Best Cryptocurrencies for Marijuana Fans
The recreational use of cannabis by adults was already legal in Washington D.C and 11 states by June 2019. Medical pot is already legal in 33 states. And, these numbers are growing as the exploration of different ways to decriminalize marijuana continues. Don’t forget the fact that marijuana is federally illegal. This makes financial transactions that involve it difficult to conduct even within states that have legalized pot.
Any operator or business that distributes or sells medical and recreational pot is not allowed to use a bank for such transactions. That’s because of the restrictions brought about by the federal laws. Therefore, the creation and use of currencies that are specific to marijuana have ramped up as a response to the gap in the existing market.
Cryptocurrencies for marijuana make business transactions easy for those in the industry. People that want to purchase weed can also carry out transactions with these currencies with ease. Although Bitcoin is a popular cryptocurrency in the virtual space, marijuana-specific cryptocurrencies are catering to the specific needs of the pot industry. Here are some of the best cryptocurrencies for marijuana fans.
This cryptocurrency for marijuana fans was launched in 1014. It’s a peer-to-peer, proof-of-work open-source currency. The aim of developing this currency was to ease transactions for dispensaries that sell medical marijuana. Initially, people thought they could do more with this currency. For instance, some believed one would eventually use the currency to buy CBD oil vape pen (see more tips). However, the currency has not delivered for investors though it was initially popular.
CannabisCoin has always focused on its market. It proposes to convert cryptocurrency into pot directly. Several marijuana strains and medicine lines are specifically used at an exchange rate of one CannabisCoin to one gram of medication.
Currently, there is a total of 91.8 million CannabisCoin with more than 77 million in circulation. The market cap for this currency is $803,440.
PotCoin was also launched in 2014. The purpose of this marijuana cryptocurrency was to solve the banking problems of people that want to sell and buy legal cannabis. People trade PotCoin directly without using a clearinghouse or bank. The aim of creating this currency was to capitalize on the legalization of marijuana in Colorado. It’s for that reason that a PotCoin ATM was installed at a Colorado marijuana dispensary.
According to Markets Insider, millennials are rushing to invest in cannabis stocks and cryptocurrency. But, cryptocurrencies like PotCoin are not making huge marks as expected. For instance, PotCoin didn’t have a significant impact until a video and press release of Dennis Rodman was seen with a shirt bearing its website address.
PotCoin funded Rodman’s trip as a way of promoting itself. That’s when it captured the attention of the media. Its value also went up 76% in a day. By June 2019, the current market cap for PotCoin was almost $2.077 million. This was a major move from $81,547 in 2014. In February 2014, one PotCoin was valued at $0.004625. However, this increased to $0.0093337. This marked an increase of more than 100% in price.
PotCoin has a limited supply of 420 million coins. Over 222 million coins are in circulation. It is proof-of-stake transitioned and trades in 3 markets. This enables users to validate and even mine block transactions based on the coins they have.
The transaction speed of this cryptocurrency is purportedly 40 seconds. Many people would, therefore, like to use it to purchase marijuana and related products like CBD oil vape. That’s because this is quite impressive when compared to other cryptocurrencies like Bitcoin.
PotCoin also announced new features early this year. These include synch times reduction, HD Wallets, and faster synchronization for its network to enhance the user’s experience.
Just like PotCoin and CannabisCoin, HempCoin was launched in 2014. However, this cryptocurrency was not focused on its use by individuals to purchase pot. Instead, it was targeted at the recreational/medical dispensaries and the farming industry. According to its website, HempCoin can be used to enhance transactions between local dispensaries and marijuana farmers. It can also be used to purchase the tools and gear that farmers need to cultivate marijuana.
It’s crucial to note that this cryptocurrency is used in most agricultural areas. Thus, it’s not limited to areas that involve weed only. HempCoin’s price was $0.003672 by June 2019 with its market cap exceeding $896,666 million.
This cryptocurrency for marijuana fans runs on a P2P, decentralized blockchain. It was also developed in 2014. However, it was at block 370,000 that it got the proof-of-stake transition. This marijuana-specific cryptocurrency was founded by a group of marijuana enthusiasts.
The group works towards the development of future cryptocurrency applications that relate to pot production, production of extracts like oil vape pen, seed production, dab station manufacturing, and crypto development.
By June of 2019, the price of CannaCoin was $0.015528. The market cap of this currency was $73,019 at the same time. Currently, 4.7 million CannaCoins are in circulation.
A Personal Choice
It’s no secret that the massive potential and increasing investments in cryptocurrencies and marijuana is something to be looked into by investors and millennials. Currently, a significant percentage of millennials would rather own $1,000 in cryptocurrency that stocks or government bonds. Cryptocurrency and marijuana share striking similarities. They also have a relative immaturity in the industries where there is a potential for major investments.
For instance, the approval of a CBD-based pharmaceutical, Epidiolex, and documentation of CBD effects has boosted its popularity. Today, a simple Google search on a topic like, ‘what does CBD stand for’ will reveals countless pages on the topic.
What’s more, people are increasingly becoming aware of cryptocurrencies. The increasing market caps for cryptocurrencies indicate that these currencies present great potential as an investment opportunity. Nevertheless, investing in cryptocurrencies for marijuana is a personal choice.
The Bottom Line
The cannabis industry needed its cryptocurrency to address the cash and banking problems. These best cryptocurrencies for marijuana fans have eased transactions when it comes to buying and selling cannabis and related products. They also present an investment opportunity for some people. Nevertheless, whether to invest in cryptocurrencies for marijuana fans is a personal choice.