Without access to the banking system, cannabis companies are often forced to rely on cash only transactions. Cryptocurrencies and technology may be able to offer some solutions. While there are many companies out there claiming to offer cryptocurrency options for cannabis businesses, it can be difficult to determine which ones are legit. After all, even if a decentralized cryptocurrency offers cashless options, none of it is worth anything if an exchange goes dark. Check out these four cryptos that look like they will stick around for the long haul.
In a world where cryptocurrencies seem to be popping up everywhere, getting some mainstream name recognition can go a long way. Fortunately for PotCoin, their name was front and center during the Singapore Summit where President Donald Trump and North Korean leader Kim Jong Un met. Dennis Rodman, one of the few bridges between western culture and North Korea, made the television rounds while wearing a PotCoin t-shirt. The company, which formed in 2014, claims to be the first crypto to offer financial transactions for cannabis businesses. They work with most of the big virtual wallets including PotWallet and Android on the mobile side. Potcoin is awaiting approval to work with Apple’s iPhone wallet. and Mac, Linux, and Windows desktop wallets.
Paragon also has an advantage when it comes to name recognition over some of the other cannabis cryptos. The company’s CEO, Jessica Versteeg, is a former Miss Iowa and was a contestant on CBS’ “Amazing Race.” Paragon offers its own cryptocurrency, PRG coins, that can be used to facilitate transactions and take cash out of the dispensary. However, their focus is also on using blockchain technology to track and improve the cannabis supply chain.
CannabisCoin has a similar stated goal as PotCoin and aims to make cashless transactions easier for the cannabis industry. It was built mirroring BitCoin and is considered by analysts to be very secure. CannabisCoin works with Android, Windows, and Mac desktop wallets. They also have a downloadable wallet app through Google Play.
Smoke Exchange offers a unique service for cannabis businesses. Most mainstream online marketing options such as Google Ads and Facebook are off limits to the cannabis industry. However, Smoke Exchange has a workaround and places targeted ads on apps and websites for cannabis companies. But you’ll have to already be comfortable using cryptocurrency if you want to purchase their services. Smoke Exchange is 100 percent funded by cryptocurrency and uses Smoke Exchange Tokens.