Did you know that weed cryptocurrency emerged from the digital currency world to help marijuana-related businesses and customers transact securely?
Federal banks in the United States are incredibly cautious with cannabis merchants, despite recreational and medicinal legalization in several states.
Digital currencies remove the need for cash transactions and bring financial freedom to the marijuana industry.
Cryptos use peer-to-peer blockchain technology to make business-to-business transactions convenient. The hemp industry benefits from the evolving crypto landscape, whether running a grow operation or a dispensary selling bulk cannabis seeds.
Are you a newbie ready to discover the top cryptocurrencies for marijuana? Discover the best digital currencies on the market.
What Are the Top Weed Cryptocurrencies?
Weed tokens make transactions easy for those seeking the herb for recreational or medicinal purposes. Here are five of the best cannabis crypto options:
1. DopeCoin (DOPE)
Adam Howell, also called Dopey, founded DopeCoin in January 2014 to provide cannabis connoisseurs with a secure way of doing business.
The marijuana-themed digital coins provide a payment solution with Bitcoin’s infrastructural foundation.
The weed crypto uses an open-source, peer-to-peer network for transparency on user investments.
It also allows investors and users to conduct pseudo-anonymous transactions with minimal charges in less than a minute.
Users can generate an address via the decentralized digital currency wallet to complete instant global payments.
To develop a Silk Road for the international marijuana market, DopeCoin has a limited supply of 116 million coins in circulation.
Its market cap is $117,273 and trades at $0.001004 as of November 14, 2022. The best crypto exchange to buy and sell DOPE is Mercatox.
2. HempCoin (THC)
HempCoin is one of the top digital currencies on the blockchain achieving social change and revolutionizing the industry. It’s among the first 30 tokens created in 2014 as payment solutions for the farming and agriculture industry.
The cannabis cryptocurrency aims to create an ecosystem for secure transactions of legal marijuana between cultivators, companies, and consumers.
Every sector can benefit from the token’s independent blockchain infrastructure.
The coin utilizes HempDEX for exchanges, HempPAY for payments, and HempTRAC for data. It allows customers to grow their portfolios at a desired pace and scale linearly.
Although it has a Delayed Proof of Work (dPoW) binding it to the Bitcoin security network, the coin is Proof of Stake (PoS). Mining is a way of earning more tokens based on the number of nodes you hold.
The digital currency with over 267,467,885 coins in circulation has a live market cap of $1,440,593 as of November 14, 2022.
Its market value is $0.005386, and the stock trades on Graviex and Bittrex cryptocurrency exchanges.
3. PotCoin (POT)
PotCoin joins the list as one of the first cryptos in the weed industry created by three enthusiasts. They have the pseudonyms: Smokemon 514, Mr. Jones, and Hasoshi and launched the coin at 4:20 PM in January 2014.
The 420 coin provides financial and banking solutions to people who trade in legal marijuana. With HD Wallets and a 40-second transaction speed, the coin is ideal for weed payments.
PotCoin concluded migration to the polygon network on February 1, 2022, to leverage its cross-chain compatibility with Binance Smart Chain and Ethereum. It also benefits from polygon’s vast network of applications and developers.
The blockchain-based currency uses the proof-of-stake-velocity (PoSV) operating protocol that rewards holders. It allows users to validate block transactions and mine based on their assets.
As of November 14, 2022, the virtual money has a circulating supply of over 227 million coins with a market capitalization of $519,894. The value of one PotCoin is $0.001845, and the tokens are available on FreiExchange, TradeOgre, and Bittrex exchanges.
4. CannabisCoin (CANN)
Launched in October 2014, CannabisCoin is a weed-inspired virtual token with a decentralized infrastructure. It’s a peer-to-peer digital currency created to facilitate payments for the hemp industry.
Cannabis coin is an accepted payment method for recreational and medicinal dispensaries in many jurisdictions, thanks to widespread weed legalization.
It offers users a convenient way to conduct transactions with a digital wallet like Bitcoin, Ethereum, XRP, and Tether. Despite using the Bitcoin protocol, holders can mine the currency with a proof-of-work consensus algorithm.
The virtual token has a circulating supply of over 77 million with a live market cap of $400,277 on November 14, 2022. The coin price is $0.005183, and YoBit is the most popular crypto exchange to trade your asset.
5. Cannation (CNNS)
Cannation coin quickly became one of the best hemp cryptos after its launch in 2017 due to peer-to-peer infrastructure.
The cryptocurrency operates on Ethereum to solve the weed industry’s banking issues. It also encourages an open and fair international market.
It’s a marijuana cryptocurrency with 2,476,893 coins in circulation and has a market cap of $2,100.18 as of November 14, 2022. The virtual token’s market value is $0.000848, and it’s available to users on the YoBit crypto exchange.
This virtual currency uses blockchain-built smart contract technology to create an electronic database for the marijuana industry.
It facilitates secure transactions for industry-related supplies and services to farmers and customers with low charges.
It also gives users more control with accountability and transparency in e-wallets. You can earn a passive income through mining in the Defi space and use it to buy gift cards for swift payments.
Buy Marijuana With Cryptocurrencies Without Limitations
The cryptocurrency market is evolving, and the marijuana industry reaps its innovative benefits. While federal legislation prohibits bank transactions for cannabis businesses, digital tokens offer exciting solutions.
Consider weed cryptocurrency for payment when legally purchasing from dispensaries. Blockchain technology tracks the supply chain steps in a secure ledger for transparency.
These selected currencies are innovations in digital finance, which could significantly help the recreational and medical industries. They ensure a secure and convenient decentralized payment solution and encourage peer-to-peer financial transactions.
Kyle Kushman is an American writer, educator, activist, and award-winning cannabis cultivator and breeder specializing in veganic cultivation. He is a representative of Homegrown Cannabis CO company, has been a contributor for over 20 years, and has taught courses in advanced horticulture at Oaksterdam University in Oakland, California, and across the United States. Kushman also hosts a cannabis podcast called “The Grow Show with Kyle Kushman”.