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Cryptocurrency in Focus: What is HempCoin?

August 28, 2017


In a slight deviation from the marijuana-related stocks that we usually cover, we wanted to give readers a briefing on the up-and-coming cryptocurrency: HempCoin. 


Cryptocurrency 101


For those of you who aren't too familiar with cryptocurrencies, a cryptocurrency is a digital-based currency in which specialized encryption techniques are used to regulate the creation of new units of currency (coins) and verify the transfer of these funds. Unlike U.S. Dollars or Euros, cryptocurrencies operate independently of a central bank. The most commonly known cryptocurrencies are Bitcoin and Ethereum



So, What is HempCoin?


The HempCoin, a.k.a. "THC" was one of the first 30 cryptocurrencies developed in 2014, and is a niche-focused digital currency for the agricultural and farming industries as well as the marijuana industry. HempCoin is built on the source code of Bitcoin, and its current users include marijuana dispensaries and speculative traders. As more and more businesses begin to accept HempCoin, we expect its awareness and value to rise. The more goods and services around the world that are priced in the currency, the more stable and established its value will be, thus facilitating wider usage and awareness. 



How Do I Buy HempCoin?


In order to buy HempCoin, one must first have a funded Bitcoin wallet. A Bitcoin wallet is basically just a digital file folder that holds and verifies your cryptocurrency as you trade and transact. Once one has Bitcoin, they can use a crypto trading platform such as Bittrex to trade Bitcoin for HempCoin. Similar to any Forex trade, one must start with a base currency and exchange it for the counter-currency. In a BTC - THC trade, BTC is the base currency and THC is the counter-currency. 


Related: Blockchain Technology Coming to the Cannabis Industry?


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