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Altcoins: Potcoin (POT) — What Is It? — A Deeper Look Into the Potcoin (POT) Platform

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Summary:

  • What is The Potcoin (POT) Platform and how does it work?
  • Advantages of the Potcoin exchange.
  • Potcoin’s past, present and future price positions.

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The Potcoin (POT) Exchange

A cryptocurrency called PotCoin was developed to fill a banking gap in the legal marijuana sector. Customers can purchase cannabis products anonymously with PotCoin as well. PotCoin was designed as a cryptocurrency that makes transactions in the legal cannabis industry more quick, easy, and secure.

Three enthusiasts using the online aliases Hasoshi, Mr. Jones, and Smokemon 514 released PotCoin in January 2014. They were later identified as Montreal-based developers Joel Yaffe and Nick Iverson.

PotCoin is a specialized coin that is only used by the legal marijuana sector. The nearly complete lack of banking services available to legal cannabis enterprises in the US is a major driver of the need for PotCoin. Financial institutions are generally forbidden from offering their services to businesses that handle Schedule I narcotics like cannabis because cannabis is still illegal at the federal level in the United States.

The proof-of-stake-velocity (PoSV) protocol is the operating system used by the PotCoin blockchain. PoSV, a variant on the more popular proof-of-stake algorithm, rewards coin holders for regularly conducting transactions with their cryptocurrency. Proof of work was PotCoin’s operational protocol up until 2015.

Similar to Litecoin, potcoin has minimal transaction costs and quick processing times. But unlike Bitcoin and Ethereum, PotCoin does not have a sizable user base, which makes it less liquid and more price volatile. Large price swings can be caused by news stories about the cannabis sector. There are other cannabis-focused cryptocurrencies like CannabisCoin and DopeCoin, though PotCoin is one of the most popular at the moment.

There is a maximum supply of 420,000,000 POT coins, 227,647,383 of those are currently in circulation. The current market capitalisation of $584,020.

Advantages & disadvantages of the Potcoin exchange

Advantages:

  1. With the use of PotCoin, cannabis consumers and sellers can perform online transactions directly without the assistance of conventional financial institutions.
  2. Growing cannabis businesses that need access to fundamental banking services are served by PotCoin.
  3. The anonymous purchasing of marijuana flower and related products is supported by PotCoin.
  4. Despite being a little coin, PotCoin has a wallet.

Disadvantages:

  1. The cannabis sector represents the sole use case for PotCoin.
  2. It could be difficult for those who are unfamiliar with cryptocurrencies to use PotCoin.
  3. PotCoin is an illiquid cryptocurrency because of its erratic market price and small trading volume.
  4. Transactions involving PotCoin might be de-anonymized by federal investigators.

Past, present and future prices of The Potcoin network (POT)

The price of Potcoin (POT) took off early on in 2018, reaching its all time high price of $0.39, thereafter the price fell over the course of 2018, and remained low throughout 2019 and 2020. During the first half of 2021, POT’s price increased slightly, however dropped and has remained low since.

The volatility in its price has since staggered in both the upward and downward directions, the crypto has seen much volatility, which is a normal trend for the volatile nature of the crypto market.

Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, POT does fall under this category.

According to some analysts, the future price of The Potcoin (POT) network could reach up to $0.011 by 2025 and could see a price of more than $0.071 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.

POT Price Chart

   
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