As we dive head first into 2018, it’s becoming more and more apparent that cryptocurrencies may be here to stay. At the time of writing this, there are over 1,300 different cryptocurrencies, with that number rising everyday. With this many different coins in existence, there seems to be a never ending list of what their uses are and what they are tied to.
The cannabis industry has been an attractive target for the crypto world, as limited access to traditional banking services has cannabis companies using nothing but cold hard cash. Within this space, there are several competitors vying to tie themselves to the green rush's growth. Let’s take a look at 3 of them...
Hempcoin uses the ticker “THC” for trading purposes. Unlike some other cryptos, HempCoin is open source. It was originally developed in 2014, and is used “for the Agriculture/Farming Industry and Marijuana/Hemp Industry, built on the source of Bitcoin, its use includes the Marijuana dispensaries and the entire Agriculture/Farming trade business.”
At the time of writing this, this niche altcoin has a market capitalization of $132,977,766 USD, with 230,355,476 coins in circulation. With numbers like these, its easy to see that it is a serious player within the cannabis based cryptocurrency space.
Trading under the ticker “POT”, this altcoin has a notable market cap as well, although a bit smaller than HempCoin, right around $78,270,801 USD at the time of writing this. Potcoin describes itself as “the first digital currency created to facilitate transactions within the legalized cannabis industry.”
This cannabis focused cryptocurrency trades under the ticker “CANN.” With a market cap of $23,329,994 at the time of writing this, it may have the smallest market cap of the 3 coins we are focusing on today, but its still larger than many of the publicly traded companies in the cannabis space today.
Without much news or information available on CannabisCoin, it’s hard to get an idea of what differentiates it from its fellow cannabis focused, crypto competitors. On its Facebook page, the company says that CannabisCoin “is the payment solution for Cannabis - Marijuana dispensaries, retailers and merchants. Currency for marijuana, pot, weed, cannabis, and hemp online or offline transactions.”
At this point, with the rapid rate of new cryptocurrencies being created, we wouldn't be surprised to see several more competitors to the ones mentioned above pop up in 2018. Only time will tell whether any of them truly become adopted by the industry, or whether cryptocurrencies will continue to exist into the future at all.
Without question, whether its a cryptocurrency, or legislative changes, the industry needs a solution for its banking issues as soon as possible if it continues to grow at the rate that it is projected to.