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
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…