Ever heard of cannabis crypto coins?

The cannabis world is currently more diverse than it has ever been in recent years. Gone are the days when the natural herb was just a couple of stoners wrapping a blunt in a corner. A strong wind of change has blown through the industry and has required some major changes in different regions. Legalization and decriminalization are now the order of the day as more governments open their borders to medicinal and recreational cannabis. The industry doesn’t stop there, however, as it spreads into areas like finance and digital marketing, which gave rise to the cannabis cryptocurrency.

Cannabis and cryptocurrency

The two sectors are specific sectors of the world economy that have experienced a massive boom in recent years. The growth of cannabis is open to all as states with new open markets increase their revenues to millions of dollars. An achievement that many would not have thought possible a few years ago. Cryptocurrency, on the other hand, is the latest surprise in the financial world and has drawn many industries to grapple with the benefits of blockchain.

Cannabis has long suffered from a lack of adequate financial protection from financial institutions. That was important because most of these institutions did not want to be in the crosshairs with the federal government. Despite the fact that the states legalized cannabis in the US, it was still considered illegal by the federal government. This puts some banks and insurance companies in difficult situations in which to deal with cannabis companies. However, cryptocurrencies may not be as hindered by such restrictions, and this has prompted a collaboration between cannabis and crypto to create some cannabis coins.

As mentioned earlier, cannabis coins simply refer to special digital currencies introduced into the crypto world by some unique cannabis companies. In January 2018, some of these special digital currencies were launched with a lot of hype, on the premise that the cannabis market has a steady consumer appeal. Three years later, some of these currencies have performed well while others have not reached the projected potentials that digital currencies are always becoming a reality. Bitcoin is the best example to describe what the world of cryptos is like. The coin hit $ 20,000 in December 2017, only to drop to just over $ 3,000 barely 12 months later. Bitcoin hit up to $ 50,000 and is now around $ 38,000 at the time of writing.

Cannabis coins

We’re going to take a look at some of the coins currently in circulation and how well they have performed in the cryptocurrency world.

PotCoin

In keeping with the 4:20 p.m. tradition, Potcoin was launched in January 2014 at exactly 4:20 p.m., making it the longest cannabis coin in circulation. With 420 million coins in circulation, Potcoin broke the 1 million mark in April 2014, only to drop back to $ 244,000 a month later. Since then, various events have affected the coin’s growth, with some assisting it and others hindering it. Valued at over $ 0.3962 per coin, PotCoin ‘s market cap rose to over $ 79.5 million in January 2018. The forecast of many experts was that PotCoin will rise with major currencies like Bitcoin, unfortunately this was not the case. The coin has sadly been forgotten as it is stuck at $ 0.0109 with little hope of a revival.

CannabisCoin (CANN)

Cannabiscoin fell into the spotlight shortly after PotCoin became known, which threatened to penetrate the markets with lightning speed and effectiveness. It was projected to facilitate financial transactions for medical marijuana dispensaries. With an easy exchange ratio for real marijuana on the table, everyone seemed ready to break that coin and set records. However, the coin has not yet lived up to the protected potential on the markets. After an unprecedented market cap of $ 22.8 million with a coin valued at $ 0.296, the coin has seen a massive slump since then. The coin is currently trading at $ 0.011 per coin, which is pretty similar to Potcoin and has 106 million coins in circulation.

Paragon coin (PRG)

Few in the cannabis financial space can say they haven’t heard of the Paragon coin in 2018. This is because a good level of PR was offered for the coin and a strong celebrity presence pushed its introduction into the financial arena. Tech entrepreneur Jessica Versteeg, who is also a former Miss Iowa, launched the coin and got The Game to push the coin forward with much-needed publicity. That PR saw the coin skyrocket as many came to their wave and called, but the hype and win were short-lived. From an introductory price of $ 0.75, the coin rose to $ 1.55. Unfortunately, the hype alone couldn’t sustain the coin as it fell to the $ 0.778 mark by January 2018, with 22.27 million units in circulation.

Bottom line

The activities of other coins in the market have followed the line of the three described above. Examples of other coins that have taken this route are HempCoin and CannaCoin. While they promise a lot, most of these coins have failed to meet their reckoning. The world of cryptocurrency is very volatile, which is why it should not be treated without proper technical analysis. Some coins have a habit of starting off well and showing a big promise just so that they bottom out in no time. A general piece of advice that applies to the entire crypto world is therefore that you act cautiously and only put what you can lose on the pull.

As it stands, it will be very hard to recommend any cannabis cryptocurrency with the way most are doing in the market. Only PotCoin currently has a market cap of $ 1 million and even that is something to rest upon. So it is best to hold on and see what the future holds for cannabis cryptocurrency.

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