Cannabis cryptocurrency also called marijuana bitcoin is for the cannabis community. Cannabis is one of the most popular and fastest growing markets, in spite of the fact that the industry have faced lots of hurdles on it ways for payments.
Cannabis is legal in many countries including Uruguay, Netherlands, Portugal, and more. Possession of marijuana for medical use is also legal in various countries but due to the strict federal laws, even the legal and authorized businesses dealing with marijuana suffer issues for receiving payments for it. Banks had decided to not deal with the vendors and merchants dealing due to various restrictions. This means the whole market has to deal with cash and no debit or credit cards can be used.
Here comes the helpful cryptocurrencies into the picture which solved lots of problems of various industries. As we are already aware, the cryptocurrency works on decentralized peer to peer network blockchain and the involvement of third party like banks and financial institutions isn’t necessarily required. It solved the cash problem, while maintaining the anonymity of users.
Cannabis and other cryptocurrency
Although cannabis and cryptocurrency coins have come together, there are many difference that makes them unique. Cannabis cryptocurrency is limited, only to be used in weed industry, while other cryptocurrency like bitcoin has wide variety of use cases and acceptance and is not limited to particular industry. Also cannabis is a private and bitcoin and other cryptocurrencies are pubic which means it will be more secure, decentralized and organized way to make payments.
Top 5 Marijuana cryptocurrencies
Cryptocurrency has a very special role in making the payment system smooth and the transactions as easy as possible.
Here’s the list of top 5 cryptocurrencies that were introduced to revolutionize this industry.
PotCoin (POT)
PotCoin is one of the earliest coins to enter the market of marijuana industry. It was launched in January 2014, designed to solve the banking payment system for the people to transact in legal marijuana. But unfortunately failed to make a mark in industry and remained unnoticed for a long time.
Dennis Rodman, NBA star was noticed wearing a potcoin.com t-shirt in North Korea in 2017 gave coin huge jump of 76% increase in just a single day.
As at March 3, 2018, per potcoin value stands at $0.123667 with a market cap of 27.04 million.
Cannabis Coin (CANN)
Cannabis Coin was also created with the same intention to make the payment system smooth and ease for the people dealing with marijuana. It is POW (Proof of Work) , peer to peer open source currency also got developed in 2014.
CannabisCoin proposition was to provide a feasible simple exchange ratio from cryptocurrency to marijuana and cannabis medicines at the rate of 1 CannabisCoin to 1 gram of medication.
As of March 3, 2018 value of CannabisCoin is $ 0.059231 with a market cap of $4.53 M
Paragon Coin (PRG)
Paragon Coin is backed by serious star power and considered as the most exciting cryptocurrency cannabis coin of 2018. It was founded by tech entrepreneur and former Miss lowa, Jessica Versteeg.
Currently on March 3, 2018, value of PRG coin is $0.289700 with the market cap of 18.8 M.
Paragon has a big plans for 2018 and the price of PRG till the end of 2018 are expected to be $1.41 while experts have projected it to do well in long term.
Hemp Coin (THC)
HempCoin is one of the initial coins developed in 2014 and is a highly focused digital currency built on the source of Bitcoin for the Agriculture/Farming Industry and Marijuana/Hemp Industry. Its use includes the Marijuana dispensaries and the entire Agriculture/Farming trade business.
HempCoin was the only cryptocurrency for Agriculture, which is a trillion-dollar trade business worldwide. The vision is to help facilitate transactions between farmers and distributors overseas.
HempCoin has the price $0.075823 with the market cap of 17.4 M on March 3, 2018.
CannaCoin (CCN)
CannaCoin was launched on March 28,2014 and uses peer to peer technology and runs on a decentralized blockchain platform. It has a circulating supply of 4.7 million coins but the lack of innovative ideas and action could hamper its growth
Large number of california state dispensaries already familiar and accepts CannaCoin and therefore California’s legalization of marijuana will help CCN more than any other coin on this list.