PotCoin – the coin for the marijuana industry

PotCoin – the coin for the marijuana industry

Marijuana is becoming more and more worldwide accepted for both recreational and medical purposes. People gradually stop regarding it as a drug but mo

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Marijuana is becoming more and more worldwide accepted for both recreational and medical purposes. People gradually stop regarding it as a drug but more are as a harmless way of boosting their spirit from time to time. Cannabis is also widely legalised in many countries as an alternative to traditional medicine. With the increasing popularity of this substance, both growers and consumers have faced difficulties especially in paying for them. In light of this, Potcoin, a platform which facilitates digital payments for legal marijuana and ensures that the transaction is secure, has emerged.

Potcoin was launched on January 21, 2014, exactly at 4:20 p.m. This is no coincidence because 4:20 or 420 is a term that that weed smokers use to refer to the consumption of the substance. Back then, the developers of the platform preferred to remain anonymous and the only information known about them was their nicknames and the fact that they were three entrepreneurs from Montreal, Canada. Hasoshi, Mr. Jones, and Smokemon 514 were the nicknames of the developers of the new cryptocurrency. Shortly after the launch of Potcoin, on February 17, Chronic Star Medical, which was a supplier of legal marijuana, was the first merchant to accept Potcoin transactions. On April 9, Nick Iverson (Smokemon514) and Joel Yaffe (Mr. Jones) revealed their identities by delivering a speech about their platform at the New York Cryptocurrency Convention.

That was the first time they personally explained the idea behind Potcoin and invited people to join their network which has been gradually growing ever since. More and more merchants have been joining the list of people who make use of the Potcoin because it is one of the few ways they can operate their legal business. Banks have been denying their services to the cannabis industry despite the fact the use of marihuana has been legitimised by the law in many countries. As a result, many dispensaries were forced to accept only cash payments having no bank accounts to store the money received from customers. Merchants have even become victims of robbery since they have been keeping big amounts of cash in them. The introduction of Potcoin aimed at alleviating the situation and defending the rights of the people involved in the cannabis business.

Dispensaries that adopted Potcoin as a form of payment can now deal with their transactions quickly and safely. Moreover, customers can remain anonymous since only the parties involved in the money transfer have access to one another’s personal information. Both individual and business clients can make use of the new payment system. They can trade Bitcoins, Litecoins and Dogecoins for Potcoins at many digital currency exchanges. The most famous of them being Cryptsy and Bittrex. The team behind Potcoin does not only want to facilitate transactions in the marijuana industry. They want to take the initiative towards helping governments to quit the drug war worldwide. That is why Potcoin has been regarded by many not as a regular cryptocurrency but as an innovation that may someday successfully introduce a whole new culture. A culture of acceptance of the legal cannabis use and of fight against its unlicensed traders and producers.