Pot coin is actually a decentralized digital currency for legal marijuana purchases and the time.
Did you ever hear of Bitcoin? How about when Silk Road was busted, but Bitcoin was mainly for drug dealers and geeks. Several numbers of Seminars & presentations conducted on Bitcoin always mention how this has the potential to replace banks and governments. One small example is if you were in a country where marijuana consumption was legal, you might be able to buy weed using cryptocurrency.
In the Present year 2022, Bitcoin and blockchain are proven, game-changing technologies. They are being adopted worldwide, with big names such as Jack Dorsey (Twitter founder and former CEO) and Elon Musk (Tesla CEO) urging people to invest in them. Cannabis could be solved by the solutions offered by Bitcoin and blockchain if they were legally able to marry the unregulated currency with the underregulated product. Depending on one’s opinion, there are two opinions: cryptocurrency is the latest fad, or it offers something valuable for marijuana.
Cannabis & Cryptocurrency
Believe that blockchain and crypto can revolutionize many things because they offer a way to store data, use no middlemen and keep financial records safe. For buyers, it creates a new way to purchase goods, while sellers benefit of having higher prices with added security. Political leaders are also more inclined to reduce onerous regulations like tax and money laundering taxes if businesses use this technology.
According to Brendan Hallinan, crypto solves few problems while bringing significant disadvantages. If banks do not allow a business to open an account, those businesses are unable to fund the crypto service. Furthermore, the company would have to pay transaction or conversion fees in order to use a currency other than US dollars. Once cannabis was legalized, which is not an easy feat to do, there was a tide of ideas on the benefits that it would bring to the industry. The general consensus though, is that these things are just too overdramatic and not going to accomplish much.
Why isn’t blockchain technology adopted by the cannabis industry? It’s because the government won’t let it. Track-and-trace needs to be done in the state that mandates systems and taxes need to be paid in dollars. Blockchain-powered platform that will serve as an enterprise management tool, cutting down on transaction fees while simultaneously streamlining processes. Overall the amalgamation of cannabis industry with blockchain brings a big revolution across global market.