Cats, dogs, moons… and now a pot leaf. All things that feature as a theme for a cryptocurrency. Potcoin being the one with the marijuana leaf on it.
I’ve been paying attention to cryptocurrencies for a while, but had never really gotten invested until Dogecoin – the way it was being tipped was what drew me in, and I believe it could revolutionise the way content creators monetise their content on the internet. Now Potcoin has also piqued my interest, let me explain.
While Bitcoin gained a rather bad reputation at times in the press because of being used to purchase illegal drugs, Potcoin aims to become the currency of choice for cannabis purchases in the legal and medicinal markets. With success of recent legalisation efforts in Colardo and Washington, these markets are growing faster than ever – and there’s no doubt in my mind that more states will follow on this during 2014.
But it’s not just that these markets are growing, they’re also kind of in need of a de facto way to process transactions. When the first legal sales took place in Colarado at the beginning of the year, it was widely reported on how much revenue had been gained in the first day (it was a million dollars). It was then also widely reported that the businesses were struggling to find a bank that would take their money, through fear of the legalities.
As it stands, the state has now said that banks are ok to take the money, but I’d imagine it’s still a lot of trouble. There’s also been reports of medicinal despensaries struggling to find payment processors, meaning they either have to deal with massive processing fees (which are all but non-existant for Potcoin) or deal solely in cash.
A cryptocurrency, once it’s got the necessary, established infrastructure in place, could really solve a lot of these problems. It could offer both businesses and customers cheap, simple and secure way to transact payments. Perhaps you could even send your payment to a designated wallet address before you leave your house, spending that credit once you arrive?
All kinds of things could come out of this, providing Potcoin can foster a community that gets things done in the way Dogecoin has managedto do (even if it’s a smaller community). A lot of things need to be in place before business owners who are not familiar with cryptocurrencies will be confident that it’s something they can do themselves.
That said, I’m really keen to see where this goes. But if you were wondering why it may be succesful, here’s some of the reasons. As if the potential to help sick kids attain medicine wasn’t enough.