Pocketnet: User Tips

using your PocketCoin

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.

Your two addresses that are created when you sign up for Pocketnet

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.

Sending PKOIN

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.

I’m going to send a few PKOIN to my Pocketnet Node for staking

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!

Exchanging PKOIN

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”.

In the navigation menu on the left side of BTCPOP select “Account”, then “Add / Withdraw Coins” or “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.

Select the Green + to create a new wallet on BTCPOP. You can click this again later, to get this wallet address next time you deposit PKOIN.

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.

I don’t have any Pending Deposits right now… but the confirmation count should be listed there shortly after you send PKOIN, even if you don’t see the PKOIN in your account yet.

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.

Exchanging PKOIN

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.

Use the open Sell & Buy Orders listed below to select a reasonable price. You can click on an open order to copy the values, then adjust each field as you see fit. Doing this helps me make sure I have my decimals straight.

Once you’ve exchanged PKOIN for BTC, you can withdraw BTC to your Coinbase or Binance (Binance US for Americans) accounts by clicking the Red “-” next to BTC.

Select the Red “-” to withdraw BTC. You will need to set up a Coinbase or Binance account, and go through their verification process to withdraw fiat currency. Otherwise, you can send BTC from your Coinbase or Binance account to make purchases.

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.

American. Big Data Engineer. Data Privacy Advocate. Musician. Libertarian. Patriot. Anti-War.