In 2009 Bitcoin (BTC) was created as the first decentralized cryptocurrency with the idea to be a system for peer-to-peer transactions without the mediation of a financial institution. Excluding the usual third party from commerce on the internet in this fashion decreases transaction costs, allow for small casual two party transactions while creating a timestamped record in a trust based model. While BTC was the first, there are currently over 1600 cryptocurrencies with a market cap of $100 billion. The large spectrum of intent for use of these digital currencies has been seen as an innovative form of payment transactions in many industry sectors. From large companies, state governance and of course peer-to -peer , cryptocurrency is proving to be a trusted form to purchase goods and services as well as pay bills and accept payments.
| Travel | Cheapair.com | Bitcoin(BTC) |
| Real Estate | Propy.com / mycoinrealty.com | Bitcoin(BTC) |
| Social Media | Steemit.com | Steem(STEEM) |
| Fast Food | Pizzaforcoins / Subway | Bitcoin(BTC) |
| Retail | Overstock.com | Bitcoin(BTC) |
| Cannabis | BuckinBuds.com | HempCoin(THC) |
As shown by the few examples of some sectors of industry, cyrptocurrency is extremely versatile. Using digital currency one can purchase flights, hotel stays, buy property, get rewarded for content, purchase food and more. There are signs that traditional financial institutions will also join industry and consumer with the recent announcement that J.P. Morgan is planning it's own form of crytpocurrency. If followed through on this plan, it will become the first United States bank to have done so. In November of 2018 Ohio became the first state to start to accept Bitcoin (BTC) as a form of tax payment. Initially only allowing for businesses to use this new tool to pay taxes it does have plans to accept payments from the individual on the agenda. California legislators have recently introduced a bill that would require the state to allow cannabis related businesses to pay fees and taxes in stablecoins.
With that in mind there a number of coins designed for the cannabis industry that are ready to assist in this new form of payment system.In 2014 a number were created with the intent to serve this specific sector of industry as an alternative for what was an obstacle for legitimate business to operate on a daily level. The federal prohibition of cannabis still keeps away traditional financial institutions from these businesses, seeing them as risky and not willing to protect or recognize the money they make as legal. This would often lead to a cash only structure that created problems for companies for obvious safety and practicality reasons. With using a cryptocurrency as a complete form of payment, a cannabis business can now conduct financial transactions that are quick and secure without the need of approval by the banks.
The HempCoin (THC) is designed to be used by the farming industry as well as medical/recreational cannabis dispensaries. A farmer, business, or consumer can use THC as a form of payment for everyday purchases in a secure and timely manner. As more and more cryptocurrency are created with serving specific brands, THC has been one of the longest running organic & community driven coin available. HempCoin was among the first 30 coins ever created in 2014 and is a vetted fair community coin.(THC) achievements include a massive 170-million-dollar market cap in January 2018, THC traded over 20 Million dollars per day, and it reached the top 100 on Coinmarketcap. THC is fully vetted by Bittrex for the SEC as a non pre-mined fair coin. We have a huge following with brand recognition higher than most in the industry.
With a planned migration to the Komodo platfom from it's current Pivex blockchain, there is new found passion and drive here within the HempCoin team & community. While more and more the use of cryptocurrency is proving to be a universal plan of operation, THC is preparing to be the best it can. Please watch this video from team member BlackMarket Crypto where he explains the Komodo platform.
Respectfully,
Frank Rogers
Brand Ambassador
Sources of information used while researching for this article
https://bitcoin.org/bitcoin.pdf https://www.thestreet.com/investing/bitcoin/jpmorgan-to-launch-first-united-states-bank-cryptocurrency-14866499
https://www.forbes.com/sites/kellyphillipserb/2018/11/26/ohio-becomes-the-first-state-to-allow-taxpayers-to-pay-tax-bills-using-cryptocurrency/#7445c2326b04
https://cointelegraph.com/news/california-bill-would-legalize-crypto-for-tax-payments-from-cannabis-related-businesses
https://en.wikipedia.org/wiki/List_of_cryptocurrencies
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