What do you find to be the biggest challenge of the cannabis industry? Well, there are actually two issues here — the cash problem and restrictions imposed by the government. For the most part, the cannabis market is one of the biggest and fastest-growing markets in the US. But unfortunately, the market still sits in the grey area. Speaking of which, some states in the US can’t figure out how to proceed with the market and the federal government is not in support of it. So consequently, banks are unlikely to offer their services to any vendor dealing with cannabis. Of course, this unfavorable development may turn out to be a big problem for stores selling legal recreational or medical marijuana. Yes, the whole idea of dealing with large amounts of cash (thousands or even millions of dollars) can be a major challenge, to say the least.
So what’s the solution?
Well, for the most part, the crypto world can actually replace financial institutions since they’ve decided not to deal with cannabis stores. Yes, as we already know, cryptocurrencies are not linked to the government, federal agencies or central bank. It’s basically the currency for individuals or private groups looking to perform various personal or commercial transactions. With this in mind, you can tell that the cannabis industry is one market that actually needs its own cryptocurrency. And interestingly, we’ve seen quite a few springing up over the years. Essentially, cannabis cryptocurrency can help tackle the cash problem, ensure secure transactions and banish intermediaries. What’s more, vendors and consumers will no longer have to worry about the restrictions imposed by the government. Yes, as with Bitcoin and other cryptocurrencies, cannabis coins are fully decentralized.
Here are top 5 cannabis cryptocurrencies for 2018.
Taking the first place is DopeCoin Gold — a cryptocurrency that’s aimed at helping cannabis merchants and consumers enjoy easier transactions. For the most part, DopeCoin Gold looks to increase security and transparency for store owners. Yes, as a dispensary owner, chances are you’re dealing with hundreds of thousands of dollars in cash every month. And of course, with today’s federal laws and regulations, you might find it hard to simply transfer the entire lot to the bank. Of course, after splitting the cash, buying supplies and paying employees; you’ll need to figure out how to take the leftover money to the bank.
The good news is, you don’t have to go through this process with DopeCoin Gold. Yes, the whole idea of being able to pay employees in cryptos is huge. What’s more, it’ll be way easier to transfer cash straight to your bank. And perhaps the best thing about DopeCoin is that users will be able to perform fast and secure transactions at no cost. Ready to get started? Just download your DopeCoin wallet, set up an account on the exchange Bittrex and start trading Bitcoins for DopeCoins.
Next in line is CannabisCoin. This cryptocurrency was created in 2014 and its purpose is to simplify payment transfer between business and consumers. In other words, CannabisCoin aims to make transactions smoother and easier for medical cannabis dispensaries. For the most part, this coin looks to provide a pretty straightforward exchange ratio from cryptocurrency to actual cannabis medicines. For example, one can easily exchange Cann at a rate of 1 coin to 1 gram. Speaking of which, CANN is the currency of the crypto and 1 Cann should be between $10 to $20. It’s also good to point out that CannabisCoin is benefiting from California’s marijuana legalization and as at the beginning of the year, its market cap was $22.8 million. And interestingly, one CannabisCoin was worth $0.296.
As for their website, we think it lacks engaging design and content, but of course, its purpose is clear. CannabisCoin is a peer-to-peer marijuana cryptocurrency for instant real-world payments. Be sure to check it out if you find it to be good enough for your needs.
Also launched in 2014, CannaCoin is pretty similar to Bitcoin and as expected, runs on a decentralized blockchain platform. Essentially, CannaCoin is perhaps one of the most promising medium of exchange for the cannabis industry. It’s basically used by cannabis growers, dispensaries, and consumers. Yes, with CannaCoin, users can quickly and easily transfer money across the network — it could even be within seconds! It’s good to point out that CannaCoin works with peer-to-peer technology. So of course, users can process transactions without third party interference and involvement of banks or financial institutions.
It’s also good to point out that CannaCoin operates quite a few open source projects including CannaPay, CannaSight, and the Green Wallet. Finally, you should be aware that CannaCoin is already sweeping California following the legalization of recreational marijuana. In essence, a large number of cannabis dispensaries actually accept the cryptocurrency as a means of payment. Overall, CannaCoin is as promising as it seems — it’s definitely going to be huge in the nearest future.
This is yet another open source cryptocurrency that’s basically focused on the agricultural side of the hemp and cannabis industry. In essence, HempCoin looks to be the acceptable medium of exchange for transactions between hemp farmers and cannabis vendors. In fact, some hemp farmers have already started using the coin to get paid for their crops.
As with other cannabis coins, HempCoin aims to be the cryptocurrency that can be used for peer-to-peer transactions and online payment systems. So basically the coin is going to provide quick, decentralized payment solutions for the cannabis, hemp and tobacco industries. We also think it’s worth mentioning that HempCoin was among the initial batch of altcoins to be created before the post-2014 wave. And interestingly, the coin has since been listed on the exchange Bitterex. All in all, HempCoin is one cryptocurrency that deserves a look today. Be sure to visit their site to learn more.
Last but certainly not the least is KushCoin — a multinational project looking to disrupt the marijuana space with blockchain technology. As you probably expected, KushCoin technology looks to empower producers and consumers in the medical cannabis industry with a fully decentralized banking solution. So of course, users will no longer have to worry about the troubles of traditional banking. With KushCoin, they can transfer any amount of cash quickly and securely with no transaction cost. It’s also good to know that users can use computing power to grow their own KushCoins. And interestingly, you can get started by installing a wallet today!
With all that has been said, we can see that both the marijuana and crypto industries are huge markets. And of course, one can only imagine the resultant growth if both markets are combined. At this point, we only have to keep our eyes and see exactly how cryptocurrency can revolutionize the marijuana industry and address its many challenges. The future is here!