PotCoin is a cryptocurrency created to meet a banking needs in the legal cannabis industry. In this article, as Kriptokoin.com, “What is PotCoin?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is PotCoin? What does POT do?
PotCoin allows consumers to purchase cannabis products anonymously. It was also designed to facilitate more efficient, secure and convenient transactions in the legal cannabis industry. PotCoin is a niche currency used only by the legal cannabis industry.
The majority of demand for PotCoin comes from legal cannabis companies’ almost lack of access to banking services in the US. Because cannabis is still illegal at the US federal level, it is generally prohibited for financial institutions to provide their services to companies that process Schedule I substances such as cannabis.
What is its purpose?
POT specifically aims to be a decentralized peer-to-peer platform that connects cannabis businesses and consumers worldwide. Headquartered in Montreal, Canada, the new currency aims to capitalize on the US state of Colorado’s decision to legalize marijuana by providing access to the banking services of cannabis dispensaries.
Who are the founders?
POT Coin was launched in January 2014 by its online aliases Hasoshi, Mr. It was released by Jones and Smokemon 514. It was later revealed that these people were Montreal-based developers Joel Yaffe and Nick Iverson.
What is PotCoin? How does it work?
- Direct person-to-person transactions without the need for banks or clearing houses,
- low transaction fees,
- Transaction speeds in 40 seconds,
- Encryption for cutting-edge security,
- Open source software.
What are the advantages?
- POT specifically enables cannabis buyers and sellers to conduct direct online transactions without the involvement of traditional financial institutions.
- It also serves growing cannabis companies that require access to basic banking services.
- PotCoin supports anonymous purchases of cannabis flowers and related products.
- Despite the cryptocurrency’s minor status, POT is home to its own wallet.
What are the disadvantages?
- POT use is limited to the cannabis industry.
- Using PotCoins can be difficult, especially for those unfamiliar with cryptocurrency.
- Market prices are volatile and trading volume is low. This makes PotCoin an illiquid cryptocurrency.
- Federal investigators can de-anonymize PotCoin transactions.
What is PotCoin? How to buy POT?
Exchanges that can be traded with POT; Bittrex, Gate.io, TradeOgre and FreiExchange. People who want to invest in the project should access the web/mobile application of the stock exchange where the project is traded. Next, the exchange must complete the account opening steps.
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