4/20 edition: Looking beyond Bitcoin – Do crypto and cannabis go well?

Lavina Daryanani
Source: Newsd

It is ‘that’ time of the year. Yeah yeah, ‘that’ only, you got ‘it’ right!

Well, there are a few things that people usually avoid talking about openly, and cannabis is definitely one of them. Today is essentially 4 April—the day associated with cannabis.

As such, it is widely believed that “420” owes its roots to five Californian high school students – Steve Capper, Dave Reddix, Jeffrey Noel, Larry Schwartz, and Mark Gravich. Back in 1971, they devised a secret code that they had developed to indicate to each other that they would meet later in the day to smoke cannabis.

After saying “420” to each other while passing in their school hallways, they would then meet at 4.20 PM. Essentially, this was a way to keep their parents and teachers from knowing about their cannabis ritual.

Years back, Capper told the Huffington Post,

“I could say to one of my friends, I’d go, ‘420’, and it was telepathic. He would know if I was saying, ‘Hey, do you wanna go smoke some?’ Or, ‘Do you have any?’ Or, ‘Are you stoned right now?’ It was kind of telepathic just from the way you said it.”

The crypto x cannabis crossover

Thousands of coins exist in the crypto space, but the spotlight is usually only on the top coins. They manage to make it to the crypto headlines on almost a daily basis irrespective of whether they’re in an uptrend or downtrend or consolidation.

However, there are a few lesser-known coins—that you might or might not have heard of—that are on people’s radar today. Right after reading/listening to the name of these coins, a crypto cum cannabis enthusiast would definitely smirk.

So, let’s have a look at them one by one.

PotCoin [POT]

PotCoin is essentially one of the earliest cryptocurrencies associated with marijuana. Launched in January 2014, it was designed to solve banking problems for people looking to transact in legal marijuana. Its creators wanted to capitalize on Colorado’s legalization of marijuana and even ended up installing a PotCoin ATM at a marijuana dispensary there.

Leaving aside the 2017-18 hype, the coin has mostly remained in the shadows. Per data from CMC, the supply of PotCoin is capped at 420 million coins and more than 227.5 million are in circulation at the moment. After noting a minor 1% uptick on the daily frame, POT was trading at $0.007434 at press time.

Source: CMC

CannabisCoin [CANN]

CannabisCoin was also developed just a few months after PotCoin in 2014 only. As such, it is a proof-of-work, peer-to-peer open-source currency and, like Potcoin, was aimed at easing transactions for medical marijuana dispensaries.

Leaving aside the 2018 spike, even this token has failed to deliver on the macro front. Ranked #1897 on CMC, this token was trading at $0.007981 at press time, down by 30% in the day’s trade.

Source: CMC

DopeCoin [DOPE]

This weed-related crypto was founded by Adam Howell, also known as Dopey, in January 2014. Details other than its “mission to provide marijuana enthusiasts with a modern and secure way of doing business for the 21st century” remain to be quite scant.

Per its website, however, DopeCoin users can transact pseudo-anonymously in under a minute. The transfers are “very similar to Visa and PayPal,” however, it is “not owned or profited from by any one person or company.”

Its macro-price trajectory has been quite congruent with its other two counterparts. After noting a mere 2.7% uptick on the daily window, this coin was valued at $0.002523 at press time.

Source: CMC

Well, the idea of a crypto and cannabis crossover did make sense back in the day when people looked for various payment methods to buy pot. Even though none of the three projects saw sunlight during their initial years, they did ripen up in 2018 and attained new highs. However, the hype has already deflated, and at this point, their existence seems to be redundant.