What you'll learn 👉
Introduction
PotCoin offers a simple transaction platform for legal cannabis trading. In many countries around the world where cannabis is officially allowed to be sold, the company has a growing dealer base and the Potcoin coin is accepted as a means of payment.
Potcoin is a digital currency that allows consumers to buy and sell cannabis products anonymously. Think of potcoin as bitcoin that is used only for marijuana, hemp, and cannabis products.
Potcoin Marketplace trades exclusively in cannabis products.
POT Cryptocurrency
PotCoin was originally a fork of Litecoin-QT, but with some important differences, including a shorter block generation time, a faster halving schedule and an increased maximum number of coins.
To start trading marijuana with POT, a user creates a digital wallet which generates a unique public address to receive the coins and a private key to access the funds. Potcoins transferred to a user’s wallet can be used to anonymously buy and sell cannabis products on a global scale.
The currency reward for mining the currency stands at 210 potcoins per block. Mining can be done using ASICs, GPUs or CPUs. The mining algorithm for the currency has since changed to POSV from Scrypt. This new algorithm is designed to reward both the ownership of the coins and the transactions.
Who is behind the project?
It was released in January 2014 by three entrepreneurs in Montreal, Canada.
The founder and CEO of the company is Joel Yaffe.
He has already been involved in two other successful companies, GuestDriven. com and ICanGoWithout. com.
His co-founder Nick Iversen has more than 13 years of experience in design, marketing, advertising, branding and user experience.
The CIO Russ Thomas enriches the team with 21 years of experience in information security, financial services and start-ups.
Alec Rochford is the sales director in the USA. He has professional experience in sales, business development and improving customer relationships.
What is planned for the future and what are the company’s goals?
PotCoin wants to become the payment standard for cannabis transactions and strengthen customer loyalty in the community.
They also strive to give credibility, stability and security to the ever-growing cannabis community and to eradicate the negative image of the scene.
Not long ago, cannabis was illegal in the USA, so trade and use are not “socially acceptable”. This makes traditional payment processing via banks difficult.
PotCoin also wants to save users the high transaction fees. Currently, 44 companies are listed in their dealer directory and further expansion is planned.
In this effort, the Developers and Ambassadors Program was launched to attract more local dealers for the project.
The company is also involved in charitable projects and has established a non-profit fundraising program for various charitable organizations.
Conclusion
Since PotCoin concentrates exclusively on the cannabis market, the development opportunities are still relatively limited.
The cannabis trade is illegal in many countries and, accordingly, these markets remain undecided.
The success and development of PotCoin as a company therefore depends to a large extent on the development of the legal situation.
A rethinking of marijuana in many countries and legalization for medical purposes makes PotCoin interesting and promising.
You can’t buy it directly for fiat on any exchange. You can choose the best coin exchange for your region and buy BTC there, then trade it for POT on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is trustworthy and has acceptable fees and it is a leading platform for buying BTC.
If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is a good Coinbase alternative. Coinmama is also safe exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is legit place to trade crypto), instantly and directly to bitcoin.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet (if it is supported) – our recommendation is just go and buy Ledger Nano S or Trezor Wallet
or KeepKey
, those are the safest options. You can read our articles on how to use Ledger Nano S wallet and where to buy it and Trezor Wallet Review or check out other top hardware bitcoin wallets here. You can also create a paper wallet – learn here more about crypto wallets. We have also compared top 3 hardware wallets: Ledger vs Trezor vs KeepKey.
