Cryptocurrencies are decentralized virtual currencies that run on the blockchain. In recent years, we've witnessed exponential growth in cryptocurrencies and cryptographic technology, with Bitcoin being the leading proponent.
There are many types of cryptocurrencies. Some are backed by nothing other than trust, and others are backed by some type of activity or asset, like fiat money.
It's common for a source of inspiration to be used in the creation of digital currencies. Whether it's a joke, as in the case of the Dogecoin crypto-meme, or an incentive, as in the case of CBD cryptocurrencies that support the medicinal cannabidiol industry.
In this post, we decided to research and review CBD cryptocurrencies. We'll explain their purpose, market value, and history.
The CBD industry is booming. So-called medical cannabis is experiencing its peak. However, it wasn't always this way. Initially, it was a complicated topic to address due to the legality of marijuana.
That was the starting point for CBD cryptocurrencies. A financial mechanism to facilitate transactions for the purchase of medicinal cannabinoids.
Here are some of the cryptocurrencies inspired or supported by CBD:
Blockcanna CBD
Of all the ones we're going to mention, this one is currently in the testing phase. It's a cryptocurrency backed by the medical cannabis industry.
The purpose of the currency is to facilitate financial transactions involving CBD products. For example, if you want to buy CBD creams or oils, you can pay with this cryptocurrency.
It's an ERC-20 token. This means it operates and functions on the Ethereum blockchain. The goal is to circumvent CBD purchase restrictions imposed by banking institutions and government regulations.
Cannabis Coin (CANN)
The mechanics of CannabisCoin (CANN) are simple: each token represents a marijuana plant. That is, when you send a coin, you receive a cannabis bud in return, either for growing or consumption.
It was created in 2014 as an innovative initiative. It sought to break the ban on CBD purchases in the United States. Although it initially gained notoriety, it didn't last long.
PotCoin (POT)
Probably the most popular marijuana cryptocurrency of all. It's contemporary with the previous cryptocurrency, but unlike CANN, POT has managed to gain ground in popular culture.
It was even mentioned in a note by former NBA star Dennis Rodman.
The goal of PotCoin was to free up cannabis sales transactions in the state of Colorado. It was envisioned that anyone wishing to purchase CBD products would use the currency as currency. The project was serious. They even installed ATMs where POT could be reloaded. But, unfortunately, it didn't gain the support they hoped for over time.
DopeCoin (DOPE)
When it comes to coins to incentivize the medical marijuana industry, this one is the most ambitious. According to its own website, the goal was to provide cannabis lovers with a secure way to buy, sell, and exchange marijuana for the 21st century.
It was created in 2014. Its birth is attributed to Adam Howell, a self-proclaimed creator of 'cool' things.
Within the DOPE crypto chain, users can make transactions quickly and securely.
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