Potcoin was developed by three entrepreneurs in Montreal Canada who recognized that a growing legal cannabis industry around the world represented a huge business opportunity. It was intended to be the cryptocurrency of choice for cannabis merchants, customers and everyone associated with the industry.
Potcoin originated from a fork of Litecoin but had some key differences. There is a shorter halving schedule, quicker block generation and has increased amount of total coins to be put in circulation. The current block reward for the cryptocurrency stands at 210 coins.
Potcoin has now moved on to the POSV method of mining which puts the onus on ownership of coins and staking for transactions rather than on mining algorithms.
Potcoin Is Proof Of Stake
The Proof of Stake system is increasing in popularity as cryptocurrencies try and build their systems through community engagement rather than just limiting it to those who are in it for investment purposes and can afford expensive mining rigs.
How Many Potcoin Merchants?
Potcoin caught the attention of users all over the world soon after launch and gathered enough momentum to become viable for retailers.
Here’s where you can currently spend your Potcoin for various products. Chronic Star Medical was the first merchant to start accepting Potcoin and others followed. The number of merchants using Potcoin is estimated to be around 50 at this point in time.
How Can I Use Potcoin?
How Can I Get Set Up To Accept Potcoin?
The company saw a huge rise in valuation before the 20th of April 2014, a day which has become the unofficial day celebration for cannabis users across the world. The next day, however, speculators started to cash out and the price plummeted.
This is somewhat expected for a young currency where the maturity has not yet set in the ecosystem to protect against such shocks. In fact, the developers of the cryptocurrency themselves advise against putting in any more money than you can afford to lose at current moment.
One of the things that developers are also working on is to decrease the number of confirmations that need to take place before a transaction can be considered complete. Currently, this can take up to 10 minutes and up until that time, a transaction can be reversed. Thus, unscrupulous buyers can take advantage of this time and dupe sellers.
Usage and Wallets
Potcoin wallets are available for Windows, Mac , Android and Linux as well as dedicated services that help users access Potcoins through other phones as well.
The POS system requires users to leave their wallets ‘open’ so that they can continue to stake in the background so users need to be extra careful about making sure they secure access to their wallets to prevent misuse.
Exchanges – Valuation – and Price
Potcoin can be exchanged for other cryptocurrencies on popular exchanges like Bleutrade, Poloniex, and Bittrex.
The maximum market cap that the currency achieved was over 7 million dollars in October of 2016 after a price spike due to investor accumulation and new user adoption took the coin from around 400 Satoshis (or less) up to around 7,000 Satoshis in just a couple of week’s time.
Potcoin is a fast-growing cryptocurrency that is experimenting with multiple ways to increase its user base, improve security and become more attractive to merchants. The currency has started promisingly and has overcome some difficult times as well. Investors in the currency can look forward to better times ahead as the platform continues to mature.