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Understanding HempCoin (THC) And The Value It Provides To The Cannabis Market

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The name Hempcoin is probably not something that most people have come across despite the growing popularity of cryptocurrencies. This could, however, be due to the fact that it is one of the cryptocurrencies that are not so popular. This then brings the question of what it is and what are its applications.

According to the Hempcoin website, it is a cryptocurrency that focuses on the agriculture industry, specifically on marijuana or hemp farming. It is built on Blockchain which is the same technology that runs other cryptocurrencies including bitcoin. It is worth pointing out that it is built on Bitcoin’s source code. Its reason for existence is to facilitate transactions between marijuana dispensaries and marijuana farms. The existence of this coin thus highlights the acceptance of blockchain technology in the world of marijuana.

Hempcoin aims to facilitate easier and faster transactions between marijuana or hemp farmers and distributors. The legalization of medical marijuana in many states and recreational marijuana in some regions has led to a rapid growth of the marijuana industry.

Hempcoin was launched in 2014 but has not really taken off like other cryptocurrencies such as Ethereum. However, this could be attributed to the fact that the hemp and marijuana industries have not really been popular until 2015/2016 when legalization became a hotly debated subject. Also, cryptocurrency was not such a big deal back then and these factors have played a role in its slow growth. However, things are now changing and digital currencies, as well as blockchain technology, are now trending. This has led to opportunities for Hempcoin to gain more popularity.

The fact that it is a cryptocurrency that caters to a niche market makes this digital currency quite appealing, especially to cryptocurrency traders. Almost all cryptocurrencies have recently experienced significant gains and this has also been the same for Hempcoin. Its price is currently at $0.242976 though it recently hit an all-time high at $0.260549. It currently has a market cap of $55,884,513 and is currently ranked at position 172 in the list of digital currencies based on market cap.

Hempcoin is however not the only cryptocurrency that is focusing on the marijuana industry. There is another digital currency called Potcoin that is also targeting the niche market. Its website points out that the marijuana industry is heavily reliant on banking services. Potcoin aims to become the standard form of payment for legalized marijuana but it seems that it already has competition from Hempcoin. However, Potcoin is currently ranked higher than Hempcoin in terms of market cap at position 141 with a market cap of $75,461,212 and its latest price at $0.344553.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Marc Fuya via Flickr

Bitcoin

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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Five Strategies for Lowering Your Crypto Taxes

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Getting taxes done isn’t always the highest item on everyone’s to do list. This is especially true if you have accumulated significant gains from investing in cryptocurrencies. What many investors often don’t consider are the opportunities to actually reduce their tax liabilities from their crypto investing. This article discusses five strategies that you can use to help minimize your crypto tax liability.

Depending on what country you live in, your cryptocurrency will be subject to different tax rules. The questions below address implications within the United States, but similar issues arise around the world. As always, check with a local tax professional to assess your own particular tax situation.

1. Tax loss harvesting

Tax loss harvesting is a common strategy in the world of investing where you sell your assets that will realize a capital loss. All you need to do is look at your investments and see which ones you bought for more than they are currently worth. By selling at a loss, you can potentially dramatically lower your net capital gains and thus reduce your taxable income. Given the market we are currently in, there are abundant opportunities to harvest losses and save on your tax bill. Cryptocurrency tax calculators have built specific tax loss harvesting tools that you can use automatically detect which coins present…

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Bitcoin

Will Bakkt Push Bitcoin into the Mainstream?

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Bitcoin has been in a prolonged bear market for some time and has dropped as low as $8300 in recent weeks. This is the worst time for the cryptocurrency since prior to the bitcoin boom in 2017, and it has led to speculation that the original cryptocurrency could be on the decline. However, the digital asset may be about to bounce back. This could be thanks to Bakkt, the new digital asset platform which aims to provide a secure and well-monitored place for investors to trade bitcoin. Some analysts are even suggesting that this could lead bitcoin into the mainstream.

Bitcoin has been teetering on the edge of the mainstream for some time now, with various companies accepting payments in the digital currency. The reason why it hasn’t yet taken off is that it doesn’t have enough practical applications to encourage the everyday person to start using it. But the market is there for alternative payments, and this is particularly apparent in the online casino industry when new sites crop up. For example, Johnny Jackpot is a smashing new casino brand that accepts a number of payment systems including Neteller, Skrill, and Paysafecard. Global customers want to be able to use options like these which were designed for the internet.

The problem with all of the aforementioned systems…

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