Cannacoin Blog: January 2021

Friday, January 15, 2021

Why Cannacoin?

Cannacoin was developed for use in the cannabis industry by grower, processor, retailer, and consumer as a unit of account, a medium of exchange, and a store of value for cannabis. Because cannabis is still illegal on a federal level in the United States, cannabis businesses are unable to open business bank accounts and can only operate on a "cash only" basis. This is very inconvenient and also very dangerous. Cannacoin and more specifically our "CannaPay" system removes the danger of having large amounts of cash on hand and adds a layer of convenience to the process of exchange.

What is Cannacoin?

You have probably heard of Bitcoin, right? You probably wouldn't be here if not for Bitcoin. Bitcoin is a new form of digital electronic money called "cryptocurrency" for use by anyone, anywhere, anonymously, and inexpensively over the web. Cannacoin is a cryptocurrency similar to Bitcoin that was deployed in 2014. It is in a class of cryptocurrencies known as "altcoins" which mean "alternative to Bitcoin". Altcoins generally cater to a "niche" market in some way or another and Cannacoin is no different. Someday, Bitcoin will be too precious to spend so we need Cannacoin for liquidity. Cannacoin was designed by hand with love by two twin brothers who were also operating a highly successful online medical cannabis forum here in the Pacific Northwest known as "NWGT.org" or "Northwest Green Thumb". NWGT.org spawned from a simple CL encounter to over 20,000 members at its height. What it spawned is one of the most important contributions to the world of cannabis today. Although it was not received well in the beginning, time has shown us that cryptocurrency is the future and we are proud to be involved in its birth.