It is astonishing to see how the cannabis industry and the cryptocurrency businesses have integrated to drive the cannabis industry to a whole new level.
Numerous surveys have found that due to the legalization of cannabis for medical and recreational purposes in several parts of the world, the cannabis industry will rise even more within the next few years.
Reputed online dispensary canada is a great example of how the cannabis industry is on a surge. This industry is developing in the United States, though it faces some significant issues due to federal laws restrictions.
The banks and the financial institutions are also unwilling to offer their services to any vendor from the cannabis industry as federal laws still consider marijuana illegal. This is where cannabis cryptocurrencies enter the scene.
These crypto cannabis coins replace financial institutions and change the medium of payments for the legalized marijuana industry, which is otherwise restricted from using banks due to federal legislation.
Cryptocurrencies are not at all connected to the government, federal agencies, and banks. Following is a list of the five best crypto cannabis coins ruling the market.
1. Dope Coin
The DopeCoin, found by Adam Howell, first launched in February 2014. This cryptocurrency aims to help consumers and cannabis vendors to experience easier transactions.
It also provided security and transparency to cannabis store owners. According to its website, dope coin consumers can transact cash pseudo-anonymously within a minute, and the users don’t require to pay any fees or transaction rates.
Commenced to create a smooth road for transactions in cannabis worldwide, the dope coin stock supply has a limitation with around 117 million in circulation.
DopeCoin is a proof-of-stake currency that allows investors to earn 5% in annual interest in cannabis concentrates. A study shows that by November 2020, dope coin garnered a market capitalization of close to $250,074.
2. Pot Coin
Potcoin, launched in January 2014, is one of the oldest cryptocurrencies for the cannabis industry. This coin emerged to solve financial transaction problems for vendors or people looking to conduct legal marijuana.
Potcoin inventors wanted to capitalize on Colorado’s legalization of Cannabis. They also located a PotCoin ATM at a cannabis dispensary in Colorado. As of November 2020, Potcoin’s market capitalization was close to $1.5 million, a massive success from $81,547 in February 2014.
The stock supply of this cryptocurrency has a limitation of 420 million coins, and more than about 224 million are already in circulation.
It deals with three markets, and it is also a proof-of-stake currency that provides users to mine or validate block transactions following the number of coins they hold. The PotCoin users can transact cash within 40 seconds, which is impressive compared to bitcoin.
3. Cannabis Coin
CannabisCoin was first launched in 2014 and was created a few months after PotCoin. This coin’s job is to simplify cash transfer between business and consumers. This crypto coin is a proof-of-stake, peer to peer currency for instant real-world payments and aims at providing comfortable and smooth transactions to medical cannabis vendors and dispensaries.
Cannabis coin provides a detailed exchange ratio from cryptocurrency into real marijuana. For example, for marijuana strains and cannabis medicines, you could exchange CANN at a rate of 1 Cannabiscoin to 1 gram of medication. The stock supply of this cryptocurrency is limited to 91.8 million, and about 77 million is in circulation. According to research, as of November 2020, Cannabiscoin’s market capitalization was $366,005.
4. Hemp Coin
HempCoin, launched in 2014, is not only used by people to buy marijuana; but this open-source cryptocurrency is also in use by farmers, medical or adult-use dispensaries. It is used in all areas of agriculture and not only by those using marijuana.
HempCoin aims to be the crypto coin that works in peer-to-peer transactions and online payments. So this crypto coin is aimed to provide fast, decentralized payment solutions for the marijuana, hemp, and tobacco industries.
Hempcoin’s website claims that it is useful to conduct transactions between Cannabis farmers and marijuana dispensary shops. It is also good to use to buy gear and tools used by farmers to farm cannabis plants. As of November 2020, the cost for one HempCoin is $0.004770, and its market capitalization is $1.24 million.
CannaCoin, launched in 2014, is quite similar to Bitcoin. This cryptocurrency conducts a decentralized blockchain platform. Chiefly, CannaCoin is most probably one of the most promising media exchanges for the marijuana industry. It is in use mostly by marijuana growers, gardeners, dispensaries, and consumers. Cannacoin users can transfer money smoothly and efficiently across the network within seconds. Another good thing about it is this coin, too, is a peer-to-peer currency. Users can conduct transactions without any third party’s interference and participation of banks or financial institutions.
Another exciting thing is that CannaCoin runs some open source projects such as CannaPay, CannaSight, and the Green Wallet. Lastly, you must be aware that CannaCoin is already extending California due to the legalization of adult-use marijuana. A considerable number of marijuana dispensaries accept the CannaCoin as a means of payment. In general, CannaCoin is very promising, and it will undoubtedly be massive in the near future.
We can notice that both the cannabis and crypto industries are great markets. And obviously, people can only visualize the resultant growth if both of these markets merge. As we have listed the five best crypto cannabis coins, we hope you get an idea of which coins you require to invest in to avoid future losses.