PotCoin growing, reps to speak at NYC Cryptocurrency Convention

Cannabis legalization is high on the agenda for many Americans this year, after watching Colorado and Washington voters legalize recreational Cannabis in one form or another, and Colorado expecting revenues of more than $25 million in taxes for the first year of new regulations.

PotCoin, a Bitcoin like cryptocurrency which is based on Litecoin, has been seeing increased growth in price and community involvement as the developers push forward with a business plan for Cannabis dispensaries that must opt out of regular credit card sales channels.

The Potcoin team will have a representative speaking at the Cryptocurrency Convention in New York City on April 9th.

I spoke briefly with Smokemon514 (PotCoin development team) on the #Potcoin IRC channel yesterday. He gave me the latest on the coin and what’s coming soon.

The Potcoin team is working to close a deal with a large investor and are building a stronger infrastructure by adding new DNS servers to handle an increase in site visitors. In addition, they are working to finalize the web wallet.  Having a built in web wallet is a huge advantage for Potcoin in the beginning stages because it will make it easy for anyone with an internet connection store Potcoins online without having to worry about holding them on their computer with the Potcoin-QT wallet client or online exchanges.

It would be fairly easy to make transactions with merchants in-store this way, if for example a merchant provided a secure computer for making the transactions.  You would not even have to carry your wallet with you.  This could be used by distributors as well to avoid large amounts of cash handling.  In fact, that is one of the major selling points that Potcoin is using for its’ dispensary clients - safe, secure transactions.

Eventually, a Point-of-Sale system will be completely developed using Raspberry Pi mini-computers, or possibly an Android based wallet.  This way a customer will be able to buy products with their cell phone using a QR code to facilitate the transaction. We expect there will be more news about this very soon in the future.