Definition - What does Pot Coin mean?
Pot Coin, or PotCoin is a type of digital or cryptocurrency designed and intended by its creators to be a medium of exchange for the legal cannabis industry. It was launched in January of 2014 (on the 21st at 4:20 PM) by three Canadian entrepreneurs. PotCoin users can conduct transactions anonymously to purchase hemp products, medical cannabis or any other legal marijuana purchase. PotCoin can be used for both online purchases and in-person purchases at actual dispensaries.
In 2017, PotCoin became a proof-of-stake (PoS) system. Holders of this currency and users can earn 5 to 7 percent interest on their PotCoin holdings and transactions.
MaximumYield explains Pot Coin
Since all cannabis is still lumped in with other Schedule One narcotics at the federal level, the services of any bank operating in the United States is not available to any legal proprietor of any cannabis business. PotCoin is an alternative currency that helps to avoid these businesses dealing strictly in cash which can lead to numerous problems in and of itself.
Like any other currency, speculation and market conditions effect the day to day value of PotCoin. The value of PotCoin increased in 2017 as it received much press by sponsoring a high profile trip to North Korea by former NBA player, Dennis Rodman.