Are you looking for an accurate Potcoin price because you’re a kind of a fan of legalized cannabis? Actually, this crypto was exactly made for carrying marijuana purchases. To make it clearer, the token was created to make payments in the cannabis market that is legal in some states. Back in 2014, recreational cannabis shops were showing up in the Western part of the country, and this crypto was just for that.
Did you get interested? What is a Pot coin exactly? Keep on reading, and we’ll tell you everything about this digital currency and whether you can benefit from investing in the venture. Additionally, you’ll get to know the Potcoin price prediction for 2021 and what the near future holds for the project. Without further ado, take a look.
What is Potcoin?
Users are supposed to use this digital currency to purchase or sell the plant incognito. The idea behind it is to simplify payment procedures in the booming legal cannabis domain. Potcoin came out as a payment solution since control and financial organizations have been slowly embracing the economic shifts that some US areas were causing by adopting the plant use officially.
By 2015, the community grew into a pretty solid network, and it secured multiple ATMs across some locations in Colorado. Still, the buzz around crypto did not get public use, and some consumers kept using cash. For now, the company is enhancing the platform and currency to roll out PotCoin 2.0, a brand new Potcoin blockchain infrastructure.
The overall sum of sales constituted $13B across the country in 2020, together with the District of Columbia. Legal systems are now regarding the ways to assign the plant a legal status to permit retail application. The number of regions legalizing it (each for a specific reason) is estimated to increase. By 2024, trading of the plant for healthcare and leisure time is foreseen to reach $37B. Thus, issues around funding the legalized marijuana business might boost, making the Pot coin value skyrocket.
Potcoin (POT) Price Analysis
A few days after the venture had been launched, multiple well-known Potcoin mining networks got interested in the token. This way, the game between Potcoin and Bitcoin became possible later, on January 30.
After four months, the token capitalization hit $1M. However, the following day the currency crashed because of the several fraudulent practices of investors. The latter also caused a decrease in the whole capitalization to around $250 000.
On December 31, 2018, the Potcoin price hit its peak. One unit cost $0.508288 at a time. In February 2014, the lowest worth ever was when the price point decreased to $0.000006. This year in February, one unit cost $0.0339.
Potcoin (POT) Popularity Analysis
Potcoin comes as a banking countermeasure enabling marijuana businesses or individuals to interact on a shared, public peer-to-peer platform. This way, people can enjoy safe transactions from any place worldwide. The fact makes the Potcoin price prediction 2021 pretty optimistic in terms of value.
The whole process starts with a digital wallet creation. The latter produces an exclusive public address for obtaining the coins as well as an individual key for retrieving the funds. If someone else receives the currency in their wallet, they can purchase or sell cannabis products globally.
The token has an open-source infrastructure, meaning the venture’s administrators or third-party supporters can make any modifications in its code. A year after the launch, Potcoin migrated from a mining algorithm to a Proof-of-stake one. A new system allows participants to make around 5% interest from their Potcoin storing and transaction logs.
The pot coin value directly depends on the current demand it possesses (simply put, how much the token is exploited for all the procedures). Unlike Bitcoin and Ethereum, there’s no wild community behind the venture, which makes its worth flighty in the relevant market.
To illustrate the fact, when the news said the project had patronized Dennis Rodman’s trip to North Korea in summer 2017, Potcoin’s worth skyrocketed by 90% compared with the previous day. Later in 2018, Potcoin the guy could visit (again, thanks to the venture’s help) the Singapore summit organized namely for former US President Donald Trump and Kim Jong-un, North Korean governor.
Potcoin (POT) Coin Value
Is Potcoin a good investment? Let’s regard the token’s journey to understand whether the venture has potential. The release was initiated by three entrepreneurs from Canada. The authentic names remain unknown, except their nicknames: Smokemon, Mr. Jones and Hasoshi. The guys strived to produce the virtual currency for making payments on the authorized cannabis market easy and secure.
The following year turned out tough for the project since one of the squad members passed away. A significant development was made half a year later. The system switched to POSV functioning, bringing about some issues like transaction speed, account freeze on Potcoin wallets. Luckily, after a while, all of them had been solved.
This venture is built on blockchain technology. For quite a long, it’s been in common use as it underlies the famous Bitcoin. From the beginning, crypto was a fork of Litecoin. Later, it separated from the ‘mother’ one due to several differences. Before releasing the token, fifty-five blocks were mined. At a time, the compensation constituted four hundred twenty coins (for each one).
By summer 2014, the compensation for building the block while Potcoin mining was two hundred ten, making a half of the initial bonus. At present, the Pot coin value doesn’t promise big profits, provided that you do not exploit a particular gear like ASIC. POSV replaced a traditional script for this currency – Scrypt, which canceled the mining itself. Now, there’s a fee on executing money transfers.
Potcoin (POT) advantages and disadvantages
Although some states have legalized the plant and others are joining the list, yet the federal law recognizes it as drugs equal to heroin and Lysergic acid diethylamide. They also label it as Schedules I substance. The fact means that staff in this industry cannot turn to bank services as they are not allowed to have business with legal cannabis retailers, according to federal control.
Some of them accept only cash, making the processes troublesome and provoking fraudulent actions. The budding industry and ‘cash-only’ operators need secure and appropriate ways to handle transactions every day between planters and cannabis shops. The venture strives to address the issue, which makes Potcoin predictions pretty optimistic.
Potcoin’s big disadvantage is what a person can buy with it. Although the team states that everything in there is anonymous, the fact causes a lack of ‘individual secrecy’ for the token. Thus, it turns out only distributors and consumers can benefit from the coin. So, if the Parliament concludes to close plant distribution shops, they should just retrieve transactions executed with the potcoins marking.
As of January 2021, it is still a tiny altcoin whose market cap constitutes $3M, and the venture battles for supremacy with other marijuana-centric counterparts like CannabisCoin and DopeCoin. But the biggest challenge is dealing with federal law.
Now, let’s get straight to the Potcoin price prediction 2021.
POT Price Predictions For 2021
The Potcoin price today is $0.0193. The market cap constitutes $4.368.136, with 226,260,188 coins in circulation. The value has boosted to $0.0190 for the last 24 hours, and the lowest one was $0.0153.
Experts state the price is not likely to drop any time soon and it’s expected to hit $0.1914 in 2021. However, some analysts predict the cost to reach $0.0239399 in June 2021, and in November 2021, it might make $0.0253523.
POT Price Predictions For 2022
As of January 2022, the lowest price might be 0.0220124, and the highest one 0.0323711, with an increase of almost 42%. This very year, in December, investors might face the highest price point of $0.0366821 and the lowest one of $0.0249439.
POT Price Predictions For 2023
The Potcoin predictions for this year are the following: the lowest cost is $0.0252372, while the highest one is $0.0371135. At the end of the year, both are expected to be $0.0284390 or $0.0418220 respectively.
POT Price Predictions For 2024
In January 2024, the value might constitute $0.0287332 as a minimum one, and $0.0422547 as the highest one. In late 2024, the prices will constitute $0.0318019 or $0.0467676 respectively.
POT Price Predictions For 2025
The Potcoin future should be regarded from the present-day perspective. For now, the worth might fall to $0.000397. In general, the market state has experienced a bearish cycle for the last year. Thus, for 2025, the prediction foresees up to the $0.0379 price point.