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Cryptocurrency and the Legal cannabis market: A match made in Heaven

trailblazerPosted for Everyone to comment on, 5 years ago7 min read

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Few days ago I learnt about the CBD token running on the Tron blockchain network with it’s TRC-10 compatibility, this comes off as just an addition to the enlarging streams of cannabis community based cryptocurrencies, a huge surprise? Surely not. The legal cannabis market of the fastest growing market world wide, forget the telecommunications and the forex market the cannabis stock is the fastest rising currently, with the legal cannabis market exploding to over $7 billion worth with the legalization of cannabis for medical and recreational purposes in Canada, this trend have witnessed a great upturn with several other countries joining the bandwagon including the United States where partial cannabis trade have been legalized in some areas of the country and probably every part of the country soon. The legal cannabis market is predicted to hit double figure values in 2019 and investments in its stocks is expected to yield amazing interests within a couple of years.

With the booming legal cannabis market and cryptocurrency markets too, it is inevitable that the utility of cryptocurrencies would have a relevance in the cannabis industry with many blockchain backed cannabis based cryptocurrencies coming up over the couple of years which cannabis market have gathered relevance. Of least surprise it is, the decentralisation of the blockchain community is surely a good environment for the cannabis communities to host its activities with it’s members sharing ideas and values through P2P technology. I guess you saw that coming! Its thoughtful for people of like minds and goal to create a platform for their interactions and if could aid sharing of ideas and values as well then it a MATCH MADE IN HEAVEN. This is what blockchain backed communities and cryptocurrencies have provided for the legal cannabis market and for sure it’s a match made in heaven. I sure expected you to ask me Why?. Even though I’ve said a lot as regards this, there is still more to it as regards the utility of the cryptocurrencies and its communities to the legal cannabis market. Let’s take a ride and I assume you got a blunt of OG kush with you, sorry I thought it’s the cannapedia series… lol

Community power

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Smoke.io, the first cannabis community is a community of over five thousand cannabis enthusiasts coming together to share ideas as regards cannabis use for medical and recreational purposes, while these plants have caused less harm than the pizzas and the burgers, their use have been highly prohibited across several parts of the world, only recently have few countries lifted this ban on Cannabis, countries such as as Thailand, South Korea, Canada, to mention a few have taken a giant stand towards legal cannabis use with Canada leading the foregoing and others joining with the numbers growing rapidly, these countries have since reaped the dividends of this top notch decision.

However, with many still left in the darks of prohibition, its very vital for a community of like minds from both legal and banned countries to come together and interact in a platform free from discrimination, racism and taxation, this is exactly what smoke.io have provided and this is a very important asset to the legal cannabis market, with advert banners and cannabis friendly articles flying around the smoke blockchain, it’s a priceless pushing power for the cannabis industry, people learn more about cannabis and add to their already existing knowledge and she’d off their discrimination against cannabis and cannabis smokers, it’s a clear heaven for the bugs to fly.

Portable means of remuneration and reward

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When interacting in a community, there is a huge drive to tip a friend who have made a wonderful contribution according to the impression rating of his/her contribution, prior to the era of cryptocurrencies, you’d resort to PayPal or money wire as a means of rewarding this friend, sometimes you’d give up on this goal due to the perils of getting this tip over to your pal who lives way far from you and also uses a currency different from yours. Cryptocurrency and the blockchain technology solves this problems completely, you can comfortably send some smoke, smokebits, CBD token, paragon coin or any other cannabis token to your pal anywhere in the world in a space of minutes with almost zero charges and zero stress, depending on your curation power, you can directly curate his contribution and show them your appreciation by also telling them how you feel right under the comments section.
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Not only is the cryptocurrency and it’s community a means of remuneration in terms of funds, it is also a means of remuneration in terms of encouragement, support and appreciation in letters. I hope that sinks well, you can ask questions for clarification though. To the next point…

Exchange Relevance

Over the years, trading and exchanged over international destinations with our traditional currencies have been a tedious task while many have given up forex trading and also international buy and sells, many have been under-performing when compared to their actual ability, this is mainly due to the perils of trading with these hard currencies. Cryptocurrencies have been of relevance to the exchanges and many forex traders have changed lanes to cryptocurrency trading and analysis and since have performed better than they ever had with hard currencies, this comes of as a zero surprise as the cryptocurrency portability is top notch.

Cryptocurrencies will create a huge relevance for cannabis market stocks, surely, incorporating the legal cannabis market proceedings to cannabis based cryptocurrencies will shine light on the cannabis industry in exchange platforms, flying up three cannabis based cryptocurrencies to the top ten cryptocurrencies in terms of market cap and values will surely gain much popularity and prevalence for cannabis industries in both financial and off-finace sectors.

Speed of transaction

Do I even need to stress this? Of course not, the speed of exchange and P2P interaction using cryptocurrencies is amazing, this has been one of the biggest theme of cryptocurrencies as a whole, this goal it have comfortably achieved with transactions taking place in just minute. This of great use to legal cannabis market as payment speed could be hastened multiple times using Cryptocurrencies, preferably cannabis based cryptocurrencies. Cannabis firms can exchange values using these cryptocurrencies and even make things faster and more relaxing for them, dispensaries accepting payment in cannabis cryptocurrency is also important, cannabis based cryptocurrencies could emerge the legal currency for cannabis industries that makes it unique, as always.

Anonymity

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This has to come last as it is of little use, however, based on individual differences, one can choose to stay anonymous in his donations or his transactions, this varies though, but when this is desired, our traditional currencies wouldn’t provide this service, only the cryptocurrencies can, cannabis cryptocurrencies as well, with the absence of KYC and other customer identification means, a senders identity can be completely Hidden from the recipient and the transactions can proceed in anonymity Sure of course, you can send cryptocurrencies worth millions to a pal without giving out your identity, this is a perfect anonymity, though not always desired, but anyone you prefer to go with, the cannabis based cryptocurrencies got you covered.

Just to mention a few, you can also add yours in the comments section as I’m sure I missed out on many, also check out our cannapedia series where we are reviewing your favourite cannabis strains

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