must be reaching the $1 mark. But at the moment, it has a number of competitors in this price range. It is essential that you keep this in mind because PAC might struggle to grow as quickly as it would like.

Does PAC Coin have any famous backers?

Cryptocurrencies are a hot topic in the realm of celebrity, with many of the world’s most famous names supporting a wide range of currencies.

Ex-professional boxer and current politician Manny Pacquiao is very involved in the cryptocurrency and launched his own Pac Token in 2019. This token enables fans to buy merchandise from him. In 2021, the Manny Pacquiao Foundation partnered with PAC Global to help with charitable causes worldwide.

Although PAC Coin isn’t listed on Binance, it has also partnered with the exchange’s charity.

How does PAC Work?

When thinking about investing in any cryptocurrency, it is important to first understand how they work. Doing so will let you determine whether or not it’s worth purchasing.

PAC Coin sits on the PAC Protocol, which is a blockchain that, according to PAC, is one of the most sustainable on the planet.

The PAC Protocol’s goal is simply to make transactions faster, less expensive, and safer. This platform intends to support the instant transfer of money without having to worry about centralisation or delays associated with sending money internationally.

The PAC Protocol aims to support several industries, including charities and logistics.

PAC is built on a distributed network. Besides cryptocurrencies, the blockchain also supports non-fungible tokens (NFTs). Records kept on the network cannot be altered.

PAC Global has a significant following across several social media platforms. If you’re looking to get involved in a community, your best bet is to head over to the r/PACcoinOfficial subreddit.

Ways to buy PAC

We have discussed the main benefits and drawbacks of investing in PAC Coin. You now also know about where you can find a community and why the currency was created in the first place.

If you’re still reading, we imagine that you’re definitely considering buying PAC. Your options are limited compared to some of its competitors, but that doesn’t mean that buying is impossible. Below is a quick rundown of the different ways to purchase your coins.

  • Cryptocurrency exchanges: Most of the PAC Coins in circulation are available on centralised cryptocurrency exchanges. To purchase them, you’ll need to deposit money and select “to buy” PAC. After that, it’s advisable that you store your coins in a wallet to keep them safe.

  • With other cryptocurrencies: If you already have other cryptocurrencies in your portfolio, you can use some of them to exchange for PAC. You should receive your new coins straight away.

If you choose a cryptocurrency exchange, you’ll have to sign up for an account first. Once you’ve done this, the platform will ask you to verify your identity by submitting a copy of your photographic ID, such as a passport or driving licence, along with proof of your address.

Often, you’ll have to take a selfie holding your photographic ID to prove that it’s you.

It’s also worth remembering that some crypto exchanges might not be available where you live. The rules and regulations surrounding cryptocurrency holdings may also differ, so it’s crucial that you check these out before making a commitment to buy.

How to invest in PAC

If you want to invest in PAC, it is somewhat difficult because there aren’t many options. For example, you can’t invest in any mutual funds or ETFs at the moment.

Nonetheless, you do have one option, as you will see below.

  • Cryptocurrency exchanges. You can use cryptocurrency exchanges to purchase PAC with the intention of making long-term gains. To do so, all you have to do is create an account and fund it, before putting in a buy order for PAC Coins and holding them in a wallet.

Is it safe to invest in PAC right now?

PAC Coin is volatile, as are most cryptocurrencies. As a result, purchasing any coin will incur some degree of risk.

If we talk about PAC being safe to invest in from a security perspective, the answer is yes, as long as you use a reputable platform in which to do so. But in terms of a safe investment from the profit side of things, you’re not guaranteed to make money from investing in PAC.

Considering how difficult it is to acquire PAC in the first place, and its limited growth so far, we recommend that you choose an alternative like USDT.