I have been doing a lot of research in order to understand the cryptocurrency market in general and to find specific coins to invest in. Recently, I have been looking at Potcoin. I firmly believe in legal marijuana and this seems like a good way to show that support. But more than that, I wanted to make sure it was a solid investment.
Whenever I do cryptocurrency research, I always ask four questions. they are:
What is it?
What Problem does it solve?
What is the future for it?
Should I invest?
Here is my research for Potcoin. Enjoy.
What is it?
According to its website, Potcoin is the first digital currency to help facilitate transactions in the legal cannabis industry. The coins are transferred between individuals with no need for a financial middleman.
What Problem Does It Solve?
It allows legal cannabis businesses the ability to stay in business. They can take payments without having to hold lots of cash or worry about their bank closing their accounts.
Too often, cannabis businesses are turned away from traditional financial institutions. With Potcoin they can conduct business in a safe and secure manner.
It currently has a market cap of $24 million and trades about $500,000 a day. While not the biggest cryptocurrency, it still has enough volume to be able to get in and out of trades fairly easily.
What Is The Future For It?
Last year the marijuana industry was worth an estimated $6.7 billion and could grow to as much as $50 billion by 2026. If Potcoin can get just a fraction of that it could be one of the biggest cryptocurrencies in the world.
Once California officially comes online with it legal cannabis industry it is expected to add $7 billion to the market value.
While there are other cannabis related coins out there, I feel that Potcoin is in the best position to capitalize on the market.
One thing that does concern me is that these coins can be used for illegal marijuana transactions in states where weed it still not legal. I understand that any cryptocurrency can be used for illegal activity, but I can just see the local news reporting how Potcoin is helping drug dealers avoid law enforcement.
Should I Invest?
Yes. This looks like a good investment long term. There is going to be a lot of competition for market share but I feel that Potcoin will be able to going the largest share. Plus they sent Dennis Rodman to North Korea as a cannabis embassador.
Does not most cryptos accomplish the same thing, transactions without middle-men and banks that can cancel their accounts. Why not use litecoin, Monero or Zcash? Why the need for a specific cannabis coin?
I think this is a marketing play. They specifically target the marijuana industry. But yes, any crypto could do the job.
I agree. I believe long term 2020 this investment will have more notoriety. Simultaneously, I believe we must combat Jeff Sessions and his draconian agenda to stagnate any progress for the American people and our rights to our funds.
The War on Drugs is one of the worst things this country has done. I am a big believer in State's Rights and I am happy that my home state of California has legalized marijuana. It is going to be a major fight against the Federal government, but that is a fight I am willing to have.
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Great coin to stake also