Cryptocurrency, it’s all the rage these days. But what is it & did you know there are even a handful of different Cannabis Cryptocurrencies available out there? We’ll take a detailed look in this multi-part series of articles that will take a deeper look at the handful of options that are out there and what the pros & cons of them may be.
Cryptocurrencies are based on a technology called Blockchain – it is a digital public ledger for a decentralized network. Blockchain itself isn’t new technology & has been around for decades. They have even evolved to add things like Smart Contracts that allow you to add information to a Blockchain ledger. But when the first digital cryptocurrency, Bitcoin launched in 2008 -it changed the world forever.
There are now thousands of different cryptocurrencies currently available, but for this article series we will only focus on the Cannabis specific ones.
First up is PotCoin (POT) – it was the first cannabis-focused cryptocurrency created to facilitate transactions within the legalized cannabis industry. It was forked off of Litecoin’s blockchain in 2014 by a 3 guys from Canada who where interested in offering a new age, digital solution for the high-cash volume cannabis businesses in the United States, Canada & worldwide that has been created over these past few years.
Potcoin is a truly decentralized autonomous organization where the community members determine their level of involvement, commitment and development. Although it’s team member, founds & developers have all changed hands over the years, the crypto still holds strong at the most traded & most valued cannabis cryptocurrency, with a market value currently of $24 million. It’s All-Time-High was $0.50 during the December 2017 – January 2018 crypto boom we saw, but has recorrected itself down to $0.11 as of March 25th, 2018. It will no doubt go back up in price when crypto has it’s next surge, but it also has the potential to rise as more and more dispensaries come on board and countries like Canada & the USA implement more legalization for recreational cannabis. It is currently a POS – Proof Of Stake – which means that you earn free Potcoins by showing ownership when you hold/stake yours as a “Node” in an desktop wallet and also by processing transactions to help support the community by showing you have a “Stake” it it’s future & interest. You can find out how to stake Potcoin here.
The current circulating supply is just under 220 million while the max supply is 420 million. Since it was forked off of Litecoin, it’s transaction/block time is extremely quick – only 40 seconds!
It is available from a variety of different exchanges, but we recommend poloniex.com, & bittrex.com. These are probably the 2 easiest & best exchanges to purchase Potcoin from. However, you will need to create an account and load Bitcoin into your account so you can then exchange for Potcoin. You can’t purchase Bitcoin directly from any of those exchanges, you first must buy Bitcoin from Coinbase.com – which has a super easy app available. If your bank won’t allow you to use Coinbase.com, you can try Kraken Exchange – both of which are US based, extremely secure and easily allow US customers to purchase Bitcoin directly from their bank account & debit cards after some basic verification & account setup. Simply buy your Bitcoin through one of those two and easily send your Bitcoin to your online wallets at either of the 3 exchanges that list Potcoin.
All cryptocurrency is stored, sent & received in something called a “Wallet”. Think of these cryptocurrency wallets as a new concept of a more digital bank account that uses Public & Private keys to verify transactions and allows you to create as many “Addresses” inside of the wallet for more organization & safety. Potcoin has 3 main options for wallets which include desktop clients, a mobile app for Android (no iOS app yet) & an online wallet & mini-exchange offered from potwallet.com. You can can choose which wallet to download here: Potcoin Wallets
There is also a Potcoin Telegram channel.
Stay tuned as this article develops…
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