How To Buy PAC Coin Online in 2022
PAC Protocol is a digital network that connects merchants and consumers together with a fast, secure and cost-efficient way to send digital assets globally.
Formerly known as PacCoin, the project entered a new phase in March of 2021 after rebranding to PAC Protocol.
In this guide, we cover where you can buy this crypto, along with all the important things you should take into consideration before investing. Read on to find out more.
Best brokers to buy PACcoin in 2022
Cryptocurrencies are on the rise and there are now many ways to buy cryptocurrencies. Finding the right platform can be a long and daunting process.
To save you the time and effort, we have listed the top providers below that can help you get started right away.
What is the difference between buying and trading PAC Protocol?
When researching cryptocurrencies you’ll soon come across the terms “buying” and “trading”. Below we have provided an overview of what these terms mean.
Buying - Buying PAC involves purchasing the tokens on a cryptocurrency exchange. It is then up to you whether you want to hold, spend or sell them
Trading - Trading PAC is the process of buying the coins and then selling them when they increase in price for profit and perhaps repeating this process many times throughout the day.
How to buy PAC Protocol online?
Learn how to buy PAC by following the simple steps below:
Step 1: Sign up for an exchange and provide ID for regulation purposes
Step 2: Add your preferred payment method such as credit/debit card or bank transfer and deposit some money into your account
Step 3: Use the search bar to find the PAC markets, e.g. PACUSD and enter the amount of coins you want to purchase
Step 4: After confirming your transaction, the coins should appear in your account balance shortly after.
How to trade PAC Protocol?
Trading PAC follows a similar process which has been outlined in the section below:
Step 1: Find a cryptocurrency exchange that supports the PAC coin and create an account
Step 2: Provide ID for regulation purposes and add your preferred payment method
Step 3: Deposit funds into the account and head to the PAC markets using the search bar
Step 4: Enter the amount of PAC you’d like to buy and confirm the transaction
Step 5: When you want to trade your coins back into a fiat currency such as USD, head back to the same markets, and select the “sell” tab.
Step 6: Enter the amount of coins you would like to sell and confirm the transaction.
You can do this repeatedly to make profits as long as the market goes your way.
What are the different ways to pay for PAC Protocol?
There are many ways to pay for cryptocurrencies nowadays including PAC Protocol. These have been outline for you below:
Credit cards: Most cryptocurrency platforms accept credit cards as a payment method. Just link your accounts and transfer money with ease.
Debit cards: The same applies for debit cards. After the initial set up, you can deposit money in no time.
Crypto ATMs: You can also use Crypto ATMs to purchase BTC, which can then be sent to exchanges and converted into PAC. Notably though, this is a time-consuming and cumbersome process.
Cash: It is also possible to buy PAC using cash if you find a seller who is willing to accept that payment method. This can be arranged using peer-to-peer marketplaces but beware as this can be quite risky. Only use as a last resort and meet in a public setting.
PayPal: Many exchanges have started supporting PayPal as a payment method. If you already have an account, it’s worth checking if this is an option available to you.
What to consider when buying Pac Protocol?
Before buying PACcoin or any other coin, you should have the following considerations at the back of your mind:
Deposit Fees: Different platforms will have different fees for the services they offer. Ensure you look up the fees involved before you create an account.
Trading Fees: In the same vein, if you are going to be trading actively, it’s worth looking at the trading fees so you can look for the best deal.
Volatility: Cryptocurrencies are volatile assets, make sure you know what to expect before investing.
Regulations: Some countries have banned cryptocurrencies, please check the laws in your jurisdiction to ensure you stay on the right side of the law.
Long term or short term holding: It’s important to have a strategy in mind before investing. That way you can be better prepared if something goes wrong.
Is it safe to buy PAC Protocol online?
There are many measures you can take to protect yourself when it comes to buying cryptocurrencies online such as PAC.
Firstly, stick to regulated platforms. This can come in handy if the exchange gets hacked or something else happens.
Secondly, activate 2-factor authentication on all your accounts as soon as you sign up. This can be done through the security settings page. Through this, hackers will not be able to access your account even if they get access to your password somehow.
Finally, considering withdrawing your coins from the exchange wallet and instead storing them in a personal wallet. Again, if the exchange gets hacked, your funds will not be affected.
How to store PAC Protocol?
If you want to hold PAC for the long term, it may a good idea to hold onto your coins in a private wallet, of which there are different types. These have been explained in more detail below:
Hot wallets: These are applications you can download on your PC or phone. They can also be browser extensions such as MetaMask that will work on most, if not all, operating systems. These apps will allow you to store and manage your digital assets from the comfort of your favourite devices. You can download the native PAC wallet directly from the official website.
Cold wallets: These are considered to be even safer than hot wallets as they require users to physically approve transactions on a small flash drive-shaped device. The cost of these vary from $50 - $120 depending on which one you get, This is recommended for users with substantial amounts of money in crypto.
How to sell PAC Protocol?
If you are an investor or trader looking to sell your tokens, this is how it can be done:
Exchanges: You can sell your coins on the exchange you bought them from. Simply enter the amount you want to sell, place a sell order and confirm the transaction.
P2P service: You could also sell your coins directly to another user on peer-to-peer marketplaces.
Cash: If you can find a buyer who is willing to pay in cash, this is an option you have as well. Of course, this may be more time consuming and risky than other methods.
Is it worth buying PAC Protocol right now?
The cryptocurrency markets are highly volatile and PAC is no different. In fact, the price of the token has fluctuated significantly in the past few months of 2021.
This is likely to continue going forward so make sure you know what to expect before investing.
PAC Protocol is no longer as popular as it once used to be as it is down around 75% from its all time high. Unless the project can innovate and add new features to its platform, there’s no reason for the price to increase significantly any time soon.
That said, PAC Protocol has a lot of support from the community so if more people adopt the platform, this should reflect positively on the price of the PAC token.
As ever, though, profits are not guaranteed so proceed with caution.
When it comes to buying PAC, we recommend that you stick with regulated platforms that can offer protections in case something goes wrong.
To best protect yourself, activate 2-factor authentication as soon as you sign up and avoid clicking on any unfamiliar links as these could lead to phishing scams.
Finally, remember that gains are not guaranteed in crypto so you should only invest with money you can afford to lose.