Frequently Asked Questions
Are you new to PotCoin?
Welcome to the PotCoin community. Join the hundreds of merchants already accepting PotCoin payments. A safe & secure way to transact in the cannabis industry. Check out the frequently asked questions below of contact the PotCoin support staff with any detailed questions.
Who can accept PotCoin?
Anyone can accept or use PotCoin. Just like e-mail, no matter where you are in the world you will have access to the PotCoin Network to send and receive PotCoins
How do I start accepting PotCoin?
To start accepting PotCoins, simply go to the Wallets page and install one of the desktop or mobile wallets. You can also sign up to PotWallet which is a feature packed web wallet, peer-to-peer trading platform and merchant point of sale.
Are there additional costs or fees?
There are no fees or hidden costs to start accepting PotCoin.
How long does a PotCoin transaction take?
A PotCoin transaction is instantly broadcast on the network. Which means the receiver will see the transaction immediately. The PotCoin network takes approximately 40 seconds for one confirmation.
What are the benefits of accepting PotCoin?
There are many advantages to accept PotCoin compared to conventional alternatives. With near instant transactions, no transaction, no chargebacks &easy to use applications PotCoin makes the transition to the digital financial age with ease.
Can I convert my PotCoins to cash?
Of course. Just like trading USD to CAD to EUR to YEN you can convert your PotCoins to the fiat currency of your choice. Many exchanges exist that allow you to convert your PotCoins to BitCoin and Fiat.
Is PotCoin Secure?
PotCoin is extremely secure. The network is backed my military grade state of the art encryption which provides each transaction with the highest possible level of security.
Is PotCoin anonymous?
PotCoin can be anonymous as its user would like. You can also share your identity with other on the network to build a reputation, for security purposes, accounting purposes, audit purposes and many more.
How do I pay my taxes?
It’s up to individuals or businesses to pay their income and/or sales taxes as they would in any other situation.
Can I cancel my PotCoin account?
There is no need to cancel your account. Simple delete the application or wallet from your computer or mobile device and that’s it. Don’t forget to backup your wallet and/or private keys if you want to keep your PotCoins.
What about Refunds?
If you as the merchant would like to offer refunds it is up to you. PotCoin transactions are irreversible so businesses do not have to worry about fraud or chargebacks.
Can I accept PotCoin from my website’s store?
Of Course. Here are some easy to use applications that can get PotCoin integrated into your website.
Where can I get PotCoin support?
There are many ways to get support within the PotCoin community. You can search the forums, social media, chat with community members or reach out to the potcoin.com or potwallet.com support staff.
Can Dispensaries in Colorado Accept Potcoin or Crytpocurrencies?
Yes, the potcoin team hired lawyer Rachel Gillette, early in 2015 to help answer this very question.
The offical response from Jim Burack, Chief of Investigations of the Marijuana Enforcement Division of the Colorado Department of Revenue was,
“We have not identified an express prohibition on the concept within MED’s guiding statutory and regulatory authority as it applies to regulated licensees.”
Here is a link to view the email response from the M.E.D.