![logo.png](https://steemitimages.com/DQmbNNeZ8qqu7rMeoPRxd679qxMMATjJJZAyxezcMapHZL8/logo.png)

Launched in January 2014, PotCoin was one of the earliest cryptocurrencies for the marijuana industry. It was designed to solve banking problems for people looking to transact in legal marijuana. The currency was looking to capitalize on Colorado’s legalization of marijuana and even installed a PotCoin ATM at a marijuana dispensary in Colorado. (Related: Pot Industry Turns to Bitcoin as Banks Snub Them)

Potcoin  cryptocurrency, isfocused around the cannabis industry and is used by the hemp enthusiast (obviously we are not talking here about buying drugs illegally on the black market)

PotCoins are digital coins you can send via the internet, which allow cannabis enthusiasts to interact, transact, communicate and grow together.

BREAK DOWN of Potcoin
As of June 2017, there are eight states including the District of Columbia where recreational marijuana is legal, and 29 states where medical marijuana is legal. The number of states that legalize marijuana for one purpose or another is expected to grow as the states' legal systems explore the steps to decriminalize and legalize the plant for retail use. Retail sales in marijuana in the US from 20 jurisdictions was $6.5 billion; a number which is projected to rise to $30 billion by 2021 and $50 billion by 2026.

Like bitcoin, potcoin is an open source infrastructure, which means that improvements and changes to its code can be made by the currency’s administrators or external supporters. In 2017, potcoin moved away from a mining system like bitcoin to a proof of stake (PoS) system whereby participants earn 5% to 7% interest on their potcoin holdings and transaction history.

![dennis-rodman-potcoin-1280x800.jpg](https://steemitimages.com/DQmPa9iEbKDDESg487mBvwtNrdF5xWKRgRRZxz4ZuK8XPk6/dennis-rodman-potcoin-1280x800.jpg)