There is a quick rise in cryptocurrency or the value of bitcoins and this especially began in late 2017. Therefore, it is all still new and not yet fully embraced. Cannabis cryptocurrency has been making waves since early 2018 and you don’t want to be left behind.
Advanced technology has allowed this new phenomenon to be secure and valid, even though, it can experience fluctuation. A wide range of cryptocurrencies have emerged over the past several years, but in different industries. These are still dominating the market. Let’s look at one of the cannabis cryptocurrency companies making waves. It is known as “Potcoin.”
The Potcoin Promise
Potcoin is considered a leader in the cannabis community and in transactions related to cryptocurrency. The company is being marketed as the first of several digital currency companies that facilitate bitcoin transactions within the cannabis industry. The existing market cap is more than five million US dollars.
Everyone wants to know if Potcoin shows any promise of profitability in the cannabis industry. Some think that it is just a passing fad and nothing to be taken seriously, but what exactly is the truth and do the existing transactions provide an answer? Let us look closely at the past, present and future of this company so as to establish whether cannabis cryptocurrency is worth your time or has any promise.
The Potcoin Idea
We delved into the minute details of this cannabis cryptocurrency company, Potcoin to see what makes it so unique and set apart from its competition. From a ‘blockchain’ standpoint, this is where Potcoin and its concept get their merit. Potcoin became known as a branch off or spin off of “Altcoin.” Potcoin sets itself apart from the rest by using the Proof of Stake Velocity creation model instead of the regular Proof of Work model creation.
By using the former model, Potcoin was able to provide solutions to issues related to energy, which is something that plagues bitcoins and other similar cryptocurrencies, which are dependent on much higher computing resources for miners to be functional. The Potcoin network has nodes that are known for gaining at least five percent interest on the existing holdings. This gives users the incentive to secure their coins instead of selling. In so doing, they will have the potential of a 51% fix.
Potcoin has formed a partnership with Grizzly Seed Bank, which is a legal cannabis distributor that facilitates cannabis cryptocurrency transactions. The consumers that utilize Potcoins will usually pay for their cannabis products with rewards and discounts instead of raw cash.
Now, let us take a look at the entertaining stuff. Since its 2016 published whitepaper, the team at Potcoin has created a roadmap or blueprint detailing multiple side projects that increase the popularity of their cannabis cryptocurrency. One of the side projects was Crypto Juice, an energy beverage made with hemp. The project is not fully developed yet, but when it is, the product will be made available in the Potcoin Shop.
Potcoin was developed to ensure that consumers and business owners would have a safe transaction system for trustworthy and safe payments. With a hostile stance from the Trump administration when it comes to legalization, this cannabis cryptocurrency provides an expedited and easier way to propel the cannabis industry and its economy.
With the company’s unorthodox and eccentric way of marketing, some people wonder if Potcoin is going to be the company to get this done. One thing that is positive, though and that is Potcoin has held media attention for its marketing tactics such as its partnership with former Chicago basketball player, Dennis Rodman and hip-hop artists, Snoop Dogg.