PotCoin (POT) : A look at the Marijuana Industry's Altcoin
Steemians and Miners,
I like to take a look from time to time at the different altcoins available on the market and interact with them on a small level, just to get a feel for the experience of each one. This week I decided to focus my attention on the marijuana endorsing altcoin called PotCoin.
PotCoin was created with the intention of allowing for facilitation of transactions within the legal cannabis community. The crypto currency encourages buying through consumer incentives and is used as an alternative payment network for cannabis users, the vendors, and those involved in the professional side.
PotCoin is currently exchangeable from peer-to-peer through a wallet system as well as in mainstream exchanges Poloniex and Bittrex. If you currently have a wallet address for PotCoin, you can also obtain them through the Shapeshift platform like most altcoin.
Currently PotCoin is trading at the market price of 0.092377 USD but recently saw an all-time-high (get it?) of 0.18 USD on Jun 13th before settling back down to the current price. What's impressive to me about this little green coin is that the current Market Volume (24hr) sits now at 2,036,500 USD, a large increased interest from just a month ago where the trading volume was not exceeding 400,000 USD.
I decided to interact with the altcoin and went to their sponsored wallet browser at potwallet.com :
The wallet creation required me to verify an email account for full access. I also was not given control of a JSON file or Private Key, meaning control of the wallet is left to the software wallet in the browser. Third party control of your access to funds should always be used with caution.
Once I was up and running, I decided I wanted to buy some POT.
I wanted to see the blockchain interaction so I utilized Shapeshift.io to complete my transaction.
I sent 0.10 ETH through Shapeshift and the blockchain transaction duration was 02:34:04 which yielded an exchange of 260.7273 POT which showed up right away in my wallet balance.
So my interaction with the altcoin went as expected, leaving me as an official part of the Pot Network. What is the future of these little green coins? This is unsure in my opinion but I am definitely going to keep an eye on my 'stash' in the months to come. ; )
Keep mining friendos.
@rabbt
I def think that the legalization of marijuana throughout the US going to help the token move up in value. Keeping my eye on this one.
The wider acceptance of legalized marijuana, especially in the commerical recreational venue, could create an exclusive market for POT in the long term. I like the potential of that, but it's also possible that an established cryptocurrency could simply take its place (Like BTC). Worth watching though!
Controversially. Pot started in 2015 if I`m not mistaken. It grew up just a little during last month. But still not high. But now l will be look closely))
Yep, very young altcoin. It has momentum. The only concerning thing to me is that an established cryptocurrency like BTC or Litecoin could easily fill the role that POT hopes to do. It's certainly worth keep an eye on though!
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