The source of evil - virtual currency PotCoin

Author: ManjiMasha Image source: Dazhi

Why cryptocurrencies?

Federal law in the United States still makes marijuana illegal, which means that even if it is legal under state law, it is difficult for marijuana dispensaries and marijuana-related businesses to conduct transactions through traditional banks.

Because of this, many cannabis-related businesses can only be conducted in cash, which is inconvenient and makes cannabis transactions very risky.

The emergence of cryptocurrencies is of great significance to cannabis traders as the cannabis industry still lacks a non-physical way to complete secure transactions.

There are at least three cannabis-related cryptocurrencies being tried out, but according to The Cryptocurrency Times, only one has the potential to be viable: PotCoin.

How does PotCoin work?

According to Azarius, the goal of PotCoin developers is to connect cannabis-related businesses and individuals who support the legalization of marijuana with an “industry-specific cryptocurrency,” which will accelerate the process of secure transactions in the international cannabis industry.

Like Bitcoin, there is no central bank to distribute or control the flow of funds. Instead, PotCoin moves from a decentralized peer-to-peer system. The PotCoin system is not only independent, but also operates globally.

You can get an online wallet. Here you will receive a private address and a public address. Once someone transfers PotCoins to your wallet, you can use this currency to buy cannabis products all over the world.

According to The Cryptocurrency Times, PotCoin's biggest obstacle may be that cannabis dispensaries can easily use Bitcoin. Bitcoin is more mature and valuable than PotCoin. However, PotCoin's focus on meeting the needs of the cannabis smoking community sets it apart from Bitcoin, making it a potential option for the cannabis banking industry.