Frequently Asked Questions
What is Pakcoin ?
Pakcoin is a cryptocurrency focused primarily on Pakistanis. Pakcoin’s goal is to bring cryptocurrency usage into real lives in manner as easy as possible for a common man.
What benefits does accepting Pakcoin payments ?
Pakcoin acceptance is much cheaper than anything else. Pakcoin network doesn’t charge any extra cost from merchants and it has negligible transaction costs (upto 0.2 PAK)
Is Pakcoin legal ?
It depends on your local laws, check if your government approves bitcoin & cryptocurrencies as a legal asset class. Pakistan has neutral stance on cryptocurrencies yet.
Can Pakcoin be used in illegal activities ?
Yes, nobody can stop anyone for using it in any manner as it is decentralized but pakcoin transactions can be traced which is not desirable by bad actors.
Can Pakcoin be regulated ?
Yes, it can be regulated in terms specific to the entities dealing with Pakcoin such as tax returns filing on companies dealing with Pakcoins.
How can I get Pakcoin ?
How can I make payments with Pakcoin?
You can pay with Pakcoin to anyone by using any of the Pakcoin wallet listed at pakcoin.io/#wallets
How can I trade Pakcoin with others ?
What about Pakcoin and taxes?
You can file profit returns on Pakcoin to the authorities.
What about Pakcoin and consumer protection?
As Pakcoin is a decentralized payment system, Pakcoin transactions cannot be reversed so one has to be diligent in making transactions.
What does “synchronizing” in PC wallet mean and why does it take so long ?
When you install a fresh PC wallet, it needs to download the entire Pakcoin blockchain (Pakchain) and it needs time depending on your internet speed. Once the Pakchain data is updated till the current time, it shows as synchronized. As Pakchain is growing day by day, the wallet will synchronize again from the time you closed it.
Is Pakcoin a Ponzi scheme ?
No, Pakcoin is a cryptocurrency and has no referral or MLM system.
Does Pakcoin unfairly benefit early adopters ?
No, it doesn’t , but those who bought pakcoins at a lower price would definitely benefit.
Won’t the finite amount of Pakcoin be a limitation?
No, that won’t be a limitation as there will be an equilibrium among buyers and sellers at some point when supply and demand gets equal and if demand rises more than the supply, it’s compensated with price increase.
Isn’t speculation and volatility a problem for Pakcoin ?
Speculation and volatility won’t be a problem once Pakcoin gets matured and accepted by large number of merchants as a payment method. Consumers would buy Pakcoins for spending with merchants and merchants would sell their Pakcoins to get profits and refill their stock.
How are Pakcoins created?
Pakcoins are created by a mathematical intensive computing process called Mining. Mining is a competitive and decentralized and involves ‘miners’ from around the world and rewards miners. The Pakcoin blockchain protocol controls the rate of generation of Pakcoins according to pre-set rules. At this stage Pakcoins are being generated at rate of 50 PAK per minute which will be halved every 3 years.
Why do Pakcoins have value?
Pakcoin has a value due to its features including deflationary nature, faster transactions, cheaper transaction fee, and its current usage in Pakistan with a few merchants.
What determines Pakcoin’s price?
Pakcoin’s price is being determined by supply and demand rule. The rate of Pakcoins supply is fixed, so if the demand rises its price rises and when demand falls its price falls. While its supply continues to be halved every 3 years, its price should be going up over time due to supply being decreased and demand being increased.
Can Pakcoin become worthless?
Pakcoin can’t become worthless until its adoption is there.
Is Pakcoin a bubble?
Pakcoin cannot be defined as a bubble as its price isn’t on unbelievable level, its undervalued as of yet.
How does Pakcoin mining work ?
Pakcoin mining is based on proof of work scrypt algorithm and is being done by specialized hardware such as GPUs or ASICs such as antminer L3+. Mining provides the network security and transaction processing power and rewarding the miners for their work. Transactions are bundled in blocks which are placed one after another in a chronological order so that block-chain is formed.
Blocks are like ledger pages having transactions history since the beginning of the pakcoin, so any transaction on Pakcoin network can be searched at any time and cannot be deleted. Pakcoin block time is of 1 minute on average, which means a block is closed and added to the block-chain after 1 minute of mining provided any miner has found a suitable hashing solution to the puzzle given by the network.
Hence, the miner processed the transactions of that block, included it into the block-chain and got its reward in form of Pakcoins.
What if someone bought up all the existing Pakcoins?
Buying all the existing Pakcoins at any given time is not possible as all the existing Pakcoins are not present on any single exchange or with person. Also, Pakcoins are being constantly generated at a fixed rate and will continue to be generated till 2120.
Why do I have to wait for transaction confirmation?
You should receive transaction notification within few seconds of transaction creation but miners need to confirm the transaction by including it in the next block to assure you that the same coins are not sent to anyone else. Once it’s included in a block, it’s impossible to send same coins to anyone else, so you should ideally look for at least 2 confirmations to be assure that the transaction is confirmed as received.
How much will the transaction fee be?
Usually Pakcoin network charges 0.001 PAK to 0.03 PAK per transaction depending on the size of the transaction. Maximum fee could reach upto 0.3 PAK per transaction of larger transactions.
What if I receive Pakcoin when my computer is powered off?
Your computer doesn’t need to be on all the time to receive the Pakcoins as the pakcoin network is always on and processes the transactions at any time. If you received a transaction while your computer was off, you should see the transaction in your wallet when you turn it on.
Isn’t Pakcoin mining a waste of energy?
Pakcoin mining is not a waste of energy as its being done to secure the network and process the transactions. The energy being spent on pakcoin mining won’t be more than the maintenance and energy costs of any bank having nationwide branches. Heat is also a product of mining operation which can be used to heat the home in colder areas.