Pakcoin Local Banking Redefined


Interviewing the first vision of Pakcoin was where NewsBTC Pakistan came into existence. Pakcoin is a bitcoin like currency that is forked from litecoin source, hence its based on scrypt algorithm. The idea presented at the time was that there was transparency required in the current money printing/distribution system by the Central Bank.  Printing of money usually causes elevation of poverty. The developer behind pakcoin known as Abu Shaheer envisions replacing the current mobile banking sector with a decentralised blockchain scrypt based protocol under pakcoin. Currently 4% of Pakistanis have mobile banking access according to recent survey by State Bank of Pakistan. This means most of the transactions take place peer to peer via cash or via mobile banking type shops such as easypaisa, mobicash, upaisa or ubl omni and done CNIC to CNIC. These shops are expensive to use as the charges on transfers are quite high. The system currently in place is an outdated system and is often a problem for networks being down. The blockchain is redefining fintech and Pakistan should not be left behind. While pakcoin still has a long way to go they have accomplished alot since it came into being.

Going from having close to 0 (in August 2015) value per 1 pak it is now at = Rs. 0.5+ (as of this writing) and rising on a daily basis(latest rates can be checked at The network is still very small and not lots of mining going on. However with due time the network should become more secure. The few features introduced recently to bring acceptance to this in Pakistan, is the start of pakcoin tellers (think of these as easypaisa shops where you can buy or sell pakcoins easily for cash). While the idea of pakcoin is local we have seen expats throughout different countries become offering this service, this can inturn target remittance market where people can buy aboard and send them to their loved ones directly over the pakcoin blockhain. The system has a map and anyone can become a teller by simply listing themselves on the global map. The coins can be attained, bought or sold via btc or bitcoin also at exchanges such as novaexchangecrypotpia and yobit(Warning:Do not trade at yobit until wallets are updated). Additionally the coin now offers an online wallet system, mobile wallet (android smartphone) through uberpay wallet app in Google Play Store, a mobile topup service was also recently introduced so you can now use your pakcoins to do mobile topups within Pakistan. Adding these services has also seen pakcoin acceptance increase through Pakistanis, as they can buy or sell them through the exchanges, above mentioned tellers or even through pakcoins own website with jazz cash (formally mobicash).

For pakcoin to grow in Pakistan it is very important for people to understand that it is not just scheme but a truly decentralised way of doing payments or transferring funds which is backed by opensource and supported by dedicated developer who is working hard to bring features built to increase feasibility over time. It can be viewed as a technology that will help shape the future of banking at a local level over blockchain. To general public who are just getting in bitcoin, it is imperative to understand that what bitcoin did for cross board payments, pakcoin is trying to do to local micro finance banks.

Pakcoin is very active on social channels at Facebook  and twitter

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Partnerships are always exciting in the world of Bitcoin and cryptocurrency, especially when it involves two completely different companies working together. Urdubit, the leading Bitcoin exchange in Pakistan, has partnered with Bitwage, a company specializing in Bitcoin payroll services.

Urdubit and Bitwage Form An Interesting Duo

Jab do bussiness jo kay bitcoin kay duniya may bhot active hoon to un ki partnership aik alka macha detay hain. Bitwage aur urdubit ki partnership aik ajeeb rishta hay. Indo ki services alag alag logo kay liya maksoos hain.

Pakistan, jahan Urdubit bhot active hay, wahan aik bhot bari community hay jo freelancers kay title may ati hay. Jin may bloggers, programmers aur small software houses be shamil hain. Pakistan ka current estimate $100 million ka hay jo kay abhee aik proper payment gateway Pakistan may nahee hay, bhot zida fees ka bahis bantay hay. Urdubit aur bitwage aik alternate option la rahay hain jo is waqat direct payoneer ki competition may hoo ga. Kio kay bitcoin khud aik protocol hay jis kay uper payments ki ja sakti hain. Urdubit is may aik broker ka kirdar ada kertay hay. Aur bitwage apnay users ko aik US/EU based bank account detay hay jasey payoneer. Jis may freelacers bloggers etc apnay funds transfer kerkay within 24 hours bitcoin hasil ker saktay hain. Yeh bitcoins phir easily sell ho saktay hain urdubit pay.

Bitwage, aik payroll company hay based out of USA. Yeh similarly operate kertay hain jasey payoneer kerta hay. Inho nay over US $4 million worth ki transaction process keri hain with bitcoin. In ka aim, companies ko aik alag payment ka zaryia provide kernay ka.

Pakistan aik bhot bari freelancer market ban chuki hay. Muskalat jis may hamaray pass Paypal type ki services nahee hain hum phir bhee over US $100 million ki transactions ker rahay hain. Is masalay ki waja say humay extra charges pertay hain. Even agar paypal hota phir bhee charges kafi high hotay. Abb aik alternate platoform available hogiya hay urdubit or bitwage ki wajja say through bitcoin abb cost kafi kam aye gi.

Is partnership ki launch announcement kay liay The NEST I/O jo kay SAMSUNG, GOOGLE aur USAID say funded hay, aik event rakha hay 27th May 2017 ko 6pm pay hay.