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What is Potcoin: More information about Potcoin, a proof- of -stake and a legalized cannabis coin

By QuintoTrader | Crypto Street | 25 Jul 2019


  POTCOIN.jpg  

Potcoin is a native cryptocurrency created on Potcoin blockchain whose transaction takes place from one peer to another without involvement by the government thus is being considered to be decentralized. Potcoin cryptocurrency was created for the legalized cannabis industry. As a cannabis enthusiast people, you can easily make a transaction with each other on the Potcoin blockchain using the potcoin cryptocurrency. 

Potcoin transaction

Potcoin transaction takes place on the Potcoin blockchain Explorer based on blocks height and timestamp. To view how Potcoin transaction takes place on the Potcoin blockchain explorer, simply follow the link below;

  https://chainz.cryptoid.info/pot/    

Date Launched

Potcoin cryptocurrency was created in 2014 with the main objective of connecting the Legalized Cannabis industry network.

Founder Of Potcoin cryptocurrency  

Potcoin was created by Joel Yaffe who is a Montreal based technologist and entrepreneur. There are two other founders who have nicknamed themselves as Hasoshi and Smokemon 514. Their main motive for creating this coin was to connect the Cannabis enthusiast guys all over the world. This would make their transaction easier since no government was to interfere with their business. 

Process of creating Potcoin cryptocurrency

Potcoin is a proof - of - work and proof - of - stake cryptocurrency. Being a proof - of - work cryptocurrency, it is therefore created through the mining process in the presence of internet and power using GPU, CPU, and ASICS hardware. The algorithm used to mine Potcoin cryptocurrency is Scrypt algorithm. The miners can either choose to mine Potcoin as solo miner which is very slow since to discover a block, it takes a lot of time or they can decide to join a pool and share their computing power which is very fast and more rewarding. Since there is lack of pools to mine Potcoin, the Potcoin developers decided to make Potcoin become a proof-of-stake cryptocurrency. Through staking, one can earn a yearly interest of up to 5%. You can either decide to solo stake which is less rewarding since it takes a lot of time to discover a block in the Potcoin network or can decide to join a pool which is more rewarding since more computing power is being used to discover the block in the network. In pool staking, you simply stake your potcoin in wallet with many users while in solo staking you download the potcoin wallet.  

  Maximum circulation of Potcoin cryptocurrency

 When Potcoin was launched in 2014, it was expected to have a maximum supply of 420,000,000 coins upon completion of its mining process. The block reward was supposed to halve after every 4 years. Due to lack of mining pool, Potcoin decided to shift from proof-of-work to proof of stake. Since Potcoin is a proof-of-stake coin rewarding users for staking their potcoin an interest of up to5% per anum, the maximum supply is not very effective.

Potcoin price 

Currently, 1 Potcoin is worth more than $0.0077 and its price is expected to increase over the next period of time. Potcoin is being abbreviated as POT.  

Converting my Potcoin to other cryptocurrencies

To convert your Potcoin to other cryptocurrencies such as bitcoin , you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Potocin to bitcoin

  https://www.binance.com/?ref=10776203

  Storing my Potcoin

To store your Potcoin, you need a Potcoin wallet or other supported cryptocurrency wallets. You can use Potwallet or other supported Potocin wallets. For the safety of your Potocoin, you can use offline Potcoin wallet like Ledger hardware wallet or you can download Potcoin wallet.  

Transferring my Potcoin to other Users

If you want to transfer your Potcoin to another user, the two of you must have trust in each other. The trust should be the Potcoin address provided by the receiver while the sender must have the Potcoin balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;

POTCOIN SENDER.jpg  

  pOTCOIN receiver.jpg  

  Knowing more About Potcoin

If you feel that you need to learn more about Potcoin cryptocurrency, then you can follow them on their site. Here is the link redirecting you to Potcoin website site

https://www.potcoin.com/    

Now that you know, i think that it is time for you to start Mining some Potcoin as well as purchasing them and start staking them to earn some interest if you don't have some computing power. If you feel that i should also own some for helping you to know more about this cryptocurrency, here is my Potcoin address ;

PSHiSjnR2m2pjUNEP2TU13ZUpYawBNZxET
   

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QuintoTrader
QuintoTrader

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Quinto Trader


Crypto   Street
Crypto Street

Crypto Street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more.

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