Pocketnet: User Tips
Pocketnet functions much like any typical micro-blogging site, with the exception of it’s blockchain functions. Each user is a content-creator to some extent, because you earn Pocketnet’s native cryptocurrency, Pocketcoin (PKOIN), for receiving favorable responses to your content.
Handling cryptocurrency with confidence can take a while. Here are a few tips for Pocketnet users who are new to crypto:
Your Account Address & Wallet
Pocketnet will create two addresses for you when you sign up, your account address and your wallet. You can access your wallet by clicking on your balance in the top right corner of the Pocketnet client.
Basic functions like posting and commenting require that the user has a small amount of PKOIN. So your account address will have some PKOIN in it when you sign up, and this address is used for these basic functions.
Make sure to keep a few PKOIN in your account address or you may have to buy some PKOIN on an exchange and send it to your account before you can post again. I generally keep 10 PKOIN in my account address but 5 or so is probably fine.
As users like and comment on your posts, your PKOIN will be rewarded to your account address and accumulate. As far as I’ve found there’s no need to transfer your PKOIN to your wallet address.
Just below your balances, you can find a user interface to send PKOIN. Under source you can select either your account address or your wallet address to send PKOIN from, and a receiver address to send PKOIN to. It can be any PKOIN address, like a Pocketnet friend whose content you support or your own PKOIN wallet on an exchange like BTCPOP or Mercatox.
Again, make sure you don’t send all your PKOIN from your account address! Leave a few PKOIN in your account address to keep using Pocketnet!
When I’m getting used to sending and receiving crypto on a new platform, I start by sending a small amount. That way if I mess something up, it’s no big deal. After gaining some confidence on the platform, I’ll send larger amounts in one transaction to reduce my overall transaction fees.
Once you’re confident you’re not going to deplete your account address and the receiver address is correct, hit Calculate Fees and Send. From the next drop down menu, you can select which end of the transaction will pay the transaction fee and see the transaction fee.
Once you’ve double-checked the amount and receiver address go ahead and hit send!
Sending PKOIN to your Wallet on a Crypto Exchange
In order to exchange PKOIN for other cryptos or eventually fiat currency, you’ll need to sign up for an exchange that supports PKOIN like BTCPOP or Mercatox. I personally use BTCPOP, since PKOIN was down on Mercatox when I signed up for Pocketnet… so this tutorial will use BTCPOP.
Once you’re signed up, you’ll need to create a PKOIN wallet on BTCPOP. Find the “Add / Withdraw Coins” page in BTCPOP’s navigation menu. It’s sometimes called “Balances”.
Once you can view your balances, search for PKOIN and select the Green “+” to set up a wallet for deposits. BTCPOP will setup the wallet for you. Once done, you should be presented with a new PKOIN address. Copy and paste this address into the receiver address mentioned earlier to send PKOIN to your wallet on BTCPOP.
Deposits to exchanges generally take longer than sending PKOIN from peer-to-peer. This is because exchanges require more transaction confirmations to prevent fraud. You can scroll down on the “Add / Withdraw Coins” page to see your pending deposits.
PKOIN deposits on BTCPOP require 100 confirmations, whereas peer-to-peer transactions typically require only 10. In my experience, deposits to an exchange take maybe 30 minutes, and peer-to-peer transactions take 2–5 minutes.
Unfortunately, PKOIN is not listed on Main-Stream Crypto exchanges. So if you want to use the proceeds from your PKOIN to buy anything you’ll need BTC.
If you have some PKOIN in your wallet on BTCPOP, you can exchange them for Bitcoin (BTC). In the navigation menu, open up the “Exchange” drop-down menu.
Scroll through all the coins listed there and find PKOIN. From there, you can see a chart of the BTC/PKOIN exchange rate. Below the chart, you’ll find windows to Buy and Sell PKOIN.
From there, you can sell BTC for US Dollars, Euros or whatever; buy things directly with BTC or HODL!
Last updated 2021–03–21. For corrections, comments, suggestions please find me on Pocketnet @declanpaine OR email me declanpaine at protonmail dot com.