Cryptocurrencies are progressively gaining popularity as alternative payment methods. One popular ground-breaking type is Cannacoin.
It lets customers explore dispensaries and purchase marijuana products or services without spending cash.
It’s also less expensive and safer than some payment options and cryptocurrencies.
Where can you buy it, what does its setup entail, and how much is it worth? Join us as we explore everything you need to know.
What is Cannacoin?
Cannacoin (CCN) emerged in 2014 as an open-source project that quickly gained recognition in the marijuana community. It’s a means of exchange and a repository of value for goods and services relating to cannabis.
CCN is a blockchain-based digital currency operating on a decentralized database that enables safe, open, and irreversible transactions.
It also has robust community support, increasing the likelihood of maintaining its value over time and avoiding erratic volatility.
Where can you buy Cannacoin?
Cryptocurrency exchanges, peer-to-peer trading platforms, or an online wallet address are among the best ways to buy and trade Cannacoin.
Consider using a business that permits the conversion and sale of stored cryptocurrency, such as:
How much is Cannacoin worth?
The specific price of Cannacoin fluctuates, but as of February 2023, it’s roughly $0.01553 (USD value). It has a market price cap of $73,018.86 and a circulating supply of $4.70 million.
How do you purchase it?
You can buy Cannacoin via a reputable cryptocurrency exchange like Coinbase, which we cover today.
Below is a step-by-step guide on purchasing Cannacoin:
- Create a Coinbase account and fill in your relevant details, including your mobile phone number, for account verification. This is an important process; you can’t buy CCN without it, and it may require two-factor authentication for security purposes.
- Link your bank account debit or credit card. You may also use services like Paypal, Robinhood, or Venmo as your payment method.
- Purchase Ethereum, Litecoin, or Bitcoin. If investing is new to you, consider starting with a small amount. Coinbase imposes a small fee to make this transaction easier.
- Register a new exchange account on a site that supports Cannacoin.
- Find the specific currency’s wallet ID for your Ethereum, Litecoin, or Bitcoin account. Choosing the correct identification is essential to avoid losing your virtual money.
- Open Coinbase again, enter the same address you got from your wallet on the cryptocurrency exchange, then click “Send.”
- Return to the crypto exchange and verify that your funds have been transferred from Coinbase. They may take time to reflect, as numerous confirmations need to occur on the cryptocurrency chain.
After completing this process, you’re the proud owner of Cannacoin.
You can now use it to make your first purchase, like buying seeds for starting your home cultivation.
Features of Cannacoin
After making your first investment, these are the features you can expect from Cannacoin:
- It uses blockchain technology, a decentralized cryptocurrency, to safeguard operations and regulate the generation of new CCN.
- Through the Avalanche blockchain, it provides quick transactions. Payments process in ten seconds at most.
- It offers more robust safety features than conventional currency.
- It provides ease of daily purchasing, particularly marijuana-related products and services.
- Cannacoin is backed by a passionate community of supporters dedicated to its progress.
Supply and distribution
You produce Cannacoin through a “mining” procedure, then use it as payment for various transactions like buying high-THC marijuana seeds.
Cannacoin faucets are decentralized, meaning no entity governs them. All of its balances and transactions are accessible to the general public.
Cannacoin partnerships and relationship
Cannacoin joined with BitPay in one of its initial alliances, enabling businesses to take Bitcoin payments. This third-party website connection broadens CCN’s range and boosts public accessibility.
It also partnered with Coinify, allowing users to sell and buy Litecoin, Bitcoin, and other popular cryptocurrencies. The partnerships may expand its influence for those who wish to purchase Cannacoin and use it for buying seeds.
What next for Cannacoin?
Huge cryptocurrencies like Litecoin, Ripple, Ethereum, and Bitcoin are some of Cannacoin’s main competitors. They may be too pricey for users to rely on for typical marijuana purchases.
Cannacoin prices are relatively lower than its competitors, offering a more affordable and convenient trade option.
The owners of this cryptocurrency have the following plans:
- Launch a mobile wallet software to make life easier for consumers to store and buy Cannacoin (CCN).
- Enhance the currency liquidity by combining Tether and Avalanche with Cannacoin.
- Provide Cannacoin Classic users with a Chrome plugin.
- Ensure Classic users switch to the latest version (ERC20).
- Enlist more individuals to advance, manage, and sell Cannacoin directly.
- Foster a vibrant Discord community for users of the coin.
- Release Cannacoin Prime in January 2023.
- Install Cannacoin kiosks as a point-of-sale system in marijuana dispensaries, allowing people to use their purchased cryptocurrency to buy cannabis products.
The pros and cons of Cannacoin in the marijuana industry
As with everything, some advantages and downsides come with Cannacoin. Let’s explore some of them in the marijuana industry.
- Security: Many marijuana dispensaries can only collect cash, so they typically have large sums of money on hand at all times, posing a security concern.
- Identity: Cannacoin helps conceal the buyer’s identity, allowing for anonymous transactions.
- It’s legal: Cannacoin is lawful and trustworthy, despite the erratic investment performance and regulatory and tax concerns that crypto raises. Ensure you receive adequate investment advice before buying your first cryptocurrency.
- Concerns about undermining credibility: Most people still don’t understand crypto and consider it dangerous. Since it’s new and relatively uncontrolled, its future may not be guaranteed. In addition, the legality of the cannabis and Cannacoin industries is questionable.
- More Complicated Taxes: According to the New Federalism Fund, dispensaries pay outrageously high taxes that might range from 65–75 percent. They frequently incur fees for filing their taxes in cash, and some fear that utilizing Cannacoin may complicate taxation even further.
- Future Uncertainty: Some stakeholders are concerned about the long-term viability of Cannacoin and other cryptocurrencies.
Why invest in Cannacoin?
Cannacoin typically has a lower price and is more affordable than other cryptos for marijuana farmers, sellers, and buyers. It’s run and backed by cannabis advocates striving for it to be a safer, more efficient alternative.
The best strategy to invest in Cannacoin (CCN) depends on your situation. A few viable investment strategies include purchasing currencies on exchanges, keeping coins in a digital wallet, or mining.
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