What is PotCoin (POT)?
Future of POT Cryptocurrency and know how to buy POT

#1: POT: The Basics

What is PotCoin?

While most cryptocurrencies are just that - electronic currencies meant to be used just like fiat currencies - some have used the blockchain technology to solve real-world problems, and appeal to the needs of a niche user-base. PotCoin is one such coin that was designed to serve the transactional needs of the growing legal industry of cannabis and cannabis-based products.

POT Development

  1. PotCoin was launched on the 21st of January, 2014 by three Canadian developers with the pseudonyms Hasoshi, Mr. Jones, and Smokemon 514.
  2. POT shot into the limelight when former NBA star Dennis Rodman flew to North Korea with the sponsorship of PotCoin.
  3. It is a fork from Litecoin, with little difference to the underlying code structure, apart from a few key changes.

 

#2: What are the benefits of PotCoin?

POT Technology

  1. PotCoin was initially a fork from Litecoin. There were a few key changes made, including a significantly shorter time interval between generation of new blocks, a more aggressive halving schedule, and a higher maximum cap of the number of coins available.
  2. While initially following a Scrypt based Proof of Work algorithm, it has since switched to a Proof of Stake Velocity (PoSV) algorithm which rewards both ownership of POT coins (staking) and the activity of the client (velocity). The current circulating supply of POT coins is 220,200,630 POT, with a block time of around 40 seconds, and a maximum number of 420,000,000 POT coins.
  3. The PoSV algorithm means the entire network of mining of POT coins consumes significantly less power than pure Proof of Work based systems like Bitcoin. When a user stakes their coins, they earn an interest rate of approximately 5% annually and also contribute to the security of the blockchain by becoming an active node on it.

Key Features

  1. Caters to a niche market - PotCoin was designed to be used as a decentralised, peer-to-peer, and secure transactional medium for all transactions related to the legal cannabis (or weed) industry, including all cannabis-related products. The reason for this was many banks and other financial institutions denying financial services to cannabis dispensaries and other such cannabis related organisations, due to the perceived murky nature of the industry as a whole. PotCoin solves this problem, by giving the cannabis industry its very own cryptocurrency, enabling it to perform transactions without scrutiny and censorship.
  2. Integration with real-world entities - PotCoin has been integrated into the transaction system of major Canadian marijuana growers and dispensaries.
  3. Altruistic approach - Medical marijuana patients receive free PotCoin for their cannabis related purchases, upon verification of their prescription.
  4. Gives back to society - PotCoin regularly holds charity raising events, and gives back to the community by donating to organizations which help forward the fight to legalize cannabis usage and consumption.

 

#3: How to Buy & store PotCoin?

How to buy PotCoin

  1. PotCoin can be traded at multiple exchanges such as Bittrex, Poloniex, and Changelly, with Bittrex and Poloniex being the largest exchanges by volume.
  2. PotCoin can also be bought using fiat currency at supported exchanges, such as Indacoin or PotCointrade.com.
  3. PotCoins can also be earned as payment for products sold or services rendered.

POT Wallet

PotCoin has a variety of wallets, both online and downloadable, on its official website. The PotCoin wallet can also be used to purchase POT coins with fiat currency.

CoinSwitch

While cryptocurrency exchanges provide you with a platform to buy or sell the POT cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for POT on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate POT wallet from the exchange to store your POT cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of PotCoin?

Also Read: Complete Analysis of PotCoin | Live PotCoin (POT) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.089076

0.089587

0.085401

0.087788

56906

19600400

Jan 01, 2018

0.411226

0.437496

0.364728

0.385963

8749190

90097500

Jun 01, 2017

0.074164

0.095311

0.073668

0.08631

794167

16088700

Jan 01, 2017

0.01517

0.015782

0.01422

0.014666

211333

3265490

Jul 01, 2016

0.000971

0.001093

0.000904

0.000915

753

207164

Jan 01, 2016

0.00059

0.000786

0.00059

0.000747

2550

125021

Jul 01, 2015

0.001408

0.001453

0.001355

0.001372

591

292017

Jan 01, 2015

0.001067

0.001277

0.000994

0.001045

1935

186300

Sep 01, 2014

0.004188

0.004356

0.003999

0.004017

3708

611572

Apr 01, 2014

0.004935

0.006283

0.004757

0.005239

19790

308397

  1. While PotCoin initially flew under the radar of the general public, its niche domain allowed it to sustain itself, and with the recent resurgence in the areas of cannabis and cryptocurrency, PotCoin might soon experience another surge in value.
  2. It has already delivered over 10x returns to its investors since its launch in April 2018, before falling during the bear market of 2018.
  3. With its integration into Canada’s marijuana industry already, there’s institutional support for the crypto growing fairly early.

 

#5: How is PotCoin different from other cryptos?

  1. Niche market appeal - PotCoin, unlike other cryptocurrencies, was developed to address a specific real-world problem, the ostracization of legal cannabis industries by conventional financial institutions, and has helped improve the financial stability and self-sustenance of the legal marijuana industry.
  2. Dedicated user base - Being the only cryptocurrency dedicated to supporting and promoting the use of legal marijuana, PotCoin has dedicated users around the world, ensuring a stable demand for it in the market.
  3. PoSV algorithm - This improvement over the traditional Proof of Work algorithm means CPU and GPU miners also have a chance at mining a block since the algorithm gives weightage to both ownership of coins (through a process known as staking) and the activity of the client (velocity).
  4. Pop Culture popularity - The general media and press have been interested in PotCoin, due to its unique purpose, and pervasive marketing schemes, and the integration of real-world entities such as Cannabis dispensaries into the PotCoin network. This is unlike most other altcoins, whose developers prefer to remain anonymous with little user-base interaction.

 

#6: Should you invest in PotCoin?

  1. While investing in any cryptocurrency is subject to their inherent volatile nature, if you are part of the demographic POT is targeted towards, or if you’re just looking for a new coin to invest in, the strong demand for PotCoin and robust network make it a worthy contender for investments.
  2. With many US states (and other countries) all set to legalize marijuana, and many having done so already, a new cannabis-based economy may be headed for global relevance and appeal.
  3. In such a scenario, PotCoin may be ideally placed to take advantage of this positive sentiment. In fact, with its own hyped industry - cryptocurrencies - meeting the hyped cannabis industry - many investors may see this to be a match made in heaven.
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