Is there an altcoin for CBD oil? There’s Potcoin, Hempcoin and Cannabiscoin and, of course, you can buy CBD oil with Bitcoin if you like. However, Google searches using a few different variations of, “Is there a CBD Oil cryptocurrency altcoin?” failed to turn up a CBD Oil Coin.
Now that I’ve mentioned that CBD Oil Coin isn’t taken, a Bitcoin clone with that name will probably show up real quick. The thing is, CBD Oil Coin isn’t strictly necessary at this point because cryptocurrency insiders have recognized that there could be demand for a relatively anonymous way to pay for hemp and cannabis products.
The three altcoins I mentioned were specifically created to support the marijuana, hemp, and cannabis industry in a legal environment in which the growth, sale, and possession of cannabis and marijuana are not necessarily legal.
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This is the most well-known of the cryptocurrencies that are geared toward supporting the marijuana, hemp, and cannabis industry. The benefits of using this currency include the ease with which it can be accepted by retailers and exchanged on ShapeShift if sellers don’t want to hold on to it. Sellers can easily accept Potcoin along with several other top cryptocurrencies by using CoinPayments and brick-and-mortar retailers can integrate PotWallet into their POS stations.
A quick search of CoinPayments’ store directory reveals that there are a few online sellers of e-cigs and cannabis products that take Potcoin. This makes for a good branding move when buyers might be a bit nervous about buying cannabis products like CBD oil in an environment where some states have made marijuana legal but the federal government hasn’t yet. Just going by what’s on the CoinPayments directory, Potcoin has also made strides with sellers in several indusries that are willing to integrate altcoins into their business. You can even buy raw honey for Potcoin.
This cryptocurrency has apparently been dragged down by some technical issues that included premature halving and issues with security, which the CannabisCoin team was reportedly trying to fix as of the last update in June 2017. Once these issues are fixed, one thing the team could do a better job of is increasing adoption.
This may include getting on CoinPayments, but the real challenge would be staying on CoinPayments. This payment processor tends to be bad about removing less popular cryptocurrencies before they really have a chance to catch on.
Because a major issue for me is WordPress integration for more of the altcoins that are actually decent, the CannabisCoin team might be well-advised to team up with the better known cryptocurrencies to develop plugins that enable tipping and purchases using multiple cryptocurrencies.
This might boost transaction volume enough to make it more attractive to relatively mainstream payment processors like CoinPayments, which would in turn make CannabisCoin more attractive to sellers of CBD oil.
HempCoin appears to take a wider view of the marijuana, hemp, and cannabis industry by providing wider support for the industry’s supply chain, including farmers who might be interested in growing hemp and marijuana on an industrial scale. This cryptocurrency claims to be interested in helping to facilitate the sale of marijuana and its derivatives to retailers.
If Hempcoin has a weakness, it’s that it doesn’t link to sellers of hemp, marijuana, and cannabis sellers who take Hempcoin. Neither is it on CoinPayments. That means buyers simply won’t know where to go to spend their Hempcoin on CBD oil and that can slow down adoption unless they do a Google search, and that can be frustrating when the best that potential buyers can find is a CryptoCoinNews article.
Its other chief weakness is that it was originally launched by Rocky Mountain Ayre, a struggling holding company that likely wanted to give itself a shot in the arm by cashing in on cryptocurrencies.
While it may be possible to reboot a cryptocurrency that has gotten something of a reputation for being a borderline scamcoin, the fact that it looks so much like a last-ditch effort to save a publicly traded corporation from bankruptcy may hamper any future efforts by the HempCoin team to gain traction in the cannabis industry.
Which cryptocurrency would be best for sellers of CBD oil and other cannabis products? In the absence of a currency that is specifically dedicated to CBD oil, Potcoin could be called the popular frontrunner, CannabisCoin could catch up if it can fix the technical issues, and HempCoin is the lame duck that has been hobbled by a less than auspicious beginning. Sellers of CBD oil could take their pick or choose all three if they prefer, but should definitely start with Potcoin.
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