From a small number of in the digital currency Pakistani ventures, we know “ Pakcoin ” is one of them. It is the first digital currency with a particular center of attention on its Pakistani users.
There has been a massive increase in digital currency’s popularity in the last few years. Not just investors have flocked to peril their money on this fickle currency, but also the technology enthusiasts, who have on track to introduce specialized hardware to mine Bitcoins, are joining in this digital currency competition. Among this entire blare on the subject of digital currency, there has been little news about Pakistan’s input to the latest technology.
Pakcoin’s setting up process was going on since last two years, but it came to the community notification when a hospital in Pakistan named as Abid hospital accepted it as a mode of payment. Abid hospital was the initial one in Asia to allow any digital currency. Since then more than ten retailers have announced Pakcoin and is currently used by their customers to pay out for goods and services.
In recent times, our resource got a chance to catch in a conversation with Mr. Abu Shaheer, the man at the back Pakcoin. He has been working in different computer related fields for almost 16 years and perceives himself as a “computer geek”. “Cryptocurrency has been in the region for many years, but I actually realized its perspective in 2013. I started Pakcoin single-handedly, now some local and foreigners have joined me in promotion and marketing it,” Mr. Abu Shaheer revealed about his early on days.
Pakcoin’s motivation comes from Auroracoin, a digital currency based on an Iceland. “I first came to know Auroracoin in 2014, the plan was attractive. Afterward, I also recognized that, by the time, Bitcoin will turn into costly for local use, and micropayments won’t stay behind practical through it because of high transition operation fees,” he said. Pakistan is the 4th largest freelancer’s marketplace, a market where digital currency is the chosen tender. According to Abu Shaheer Bitcoin’s transaction fees are the same high as Rs. 300. He thinks Pakcoin can propose help to both freelancers and customers and by costing a small fee of Rs. 0.01 per deal.
Litecoin is based for Pakcoin and is now doing business at Rs. 1.45. “If demand remains stable, its price will twice every year and supply will be dividing in half every three years,” he added. “Our focal point is to make it further flexible in actual life, like in POS payments and commercial apps. We prepare a plan to make it up to standard countrywide at all online and local shops, but it will catch some time, as a big sector of the populace is still oblivious of digital currency,” he also added. During the discussion, Mr. Abu Shaheer also showed concern on the subject of the lack of knowledge about digital currency among government officials. Though, he was very confident about Pakcoin’s prospect.