Cannabis Cryptocurrencies: these are the ones that are really taking off

Virtual currencies are increasingly gaining ground. Last December, Bitcoin broke its own record when its price of climbed to nearly $20,000 (some €16,300). Although its value has fallen up to $10,000 since then, and many have started to see the real dangers behind this rapidly-changing market, there's still a significant number of people relying on this investment. The anonymous real-time transactions and the open market offered by these Blockchain technology-based cryptocurrencies has led many to see them as a real bet on the future. Beyond bitcoins, there are many other options moving around this virtual economy. Over 800 cryptocurrencies are now available in the world and, not surprisingly, some of them have already decided to dress in green to offer cannabis lovers a perfect combination: cryptocurrencies and marijuana. Let's meet them!

PotCoin (POT)

PotCoin (POT) became, in 2014, the first cryptocurrency ever to be launched. At that time, three anonymous people, under the aliases of Hasoshi, MrJones and Smokemon 514, set out to create a cryptocurrency that would become the standard form of payment for the legalized cannabis industry. It was basically designed to overcome any banking problems for people looking to transact in legal marijuana.

In December 2017, it had a market cap of about $75 million. This success has resulted in the establishment of the PotCoin Foundation aimed at addressing the issue of volatility. By late February, there were over $219 million PotCoins on the market, each valued at $0.168054. PotCoin is now in over 35 countries, in 800 ATMs. However, this figure is expected to amount to 1300 this year.

CannabisCoin (CANN)

Launched also in 2014, this digital currency came into existence some months after PotCoin. It was also born as a banking solution for easing transactions for medical cannabis dispensaries. However, to stand out from the crowd, CANNdy was created, which is a line of medicines and therapeutic marijuana strains that customers could benefit from at the rate of 1 CANN for 1 g of medication.

Many users call it 'The Marijuana Bitcoin' because it's one of the most widely used currencies in American dispensaries. Not surprisingly, like many other cryptocurrencies, this cryptocurrency is taking full advantage of the legalization of cannabis in California. In late February, there were over $77 million CannabisCoins in circulation, each valued at $0.071169. Although they still haven't announced any expansion plans, rumor has it that they're working on improving their safety measures.

DopeCoin (DOPE)

Exactly like its counterparts, DopeCoin was launched with the aim of creating a 'silk road' for marijuana transactions all over the world. Its founder, Adam Howell, defines himself as a coffee drinker, a world traveler and a creator of cool stuff. On his website, he states that "DopeCoin is more than a currency, it's an experience". His mission is to provide cannabis enthusiasts with a safe and modern way to do business in the XXI century. Nowadays, there are some $117 million DopeCoins in circulation, each valued at $0.066560. But there's much more: this digital coin launched in 2015 the GROW network, thanks to which Canadian producers can sell their plants in a safe way.

HempCoin (THC)

It also came into existence 4 years ago. Its focus is a bit different, though. Instead of serving as an exchange platform for dispensaries and their customers, it aims at easing the transactions within the cannabis industry. This means that HempCoins can be used not only to facilitate transactions between cannabis farmers and dispensary shops but also to purchase equipment and tools for growing marijuana. In fact, they are used in other areas such as in the tobacco industry.

HempCoin is also different from the other cryptocurrencies in that it is backed by the company Rocky Mountain Ayre, which is listed on the American NASDAQ Stock Market. In 2018, HempCoin decided to go one step further and now offers three payment methods: HempPAY Mobile, HempPAY Card and HempPAY Online. It is their intention to cooperate with dispensaries to create incentives for those cannabis users who choose cryptocurrency as a form of payment. By the end of February, each HempCoin was worth $0.11 and over $230 million were in circulation.

CannaCoin (CCN)

Another alternative that, although created in March 2014, wasn't launched until the end of that year. In December, CannaCoin successfully transitioned to Proof-of-Stake. Unlike bitcoin, which needs to solve computationally intensive puzzles to validate transactions and create blocks, in PoS-based digital currencies, the creator of a new block is chosen in a deterministic way, depending on its wealth.

So the more CannaCoins they have, the easier it will be for them to get more. But not only that. In such cases, they will also have the power to really disrupt the web. However, it's true that they are the least interested in something going wrong. Its creators define themselves as "a group of cannabis enthusiasts working towards the future development of cryptocurrency applications related to cannabis production, seed and extract production, glass-blowing, cryptocurrency development…".

ParagonCoin (PRG)

The last one to join this list of cryptocurrencies and the one that will surely lead the way in 2018. ParagonCoin was founded by model and Iowa beauty queen Jessica Versteeg and her millionaire Russian husband, Egor Lavrov.

The initial rate was $0.75 but, to everyone's surprise, it quickly amounted to $1.55. Currently, there are over $100 million in circulation. Despite its overnight success, there's a kind of uncertainty to it. Many believe the popularity of this cryptocurrency to have risen so fast that it will soon fall and affect other successful coins around. According to the experts, its potential value by 2022 could be of $4.07. All we can do is wait and see how the cryptocurrency market changes, especially in relation to marijuana. Will these digital coins still be a great investment or are they doomed to disappear?