Cannabis Cryptocurrencies are on the rise.
Cryptocurrencies are making it easy for people in the marijuana business to conduct business transactions. This poses a variety of challenges for anyone attempting to conduct financial transactions even in states that have legalized pot. Not only that, carrying large amounts of cash poses huge security issues for marijuana dispensaries.
Yes, Bitcoin has become widely popular, but there some alternative cryptocurrencies specifically targeting the cannabis industry. However, cryptocurrencies are providing solutions to some of these problems and making it easier for cannabis related businesses to carry out transactions. Here are a few currencies with goals to make business easier for cannabis related businesses:
Launched in January 2014, PotCoin was one of the earliest cryptocurrencies for the marijuana industry. It was designed to solve banking problems for people looking to transact in legal marijuana. The currency was looking to capitalize on Colorado’s legalization of marijuana and even installed a PotCoin ATM at a marijuana dispensary in Colorado.
However, the currency failed to make a huge mark and remained in the shadows till June 2017. A press release and a video of NBA star Dennis Rodman sporting a potcoin.com shirt in North Korea gave PotCoin a shot in the arm.
PotCoin is in limited supply of 420 million coins, with over 219 million in circulation. With its recent transition from a Proof of Work (POW) to a Proof of stake (POS) cryptocurrency, coin holders can earn 5% annual returns on their PotCoins (POT). One point to note is that PotCoin claims transaction speeds of 40 seconds, which are pretty impressive compared to those for Bitcoin.
Market Cap: $82.2 million
CannabisCoin is the payment solution for marijuana dispensaries, retailers and merchants and is backed by marijuana where it is accepted. CannabisCoin represents real medical marijuana specifically designed and grown by the “CannabisCoin Marijuana Cultivators“. These specific marijuana strains are to be bought and sold exclusively with CannabisCoins.
Market Cap: $22.8 million
In February 2014, DopeCoin was founded by Adam Howell. Not much is known about the specific markets that the currency serves except that its “mission is to provide marijuana enthusiasts with a modern and secure way of doing business for the 21’st century,” the website states.
Started with a vision of creating a ‘Silk Road’ for transactions in marijuana across the world, DopeCoin supply is limited to 200 million DopeCoins with about 111 million currently in circulation. It is also a Proof of Stake (POS) currency, where a 5% annual interest can be earned.
Market Cap: $21.1 million
Paragon Coin (PRG)
Paragon is simply taking a multitude of ideas for cannabis industry smart contracts and cryptocurrencies and streamlining them into a simpler, more integrated approach. Blockchain solutions could track cannabis products from seed to consumer. This could go a long way towards professionalizing the marketplace. PRG tokens wouldn’t be used by customers buying medical marijuana. Instead, PRG tokens would be traded between suppliers, transporters, dispensaries and all the businessmen in between facing the same cash flow problems. Paragon coin recently completed its Initial Coin Offering (ICO) and will be in the market sometime later this year.
Paragon is also creating a chain of high-tech, fully equipped ParagonCoin Centers in all 29 States where cannabis is legal where cannabis businesses can come and work together.
Market Cap: $46.7 million
All these currencies are “aspiring” to target big challenges that cannabis businesses face today but they are far from being accepted as a standard across the country. It’ll be interesting to see which ones succeed in delivering their promise and revolutionize how cannabis businesses operate.
Bitcoin is still the most widely accepted cryptocurrency by cannabis related businesses. SinglePoint (stock market ticker SING) SinglePoint has recently forayed into the medical marijuana sector by creating a subsidiary that offers technology solutions specifically for cannabis businesses. SinglePoint and First Bitcoin Capital joined forces to solve payment problems in the cannabis industry through Bitcoin and blockchain alternative payment technology are creating exchanges and wallets for cannabis businesses to accept Bitcoin as a form of payment. We also accept Bitcoin as a form of payment to facilitate quick and easy transactions for cannabis businesses.
We will continue to watch this industry as it matures and make big waves!
Until Next Time…
Faith Sloan “QueenWiki”
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