Bitcoin for potheads: Cannabis cryptocurrency 101
Why cryptocurrency?
Marijuana is still illegal at the federal level in the United States. That means dispensaries and cannabis-related businesses operating lawfully under state laws can still have a hard time getting traditional banks to take their business.
As such, many cannabis-related businesses must operate on a cash-only basis. This is an inconvenience and it puts marijuana businesses at personal risk.
Since the industry still lacks a non-physical way to complete secure transactions, cryptocurrencies actually make a lot of sense for marijuana operators.
At least three marijuana-related cryptocurrencies have tried to make a go of things so far. Only one — PotCoin — has emerged as potentially viable, according to The Cryptocurrency Times.
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Can proof of stake get potcoin high again? #bitcoin #crypto #cryptocurrency http://t.co/ToiOT9xzFW pic.twitter.com/ZlKTtpNz6f
— BitcoinzWoman (@BitcoinzWoman) October 1, 2015
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How does PotCoin...
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