Hempcoin is a cryptocurrency designed specifically for the needs of the cannabis industry. This is a business that, regardless of being legal or not,
Hempcoin is a cryptocurrency designed specifically for the needs of the cannabis industry. This is a business that, regardless of being legal or not, generates billions of dollars every year. Even in areas and countries where the usage of the substance is permitted under certain regulations, both merchants and buyers are facing difficulties in paying for it. Banks deny providing their services to growers or sellers leaving them with no other possibility but to accept only cash payments. In an industry with so much money involved people are struggling to find a way to store and transport the cash they have earned from hemp. In light of this, Hempcoin has been tailored to the needs of growers and consumers enabling fast and secure transactions which cannot be influenced by the government or attacked by criminals.
Hempcoin was launched on March 9th, 2014 and is a Scrypt algorithm coin like Litecoin, Bitcoin and many other alternative cryptocurrencies. Hempcoin has a total coin supply of 250 000 000 hempcoins and a 0% of them being mined beforehand. The company has released several different wallets depending on the operating system of the users. Windows, Mac OS and Linux wallets are available as well as an HTML 5 based wallet. In addition, Hempcoin also offers a paper and a cloud wallet. The latter enables people to access their account from any device and even connect it to their Facebook account. In the social media, users can perform a task such as like, comment or share of a Hempcoin post and receive hempcoins for that. Seconds after completing the action, the money will be accessible on their cloud wallet.
Hempcoin is an official member of the Hemp Industries Association which is a non-profit organisation that represents the supporters of the hemp business. Hempcoin aims at solving banking issues for hemp users and providers and is developing a transaction service which works with a point of sale terminal and a smart card. Hempcoin’s system is quick, with an average transaction time of 40 seconds, it is transparent and well-protected. Hempcoin cannot be controlled by any central body and there are little or no payment fees. Consumers can trade hempcoins on exchanges like Bittrex and Europex and can even receive benefits for their continued use. With the proof-of-stake algorithm, the more coins people already possess, the bigger amount they will receive. For instance, 45 days after having obtained their own hempcoins, users gain 5% extra coins. Having only this basic information consumers can already start earning from Hempcoin.
With the other cryptocurrencies in the field of the cannabis industry that are also fighting for a free and independent market, a whole new culture of acceptance of marijuana seems to be on the rise. Hempcoin, Potcoin, MaryJaneCoin and CannabisCoin are only starting a payment system in which legal marijuana businesses will be able to operate their money easily and securely as in any other industry.