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Turn on your TV, open up your phone or even listen to the radio and you’ll hear a lot of buzz about cryptocurrencies. Crypto this, NFT that, blockchains and Bitcoins and a whole lot more; what does it all mean?! Even if you’re already invested in cryptos, the majority of people don’t really understand the ins-and-outs of these mysterious, ethereal currencies. There are so many varieties of crypto coins so keeping up one what’s new can feel like a full-time job.
Have you ever wondered if there is a weed coin specifically built for cannabis-related transactions? A medical cryptocurrency designed for peoples’ various marijuana needs? A hemp coin to get your CBD with? It’s actually really easy to learn how to buy weed online with bitcoins or other cryptocurrencies. We’ll detail the biggest weed coins that your real dollars can buy, look at a few trends in the medical cryptocurrency field and highlight the do’s and don’ts of learning to buy weed online with Bitcoins.
HOW TO BUY WEED ONLINE WITH BITCOIN
In order to order your buds with Bitcoins, hemp coins or medical marijuana cryptocurrencies you’ll need to create a crypto wallet. To accomplish this you’ll need to choose from one of the numerous e-wallet providers out there (Coinbase, Ledger, Mycelium, etc). Whoever you choose, make sure you understand the terms of service, the fees and the limitations of their processing servers. This last point is very important for anyone looking to buy weed online with Bitcoins or others cryptos, because some wallet apps can restrict who/what/how you purchase certain things.
Once you’re set up you’ll need to invest, convert or trade your dollars or other currencies into Bitcoins or other supportive weed coins. BE CAREFUL not to lose or share your wallet credentials – once this is gone it can’t be recovered! This highlights one of the reasons why many people shy away from buying medical marijuana with cryptocurrencies. Some sites are obviously more shady than others, but even some reputable ones can suffer from data breaches or other security lapses.
As a rule of crypto-thumb, always be extra careful when making purchases with cryptos. If you’re asked to share any of your wallet details, ask yourself: maybe the transaction isn’t worth the risk? Most Bitcoin, hemp coin or weed coin transactions will involve you sending your chosen cryptos to a designated receiver’s wallet; this means you shouldn’t have to ever share your wallet details beyond your own personal customer details (i.e. name, order #, etc). The final step to a typical Bitcoin transaction will entail confirming that the funds were transferred. This can be completed via email or encrypted chat service.
These warnings are important to understand, but it doesn’t mean that learning how to buy weed online with Bitcoins or other cryptos isn’t safe. Quite the contrary, weed coins, hemp coins or the big name cryptocurrencies are actually an extremely efficient and secure way of purchasing anything from buds to bananas to boxer shorts. Cryptocurrencies like HempCoin, WeedCoin, PotCoin and others are just a handful of the new wave of industry-specific cryptos that are cropping up as quickly as the cannabis plants we covet.
Bitcoin is the most recognizable and most established option so far, but this exciting field is growing so rapidly that it’s not uncommon to come across new & exciting cryptocurrencies every week. There definitely aren’t enough retail stores or online dispensaries that support Bitcoin transactions, but as these coins gain notoriety and more and more people invest their money into cryptocurrencies will only start to see an increase in these kinds of payment options.
THE TOP 5 WEED COINS
CannaCoin – CCN
Rounding out the bottom is one of the many “deceased coins” that have come and gone in the medical marijuana cryptocurrency department. CannaCoin (CCN) was thought to be one of the next big things in cannabis cryptocurrency. Launched in 2014, CannaCoin was a weed coin that was primarily utilized in California during the resurgent period of legalization in the 2010’s. It was projected that CCN could become regulated, legal tender across the State for most – if not all – legal cannabis transactions.
A large number of dispensaries accepted CannaCoin from 2014 to 2018, but a series of unfortunate market circumstances and the ever-present turmoil afflict cannabis industries all over the United States. By the end of 2018, CannaCoin was deemed a “dead currency” as its valuation dipped into the lowly $0.000005 of a USD. This signaled to most that the experiment for CannaCoin had failed, but some still hold out hope for a revival of cryptos like CannaCoin when the cannabis markets are more stable.
HempCoin – THC
Ironically, even though hemp cultivars typically have greatly reduced THC contents when compared to cannabis plants, HempCoin trades under the ‘THC’ moniker. HempCoin (THC) was launched with the intention of piggybacking on the Farm Bill in 2018 – the Federal Act that legalized hemp production and all its derivatives, including CBD.
HempCoin certainly showed a lot of potential as the hemp craze took hold through 2019 and continues today. However, HempCoin saw its biggest net worth at $128 million early 2018 but never truly capitalized on CBD legalization as it fell to $0.003 USD as recently as this year.
Paragon Coin – PRG
Paragon (PRG) remains one of those cryptos that has had various periods of success, and although it hasn’t attained the lofty ceiling it was projected to, it might be strong enough to continue on as we push for greater cannabis stability. Paragon Coin was a unique weed coin in that it was created/backed by somewhat of a celebrity: the former Miss Iowa, Jessica Versteeg. Adding clout to this medical marijuana crypto, rapper The Game came on board and took Paragon’s reputation to new heights in the realm of weed coins.
Paragon Coin experienced early success on board the hype-train created by its celebrity backers, with roughly $50 million in market cap in 2018. By the end of the year, however, it had fallen much like the previously discussed weed cryptos. That being said, Paragon didn’t collapse like the others – it did lose much of its market cap, but PRG has shown signs of potentially making a comeback. Although the future isn’t necessarily bright, it’s not completely bleak for this cryptocurrency either.
CannabisCoin – CANN
Narrowly missing top spot, and also coming in literally months behind the #1 POT, CannabisCoin was developed with boosting cannabis-purchasing power, security and rewards in States where marijuana was legalized. The unique factor about CANN was that it was designed as a simple one-for-one token system more so than an investment in blockchains or trading currencies.
CannabisCoin was designated as the first and only e-coins that could only be used to purchase cannabis products at dispensaries. This meant that there was less of a focus on currency exchanges or cross-investing into other cryptos. CannabisCoin made this very simple by setting their original valuation of 1 CANN coin to be worth 1 gram of cannabis.
CANN went through all the ups-and-downs that other medical marijuana cryptocurrencies – over-valuation, massive losses, and bottoming-out in obscurity. Today, however, CannabisCoin is clinging to its $0.011 USD despite it being tied directly to the value of the buds themselves. Only time will tell how this weed coin can survive, but with its unique vision for modernizing cannabis transactions perhaps it was just ahead of its time.
PotCoin – POT
If awards were handed out for originality, creativity and longevity, then good old PotCoin would take home the trifecta. POT was launched at 4:20pm with 420 million coins in circulation – unfortunately, not on April 20th, but they get bonus points for sticking to the theme. PotCoin almost failed right out the gate, but an unlikely hero emerged to their rescue – Dennis Rodman.
The polarizing former NBA star was seen wearing PotCoin shirts and other merch which led to some of his bizarre mystique rubbing off on this particular weed crypto. POT surged by more than 75% that week, and it was able to maintain some success for months to come off this unexpected wave of investment.
PotCoin was the first weed coin to be made available at ATMs across the U.S., reaching over 800 machines over 2017-2018. Now, much like CANN, POT crypto hovers around $0.011-0.012 USD. It doesn’t seem like cannabis-specific cryptocurrencies are able to sustain success – which might have to wait for Federal legalization in the US, or for more countries to Federally legalize like their Canadian and Mexican neighbors. Despite these shortcomings, PotCoin certainly gave the world a fascinating glimpse into ultra-targeted cryptos in the realm of marijuana.
