Cannacoin: What Is It and Where To Buy It

Cannacoin: What Is It and Where To Buy It

Written by Alison Lurie, In Crypto, Updated On
May 11th, 2024

What is Cannacoin, and why is it essential to the cannabis world?

Cryptocurrency revolves around a system with no centralized point of financial power. The result is new ways of economic exchange that are limitless and free from control by any government institution.

Cannacoin is one such revolutionary crypto that allows individuals to browse dispensaries and buy marijuana or kratom pills (try here) without using cash.

What is this cryptocurrency, and how much is it worth? Find out below.

What Is Cannacoin?

Cannacoin (ERC20) is a cryptocurrency that the cannabis community uses to make marijuana-related transactions worldwide. It’s a medium of exchange and a store of value related to weed products and services.

An individual using the pseudonym Subtoshi with JamesonWA created Cannacoin on March 28, 2014, as an open-source project. They also run the online medical weed forum Northwest Green Thumb.

When the brothers introduced the idea in the forum, it wasn’t well received. The project remained alive through some members who initiated the Cannacoin Classic.

The reason behind the creation of this crypto was to offer an alternative to cash for marijuana growers, sellers, and consumers.

Since weed is illegal at the federal level, only cash transactions are allowed for conducting business. It makes it challenging for marijuana companies to open bank accounts.

Cannacoin has the following advantages for its users:

  • It offers speedy transactions through the Avalanche blockchain. Payments are processed within ten seconds or less.
  • It provides better safety mechanisms than traditional money.
  • It allows for safe access to your assets.
  • It offers the convenience of daily purchases, especially in weed dispensaries.

How Much Is Cannacoin Worth?

The Cannacoin price (ERC20) is approximately $0.0155282, with a market cap of $73,018.86. It means that cannabis crypto is ranked 1,532 among cryptocurrencies.

The maximum supply of Cannacoin in the world is 13,141,591. Its creators thought of this number based on pi. Out of the entire pool, only 4,702,817 coins are in public possession.

If you wish to compare the value of Cannacoin with other cryptos, there are several ways to research these values.

How to Buy Cannacoin

At the moment, buying Cannacoin isn’t straightforward. The process involves a series of steps to convert your currency into one of the leading cryptocurrencies, such as Bitcoin, Ethereum, or Litecoin.

Follow these steps:

  • Please create an account with Coinbase and set it up with the necessary information, like your name and address.
  • Add funding sources that will enable you to buy crypto. In this step, link your credit or debit card.
  • Buy Bitcoin, Litecoin, or Ethereum. If you’re new to investing, consider buying small amounts. TCoinbasealso charges a small fee to facilitate this process.
  • Use the cryptocurrency you purchased in an exchange that supports Cannacoin.
  • Identify a suitable exchange that supports Cannacoin and set up an account.
  • In the exchange, look for the wallet ID of the Bitcoin, Litecoin, or Ethereum account.
  • Remember that each crypto will only go into its respective wallet. Getting the correct ID during this step is essential to avoid losing your digital currency.
  • Return to Coinbase and select “Send.” Input the exact address that you copied from your crypto exchange wallet. Double-check to confirm if the address is correct.
  • Head back to the crypto exchange to confirm that it’s moved from Coinbase to your crypto exchange account. The balance may take a while to reflect as multiple confirmations exist on the cryptocurrency chain.
  • Locate the exchange tab and look for BTC/CCN if you plan to buy Cannacoin using Bitcoin or ETH/CCN if you plan to buy Cannacoin using Ethereum.
  • Enter an amount and wait for the transaction to go through.

At this stage, you own Cannacoin and store it in the exchange, hoping it appreciates. You may also use it to buy weed products. To improve its security, send the Cannacoin into a secure wallet.

You can also acquire it when you join Cannacoin Faucet or Discord as a new member. The company promises to hand out more significant amounts over the following months until January 2023.

Where to Buy Cannacoin

When deciding on a digital currency platform, a guide on crypto exchanges can help you make the right decision.

If you wish to acquire Cannacoin, do so from an exchange that allows for the conversion of stored cryptocurrency, including:

  • MetaMask (the most preferred option)
  • HiBTC
  • Bittrex
  • STEX
  • Cryptopia
  • Poloniex
  • Bleutrade
  • YoBit
  • Cryptsy
  • Bilaxy
  • CoinFalcon

What Next for Cannacoin?

Cannacoin’s competitors include big-time cryptocurrencies like Bitcoin and Ethereum. Users may not rely on them to make everyday purchases of cannabis because they are too valuable.

Cannacoin offers flexibility and is said to become the preferred mode of exchange for all cannabis transactions in the future. The proprietors have the following plans for this cryptocurrency:

  • Introducing a mobile wallet application to bring convenience to users
  • Improving user experience by pairing Cannacoin with Avalanche and Tether to enhance the liquidity of the currency when users need it
  • Providing a Chrome extension for Cannacoin Classic users
  • Ensuring that people who have Cannacoin Classic migrate to owning the new version of Cannacoin (ERC20)
  • Recruiting more people to push the Cannacoin agenda and help manage it
  • Facilitating an active Discord community of Cannacoin users
  • Launched Cannacoin Prime in January 2023
  • Installing Cannacoin kiosks in weed dispensaries as a point-of-sale solution

If you have questions regarding CCN+, contact the company at +1509-264-2930 to chat on Whatsapp or email Users can visit 439 Inks Road, Wenatchee, Washington, for more in-person interaction with staff members.

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