All about PotCoin, a mash-up of 2 trends
Legal marijuana is creeping through the nation, with nine states plus the District of Columbia allowing specific amounts for personal use. At the same time, cryptocurrency is having a major, albeit rocky, moment. Someone mindful of cultural and financial movements had the idea to combine marijuana with cryptocurrency and the result is Potcoin.
Marijuana Use Is Now A New Normal For Many Americans
Marijuana is having a major moment, and the buzz about getting buzzed is not about to slow down. In addition to the states where recreational weed is legal, about 26 have embraced medical marijuana. Other states have legalization in the works and some municipalities, such as New York City, are effectively decriminalizing the plant. Federally, marijuana is still classified as a Schedule I illegal drug, which complicates the business end of legal sales.
The Pot Economy Creates The Need For Weed Currency
In the United States, banks are federally regulated. Since marijuana is illegal at the federal level, banking regulations prohibit banks from doing business with cannabis entrepreneurs. Enter PotCoin. Cannabis cryptocurrencies fill the need for a way to conduct business with these companies by using the anonymity and security of BitCoin-like currencies.
PotCoin Might Be More Functional Than BitCoin
Critics of cryptocurrencies point to their sole benefit being their ability to make transactions secretive. But BitCoin’s value and buzz are less about how BitCoin works as a replacement for cash—it’s driven almost entirely by speculation. People buy BitCoin to bet on its price rising, not so they have a convenient way to conduct personal business. PotCoin is useful for those stuck between the state marijuana and federal banking laws.
PotCoin Is Also Notorious For Its Spokesman
While weed legalization and the crypto craze melded into the need for PotCoin, recent news about the US-North Korean summit also provided some press for PotCoin. The company’s celebrity endorser is Dennis Rodman, who is a friend of both North Korea’s Kim Jong Un and President Trump. Rodman even made the rounds on national media wearing his PotCoin shirt.
Will PotCoin Continue To Grow Or Dwindle As Legalization Advances?
Canada just legalized marijuana use. The nation to the north is only the second country in the world to make weed legal, the other being Uruguay. Now, there is proposed federal legislation to legalize marijuana through the United States. Although it is doubtful the such a law would make it past President Trump’s desk, it seems the national sentiment is growing towards legalization at some point. The only question is, will we still need PotCoin, or will our debit and credit cards do the trick?