Wednesday, June 4, 2014

The Use of Cryptocurrencies for Pot

The idea of cryptocurrency seems as much as paranoia agent, due the potential ability as a destabilize component. Now, we can see the use of a system, a virtual algorithm that generate essentially a new monetary system, that will leave the status-quo completely shaken but could generate quite a few issues to the authorities and the legality of certain victories.

After the development of Bitcoin, the idea of a p2p network that could give the business some peace as well certain anonymity as well to the consumers, opened the path to creation of similar wallets. The profits of this idea could be beneficial, specially for the consumers who are States that have no laws towards the medical or recreational use of marijuana.

Potcoin, Cannacoin and HempCoin are among the existing, that give the service for the trade. Potcoin, is the newest one on the competition, been launched on January of the present the year. Probably the reason that popular among the users and traders, lays that the interface is simple and not complicated to use, giving the users a more simple form of action.

Yet, the idea of anonymity can bring some serious problems, such the creation of Dopecoin which according to the page itself it is safer than BitCoin but yet how safer it is beyond the protocols that the others were made, and intended to be used for. Even so, if the sellers find a way to fool the authorities on the States were laws are stricter towards the use of marijuana, there are still the controls towards the U.S. post mail as well customs control on every corner.

Business such as dispensaries, are left to deal with cash exclusively, which it can represent certain nuisances as to deal with the banks, it involves dealing with the federal government about every single reported earning. Then there is the problem of facing any punishment if you are in a legal State, but the complications can arise when the law is broken. 

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