What is CannabisCoin (CANN)?
Future of CANN Cryptocurrency and know how to buy CANN

#1 – What is CannabisCoin?

CannabisCoin: The Basics

  1. CannabisCoin is a peer-to-peer cryptocurrency which connects registered dispensaries and enables them to sell marijuana in regions where it is legal.
  2. It was designed as a payment solution for the marijuana sellers. The developers had stated that 1 coin of the CannabisCoin cryptocurrency, called CANN, would be equivalent to 1 gram of cannabis.
  3. CannabisCoin developers also started the “Yes We CANN” movement wherein medical marijuana dispensaries would provide safe, affordable, good quality cannabis at the rate of 1 CANN per gram of cannabis. The cannabis sold through this movement was called CANNdy.

CannabisCoin Development

  1. The CannabisCoin team is based in Phoenix, Arizona in the USA.
  2. The founder and developer of CannabisCoin goes under the digital name of DeltaNine, D9 or “Ty”.
  3. The cryptocurrency remains one driven by the community, and its team consists of industry professionals, cannabis growers and patients who use the drug.

 

#2 – What are the advantages of CannabisCoin?

CannabisCoin Technology

  1. CannabisCoin is a Proof-of-Work cryptocurrency which belongs to an age when Bitcoin was just gaining popularity. It’s based on the Bitcoin protocol, but with a few tweaks.
  2. CannabisCoin is made for a target audience of people who consume marijuana for both recreational as well as medicinal purposes.
  3. The coins can be mined with consumer-grade hardware, i.e., you can use your CPU or GPU right at home to mine CannabisCoin and won’t need sophisticated hardware, ASIC or other supercomputers to perform the task.
  4. CannabisCoin is based on the ASIC resistant X11 algorithm, with an initial block reward of 105 CANN per block. This has now reduced to 70 coins per block after June 2017, with a block time of 42 seconds.
  5. Ty, CannabisCoin’s founder and developer started a movement called “Yes We CANN”, through which medical shops and dispensaries could participate in providing safe and affordable quality medicine (cannabis) at reduced rates using CannabisCoin.
  6. The cannabis sold was to cost 1 CANN per gram of cannabis at the current exchange rate of CannabisCoin. The “Yes We CANN” movement involved dispensaries keeping aside a supply of cannabis to be sold at 1 gram for 1 CANN.
  7. Cannabis strains grown specifically for CannabisCoin by growers or strains kept aside by growers and merchants for sale using CANN (the 1 gram: 1 CANN ratio) are called CANNdy.

 

#3 – How to buy and store CannabisCoin tokens (CANN)?

How to buy CANN

Although nearly 4 years old, CannabisCoin is available for exchange on only four platforms – Bittrex, Cryptopia, CoinExchange and Yobit. You can buy the coins from all four for Bitcoin. Cryptopia also accepts Litecoin and DOGE while Yobit accepts Ether, DOGE, WAVES and also fiat currencies like USD and RUR in addition to Bitcoin.

  1. These are just platforms where you can buy or sell CANN tokens, but help is often required to pick out the right exchange. CoinSwitch, one of the best cryptocurrency exchanges around, will help you in this regard by displaying the prices at the exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your CANN token, and CoinSwitch will help you decide the best one for you!
  2. What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

CANN Storage

  1. You can store your CANN coins on its native wallet – the CannabisCoin wallet.
  2. The CannabisCoin wallet is available as a desktop wallet, compatible with Windows and Mac OS.
  3. The team behind the coin also released an Android mobile wallet for CANN recently, and the wallet app is available on Google Play, effective from 2018.

 

#4 – What is the future of CannabisCoin?

