PotCoin is another peer-to-peer digital currency, based on the open source software that was released under the MIT/X11 license. Although it shares some technical similarities with Litecoin, its main aim is to become the standardized means of payments for industries that are authorized to legally produce cannabis.
This digital currency is decentralized, that is, not managed by any central authority or agency. It was created in January 21, 2014 by Joel Yaffe and Nick Iversen and another anonymous third entrepreneur, all hailing from Montreal, Canada. Their goal is to create a platform for legal cannabis industries worldwide, and that was why the cryptocurrency was launched at exactly 4:20 p.m. (a number associated with cannabis consumption, i.e. 420).
PotCoin was designed to empower, secure, and facilitate the Cannabis community; medicinal and recreational alike. Users can trust PotCoin to lend credibility and stability. This coin aims to make for easy transactions in the very growing legalized Cannabis industry.
The growth of this digital currency was so fast that just after a year of launch, its value has risen that in the crypto world, PotCoin is one of the currencies with the highest value, and presently, nearly all retailers and online stores are accepting it as a means of transaction.
Although it hasn’t been a sweet ride all the way for PotCoin because just after a year of launch, the original developers went their separate ways for some reasons that were never revealed. The PotCoin community at that time thought that will be the end of the innovation, but somehow tried to steer it away from the path of extinction by developing many other things that have kept it going until today.
Its major feature is the proof-of-stake system, and it is based on a public digital ledger known as the blockchain network. The forking of this currency is special as it offers an increase in the maximum number of coins, a shorter block generation time and a much quicker halving schedule (better than in Litecoin).
Generally, this digital currency can be mined by mining hardware like the CPUs and GPUs and on the ASIC Script. But more recently, the mining algorithm has been changed from Script to POSV. POSV is an algorithm that rewards both the ownership of the coin and also transactions made with the coins.
- First in the crypto market to be involved in business with legalized cannabis
- Very good way of solving the banking and network problems currently facing the cannabis industry
- Known to support much charitable organizations
- Legal difficulties currently facing the cannabis industries worldwide
- Many people who have cultural norms against cannabis will find it hard accepting it as a means of payment
How to Buy:
Much online exchange websites that allow for the trading of numerous digital currencies also allows for the trading of PotCoin. These sites allow and promote the private and local trades and on these sites, one can either purchase PotCoin or sell it.
There are different ways of payment for this cryptocurrency. One way is to buy first a more common digital currency and then try exchanging it for PotCoins. As true of all other types of digital currencies, this is the safest and easiest way to buy them. You can do so at Poloniex, Bittrex and many more.
You can also pay via your local bank account using direct funds transfer, or use your credit card at Potwallet.
Currently, there are over 60 globally-known merchants that officially accept PotCoin as a payment method for other products and services, all outside the cannabis industry. So it establishes the fact that you can actually buy and sell other products using PotCoin as a means of payment. And remember, it doesn’t have to be cannabis alone.
You can also buy and sell this currency as well to make more profits. There are many trading platforms that allow the buying and selling digital currencies that you can utilize. There will also be some very desperate owners who want to sell their coins and you can benefit from that provision by buying it and keeping them for later; many for sale or for buying other things. You can also buy other digital currencies with it as well.
Remember, in choosing an online exchange to be traded on, please be careful so as to know if the exchange is one that is known for conducting transparent deals.
The PotCoin wallet is the wallet in which you store your PotCoin asset. It is from this wallet that you also send and receive PotCoin for your transactions.
The online wallet at PotWallet.com, which is an online wallet, is a feature packed web wallet and trading platform. It allows you to use, store, trade, and accept PotCoins. It also allows you to send, receive, and store your PotCoins on your iPhone or Android device.
Because it is online, you must be careful so that computer viruses do not jeopardize your wallet. Some have found it helpful to install good antivirus programs to help them protect their computers. If you lose your date, the money is gone forever, so be careful with your computer security.
It will also be helpful if you encrypt your data.
Desktop wallets are also available. It makes up for the foundation of the PotCoin network. These wallets allow you to have complete control of your money, highest level of security, and earn interest on your PotCoin. These are available in Windows, Mac OSX, and Linux.