I am new to cryptocurrencies, and recently watched a Sar E Aam program about Pakcoin being a fraud. Is this the case, or is Pakcoin not a fraud? I'm confused as I'm really new to everything. I want to know the reality behind this, can you please explain in detail with facts?
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1 Answer
Hello Mr Sherlock,
I appreciate everyone who asks around rather making an opinion without due diligence. Is Pakcoin a Fraud or not ? is your query, but I think you want to know if Pakcoin is a scam or not. Lets list down what Pakcoin is
CryptoCurrency and Electronic Media
I haven't seen the program which you mentioned but asked around what it is , and it turns out that program is funny indeed. Do not trust electronic media with cryptocurrency related news, its too early for them to even understand and it will take them some time to give us reasonable unbiased reporting on cryptocurrency. I have been told that electronic Media has linked Bitcoin with Onecoin, if someone is linking a legit and master of all the coins with a shit coin like onecoin who can you take their word anything other then a pinch of salt ?.
To answer your query, I have contacted the team and they sent a rebuttal video which is 56min long but might give you clarity and answer your questions.
PakCoin - Facts
I can not prove that this coin will go to the moon, or make you rich. But from available sources and feedback I can tell you if this coin is serious with their plans and whether its there to stay or not.
1. A working Coin should have a Wallet. One can download its wallet software from website and see if its working and up-to-date.
2. Check PakCoin block explorer at https://chainz.cryptoid.info/pak/. The coin is an actual working coin.
3. Check its open source code at github.com/Pakcoin-project/pakcoin. PakCoin is opensource and you can see the source code and it has been updated in 2019 , which means its active as far as the development is concerned because recently it moved to Proof of Stake.
4. Check its official announcement at https://bitcointalk.org/index.php?topic=1096893.0. Official Announcement with 41 pages of discussion means people are talking about it and I can see drwatson handle answering them. so its a running project.
5. Check its coinmarketcap.com listing at https://coinmarketcap.com/currencies/pakcoin/. Again listed and running, as it is low in circulation you may see frequent bull / bear runs but that is even in the case of BTC.
6. It is listed currently on novaexchange.com and freiexchange.com. Coin can be exchanged in actual exchanges.
7. It's present since June 2015 and still running so things are going in the right direction.
8. Even last year someone came to ask me about How to Move PakCoin while two years back someone also came asking about Packoin views. So a coin with actual audience and coin being developed
Is PakCoin a Scam ?
No, I wouldn't say its a scam, its an actual project. What future it has can not be known for sure but as from their site they want it to be accepted by actual vendors in the country that coin is for 'Pakistan' I say it might just be the thing. As always invest what you can afford to say bye bye too.. Do go through my crypto related guides to play safe...
Hope this answers your queries ?
Thank you very much for the elaborate reply. It cleared most of the confusions I had.
I think all types of active media (TV, Newspaper, Internet) should look and research more in such topics, as there is huge potential in this industry, and through misinformation, we lose a chance to great profitability.
Cryptocurrencies, like Pakcoin, and Bitcoin could help us Pakistanis a lot, and we may be on the verge of missing another great opportunity.
I think all types of active media (TV, Newspaper, Internet) should look and research more in such topics, as there is huge potential in this industry, and through misinformation, we lose a chance to great profitability.
Cryptocurrencies, like Pakcoin, and Bitcoin could help us Pakistanis a lot, and we may be on the verge of missing another great opportunity.