Also Read: Complete Analysis of CannabisCoin | Live CannabisCoin (CANN) Price Charts And Predictions

Market Cap and Global Acceptance

  1. Like Bitcoin and most other cryptocurrencies of its time, CannabisCoin is a mineable cryptocurrency which uses the Proof-of-Work model. Unlike Bitcoin, though, users can mine CANN coins using CPUs or GPUs rather than expensive hardware.
  2. As of July 2018, CannabisCoin has a circulating supply of about 77.23 million CANN, with a market cap of only 1.69 million USD and a value of $ 0.0218 USD per CANN coin.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 14, 2018

0.020571

0.021361

0.019224

0.020935

5,289

15,88,710

Jul 01, 2018

0.020447

0.021894

0.020063

0.02187

5,465

15,79,120

Apr 01, 2018

0.03274

0.03343

0.029673

0.032664

14,049

25,28,560

Mar 01, 2018

0.062104

0.075864

0.061811

0.073154

1,02,432

47,96,350

Feb 01, 2018

0.107946

0.112282

0.083553

0.087867

1,37,465

83,36,800

Jan 01, 2018

0.300133

0.403218

0.250219

0.270082

1,54,16,100

2,31,79,700

Dec 01, 2017

0.032105

0.037391

0.030427

0.03627

86,308

24,79,480

Aug 01, 2017

0.017401

0.01984

0.015886

0.019076

45,017

13,43,900

Jul 01, 2017

0.037511

0.039159

0.031043

0.033472

82,802

28,97,030

Jun 01, 2017

0.011789

0.01268

0.011789

0.012421

55,734

9,10,447

Jan 01, 2017

0.002055

0.002202

0.002026

0.002028

71

1,58,705

Aug 01, 2016

0.002274

0.002422

0.002028

0.002331

101

1,75,585

Apr 01, 2016

0.00374

0.003965

0.003674

0.003735

466

2,88,827

Dec 01, 2015

0.002274

0.002364

0.002029

0.002288

1,105

1,75,531

Aug 01, 2015

0.003589

0.003689

0.003301

0.003453

1,149

2,76,298

Apr 01, 2015

0.004969

0.005204

0.004802

0.005065

2,530

3,77,395

Dec 01, 2014

0.007465

0.007932

0.006835

0.007193

11,682

5,20,711

Aug 02, 2014

0.000313

0.000407

0.000313

0.000406

312

20,927

Trends so far

  1. One of the older cryptocurrencies, CannabisCoin has seen its fair share of volatility in the four years since its inception, though its price has never gone above a high of $0.6. It was valued at about $0.0004 when it launched in August 2014, which was also its minimum value. Since then, the value increased to its maximum of $0.348 in January 2018 and then reduced again to its current value of $ 0.0218, as of July 2018.
  2. CANN’s relatively low circulating supply coupled with its extremely low individual price has put the coin on a very low rank among cryptocurrencies globally. It is currently ranked 755th in terms of market cap globally, at the time of writing this article.
  3. CANN is a cryptocurrency which will never be able to compete with the likes of Bitcoin or Ethereum, but it was never meant to, either. It’s a niche cryptocurrency for the community of people who consume cannabis, heavily restricted as marijuana is illegal in most parts of the world. However, marijuana is slowly being legalized in various states of America, and this will certainly lead to increasing popularity of this cryptocurrency.

 

#5 – What makes CannabisCoin different from other cryptocurrencies?

  1. Though not the only cryptocurrency in the world which is built with recreational drugs in mind, CannabisCoin was the first to think of the concept and came up with it long before any others.
  2. CannabisCoin stands out from other cryptocurrencies as it is pegged to the product (cannabis) rather than a fiat currency. 1 gram of cannabis costing 1 CANN coin is good for consumers when CANN is cheap, but it could turn around any time.

 

#6 – Should you invest in CANN?

  1. CANN is slowly gaining popularity in the States, ever since marijuana was legalized in January 2018. It does have a low market cap and discouraging global ranking, but it’s a niche cryptocurrency which only interests consumers of marijuana.
  2. As the popularity of cannabis itself increases, so will the demand for CannabisCoin, which, in turn, turn lead to the appreciation in value of the coin. Cannabis is being legalized in various states of America, and though it’s a gradual process, it’s gaining popularity slowly but surely.
  3. CannabisCoin is not the most interesting coin to invest in if you’re not interested in marijuana, but it may prove to be a good long-term investment, especially since it costs low enough currently to buy a significant number of CANN coins without spending too much money.
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