- PotCoin (POT)
- CannabisCoin (CANN)
- DopeCoin (DOPE)
- HempCoin (THC)
The fight to let pot is gaining ground. As of June 2021, medical marijuana is legal in thirty-six states and D.C., whereas eighteen states and D.C. have legalized recreational usage. These numbers are expected to grow as a lot of states explore ways in which to legitimatize the plant. Detain mind, though, that marijuana continues to be misery at the federal level although there are 2 bills legalizing it within the House of Representatives that make it difficult for anyone conducting monetary transactions even in states wherever pot is legal.
Businesses and operators merchandising and/or distributing recreational and medical pot are still barred from mistreatment banks for or their transactions due to federal legislation. The event and use of marijuana-specific virtual currencies have ramped up to fill the opening during this market.
Cryptocurrencies create it simple for folks within the marijuana industry or merely those that wish to shop for some weed—to do transactions. Whereas Bitcoin has become wide fashionable within the virtual currency house, there are a couple of different cryptocurrencies line specifically to the pot sector. Scan on to seek out a lot concerning the highest 5 cryptocurrencies on the market.
Launched in January 2014, PotCoin was one of the earliest cryptocurrencies for the marijuana trade. It had been designed to unravel banking issues for folks trying to interact with legal marijuana. Mercantilism of PotCoin takes place directly between folks while not employing a bank or clearinghouse. Its creators wished to make the most of Colorado’s group action on marijuana and even put in a PotCoin cash dispenser machine (ATM) at a marijuana clinic in Colorado.
But the currency didn’t create a large mark, remaining within the shadows till June twelve, 2017. A handout and a video of former NBA star Dennis Rodman sporting a PotCoin.com shirt in India gave PotCoin an attempt within the arm.4 By funding Rodman’s trip, not solely did PotCoin go into the media spotlight, however, its price some doubled only in the future, in line with CoinMarketCap. As of August 2021, its market cap was concerning $3.7 million a massive jump from $81,547 at the beginning of February 2014. One PotCoin was priced at $0.01695 in August 2021. The coin was up concerning seventieth year-to-date.
The supply of PotCoin is proscribed with, you guessed it, 420 million coins. Over 226 million are in circulation. It trades on 3 markets and conjointly transitioned to proof-of-stake, which permits folks to mine or validate block transactions in line with the number of coins they hold. A crucial caveat is that PotCoin claims dealings speeds of forty seconds, which are pretty spectacular compared to those of Bitcoin.
CannabisCoin was conjointly developed in 2014, simply a couple of months when PotCoin. It’s a proof-of-work, peer-to-peer ASCII text file currency and, like Potcoin, was geared toward easing transactions for medical marijuana dispensaries. Whereas it at first gained quality, it didn’t deliver for investors. So however will it work, CannabisCoin guarantees to convert cryptocurrency directly into marijuana. Below the name candy, there’s a line of medicines and marijuana strains for adults for the particular purpose of exchange at the speed of one CannabisCoin to one gram of medication.
DopeCoin was supported by Adam Howell also referred to as Dopey in January 2014.12 very little is thought concerning the particular markets the currency serves except that its “mission is to supply marijuana enthusiasts with a contemporary and secure approach of doing business for the twenty-first century.”
According to its website, DopeCoin users will interact pseudo-anonymously in below a moment and do not pay any fees or dealings prices.
Starting with a vision of making a Silk Road for transactions in marijuana across the planet, DopeCoin provide is proscribed with concerning 117 million in circulation. It’s conjointly a proof-of-stake currency, allowing investors to earn five-hitter in annual interest. The currency contains a market cap of $323,951 as of August 2021, in line with CoinMarketCap
HempCoin conjointly came into existence in 2014, though its focus is a smaller amount on people mistreatment it to shop for weed. Instead, this cryptocurrency was designed to be used by the farming trade and medical and recreational dispensaries. HempCoin’s website claims its goal is to “help facilitate secure transactional relationships between farmers, distributors, and customers.”