Cannabis Cryptocurrencies 101


Bethan Jenkins

March 13th, 2018

Policy


There’s no doubt about it – cannabis is driving cryptocurrency to record levels. Back in January, this was confirmed by Tim Hockey, CEO of TD Ameritrade. During an interview with CNBC, he revealed how cannabis cryptocurrencies and bitcoin are pushing virtual currencies higher than they have ever been. Peak levels occurred in December, when cannabis cryptocurrencies accounted for 7-8 percent of trades. Now, cannabis legalization continues to spread across the United States, giving the industry an added boost.

The market is bulging with fresh new products, both medicinal and recreational. To aid providers and suppliers in facilitating transparent and secure transactions within the marijuana industry, new blockchain technology is being introduced. For market investors, this is exciting news and guess what’s even better news? The rate at which cannabis trade is skyrocketing is not anticipated to slow down any time soon. Now is the time to invest in cannabis cryptocurrency if you want to get a slice of the pot pie.

On that note, let’s take a look at some cannabis cryptocurrencies that are dominating the world of weed trading right now:

  • SinglePoint Inc. (SING) – Let’s kick things off with one of the oldest and newest cannabis cryptocurrency of them all. SinglePoint initially announced its intent to develop bitcoin-based payment solutions back in 2014 and recently soft launched its beta program, SingleSeed Payments. Former Shark Tank star Kevin Harrington was recently appointed as the company’s spokesman for the upcoming release of the SinglePoint Cryptocurrency Exchange, which targets a wider opportunity.

  • CannabisCoin (CANN) – Created in 2014 with the idea of helping recreational marijuana buyers to use digital coins as a means of carrying out transactions, CannabisCoin had a market cap of over $4 million as of March, 2018. A single coin valuation was $0.0588, which is a significant increase compared to the $0.002 it worth at the start of last year.

  • DopeCoin (DOPE) – Worth $0.0629 with a market cap of over $7 million, DopeCoin is a specially designed cryptocurrency created for speedier business. The decentralized Bitcoin-style digital currency offers an irreversible and secure transaction for anyone who uses the online financial network’s proof of work cryptocurrency. Utilizing scrypt algorithm,  DopeCoin has an average blocktime of just 60 seconds.

  • HempCoin (THC) – Believed to be one of the best (if not the best) cannabis cryptocurrencies of 2018, HempCoin is widely used in the agriculture industry, as well as inside medical/recreational cannabis dispensaries. It was introduced in March 2014 with the sole purposes of being an open-source cryptocurrency for global contributors. A fairly liquid type of cryptocurrency with a market cap of over $17 million, the coin was valued at $0.076 as of March 2018. HempCoin was included in the list of the initial 30 digital currencies to be created in 2014.

  • PotCoin (POT) – Another coin launched in 2014 was PotCoin, which was conveniently welcomed to the cryptocurrency market at 4:20 pm. Adding to its ‘420’ allure is the fact that approximately 420 million coins are in circulation. As of March 2018, the coin was worth $0.123. Within the space of a year, PotCoin’s market cap has risen from $4 million to over $26 million. Developed from Litecoin, the peer-to-peer cannabis cryptocurrency is set to become the main form of payment used in the international marijuana industry.

  • CannaCoin (CCN) – Operating on a decentralized blockchain platform, this coin is being traded in a large number of weed-friendly states. Also introduced in 2014, CannaCoin’s market cap was about $330,000 as of March 2018, with each individual coin being valued at $0.07. Industry experts anticipate the coin’s value will exceed $10 in just a few years!

  • Paragon Coin (PRG) – Backed by celebrities, such as rapper-entrepreneur The Game, this coin’s Individual Coin Offering (ICO) could see its value rise in the future. Jessica VerSteeg is the female entrepreneur behind the company, which was inspired by her former NFL player boyfriend’s opioid-related death. Paragon Coin’s market cap was over $24 million as of March 2018 and each coin was individually valued at $0.371.

It’s not just cryptocurrencies that the marijuana industry is creating, however. Social networking platforms are also simplifying the way cannabis community members connect. One such example is community-driven Smoke Network. This platform is both scalable and labor-saving, since it will be developed on a DPoS blockchain.

Each and every user who curates content and distribute it via the platform will be rewarded with cannabis currency, or SMOKE coins as they are called on the social network. It is a genius idea for further accelerating blockchain and helping business owners to get noticed in a flourishing field.

Get additional information about blockchain technology and cannabis cryptocurrencies by signing up for our newsletter to the right.

Bethan Jenkins

About Bethan Jenkins

Bethan is a full-time wanderluster, traveler, and digital nomad with 7 years of experience in the freelance writing world. She has mastered the art of beating jet lag and using hammocks as an office for content curation.


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