What Is PotCoin?
PotCoin is a cryptocurrency that is gaining popularity by leaps and bounds for being linked to the cannabis industry. The intention of the team from the beginning was to become the first currency used massively when cannabis is finally legalized. Technically, PotCoin used almost the same parameters as Litecoin. At a certain point, the developers decided to change its structure and data to move away from the preceding coin and transform it into something more similar to the Reddcoin cryptocurrency. PotCoin reached the vast media attention shortly after its launch and had experienced a record increase in its price in just a few years of existence but also, unsurprisingly, a huge crash. Once things settled for this coin after the hit in mid-2014, it suffered another major setback, and the development team disbanded. It had to be replaced by a group of people called PotLabs (that had been helping the development of cryptocurrency since the early days), taking over and starting to steer future developments of the coin.
Pros and Cons of PotCoin
Advantages of PotCoin
The project has two important aspects: on the one hand, it is integrated into the transaction system of the largest marijuana grower and dispensary in Canada, thus giving it greater support from the industry. And on the other, patients under medical treatment with cannabis-related products receive free POT after verifying their prescriptions. In addition, PotCoin regularly holds charity events and donates to the community everything that organizations donate to help legalize the use and consumption of cannabis. It has gathered a lot of interest from the press in its beginning. This is largely due to its unique purpose, interesting marketing mechanisms, integration with real-world entities like dispensaries, etc.
Disadvantages of PotCoin
It is necessary to follow the steps of the industry in general to know if it will have any chance of being successful or not. Everything depends on whether there is a legal industry that requires it for its value to increase. Meanwhile, PotCoin seeks to make this reality happen and thereby cement its future. The success or failure of a project has a close relation to the legalization of the cannabis industry. Just as the rules and regulations that affect Bitcoin hinder or favor its price, developments in legislative matters for this currency can greatly influence its future.