How HempCoin is changing legal cannabis
HempCoin was created in 2014 and according to their website; they were one of the first 30 cryptocurrencies. It is based on PIVX blockchain code and they use Zerocoin protocol for privacy. Developers can contribute to this open-source software from anywhere in the world.
Who Uses HempCoin
Medical Cannabis Patients
Medical cannabis patients are one of many HempCoin users. Some legal dispensaries are starting to accept THC as currency. This has two main benefits for patients. The first is that they don’t need to worry about a paper trail for each transaction. If a person does not want to see a dispensary on their credit card bill, they would normally need to bring cash. The patient can instead trade Bitcoin for THC coins in order to pay for their medication.
Medical Cannabis Dispensaries
Dispensaries also benefit from cash-free transactions. Having large amounts of cash on site makes businesses more susceptible to robberies and employee theft.
Another benefit for dispensaries to utilize THC is for faster, less expensive transactions. It costs companies more money in fees associated with debit and credit than it would using HempCoin. If they only us Cryptocurrencies they can make every transaction more efficient.
Medical cannabis dispensaries can pay their marijuana suppliers using HempCoin. Many banks refuse to exchange fiat currency for these transactions, due to federal laws regarding marijuana. Using a cryptocurrency can clear up some of the red tape and save time.
Hemp Industry
The hemp crop is used in the production of beauty, household, and food products. In 2016, $688 million worth of hemp products were sold in the United States. HempCoin is expecting that this industry will grow once US restrictions are lifted.
Tobacco Industry
Including the tobacco industry in HempCoins target markets has opened up operations in all 50 states. With this inclusion, they can market to consumers in states and countries that have yet to legalize cannabis. Their main focus in this industry will be on head shops, cigar bars, convenience stores, and nightclubs.
Farming/Agriculture Industry
Agriculture is a trillion-dollar trade business. HempCoin is the only cryptocurrency being used in this industry. Currency conversion, money transfers, and financing are some of the biggest problems facing exporters and importers today. These challenges can be eliminated with HempCoin transactions.
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About Post Author
Brennan is a blockchain technical adviser in the healthcare sector and blockchain entrepreneur who has worked on developing proprietary concepts for both artificial intelligence and enterprise blockchain. He is a graduate of Rutgers University School of Health Professions where he earned a M.S. in biomedical informatics.