The Rise Of Cannabis Cryptocurrencies

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You might not be aware of this, but the industry-specific cryptocurrencies appear to be the next big thing. Industries like fishing, dentistry, coffee production, and many others, all have their cryptocurrencies. Should canna-businesses follow the same path? Read on to find out. 

Why Do Businesses Need Industry-Specific Cryptocurrencies? 

The answer is rather simple. Most industries initiating this trend earn billions each year, and they want to save every dollar possible. That is not always easy when there are middlemen that dictate the sale rates and prices of goods and services, eventually influencing every transaction in the industry. By eliminating this variable, the industry can work much more transparently and offer better prices of the mentioned goods. 

The cannabis industry is growing at an incredible rate. As laws get looser each year, we are looking at a more open and competitive market. To practice fair trade and, of course, make cannabis affordable for everyone, it just might be the perfect strategy to adopt the cannabis cryptocurrency strategy. Luckily for us, the efforts are strong, and several cannabis cryptocurrencies are taking off. 

Blazing Cannabis Cryptocurrencies To Look Out For 

As we mentioned, newer cryptocurrencies for specific industries are made to facilitate global transactions of goods. Many banks appear hesitant to collaborate with canna-businesses. That is because Uncle Sam needs to be notified about all banking activities related to these businesses, which usually costs a lot. 

Cannabis cryptocurrencies would enable both growers and distributors to conduct their business more effortlessly. This idea is shared by several crypto investors, and here are a few of them: 

DopeCoin is the supreme ruler in this category. Its main goal is helping both consumers and distributors buy and provide cannabis in a much simpler way. As a vendor, not only does it make simpler to transfer your money straight to the bank, but you can also pay your employees in DopeCoin Gold. Once you have downloaded the currency’s wallet and created an account, you are ready to trade Bitcoin for DopeCoin. 

CannabisCoin has been focusing on smooth transactions in the field of medical cannabis sales since 2014. An interesting aspect of the cryptocurrency is that it offers a pretty straightforward model of exchange, trading one coin for one gram of cannabis. Note that this currency is not to be confused with CannaCoin, which is another Bitcoin-based currency also founded back in 2014. CannaCoin is very successful in California, where the recreational use of cannabis flies high. 

HempCoin is directed toward the hemp industry. While 33 states ended the prohibition on the medicinal use of cannabis, the Farm Bill of 2018 made hemp legal across the entire United States. Even though the industry is still somewhat restrictive, this cryptocurrency makes the money flow a bit simpler. It enables online transfers, decentralized payment methods, etc. 

The Future Of Cannabis Cryptocurrencies 

With both cannabis and cryptocurrencies being incredibly large and continuously growing industries, the future will likely be very bright. 

While the crypto industry appears somewhat unstable at times, the cannabis industry is definitely here to stay. Sustainability of these two industries coming together will be more promising in the future since the industry-related procedures are in dire need of simplification, and cryptocurrencies need to become more trustworthy.

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