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How to buy, sell & trade HempCoin (THC) in Australia
Learn the basics of HempCoin (THC), including where to find it and what to consider when buying it.
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HempCoin is designed to be an agricultural blockchain system, with an emphasis on the hemp and marijuana industry. At the time of writing it's only available on a handful of exchanges, with Bittrex accounting for most of its trading volume.
A step by step guide to buying HempCoin
Limited cryptocurrency exchanges offer trading services for HempCoin (THC). Indacoin, Bittrex and Novaexchange can facilitate THC trades. As Bittrex has one of the highest 24-hour trading volumes for THC according to CoinMarketCap, let's have a look at how you can buy HempCoin through Bittrex.
Step 1. Buy bitcoin or Ethereum
Since both bitcoin and Ethereum are amongst the most popular coins of the crypto world, they often form the base currency for trading altcoins. THC is only available through cryptocurrency trades, so buying it requires another cryptocurrency such as BTC or ETH. You can directly buy BTC or ETH from a crypto exchange which accepts the local fiat currency.
Step 2. Open an account
Once you have exchanged your fiat money for BTC or ETH, you are now set to register or sign up for an account at an exchange listing THC such as Bittrex. To set up the account, you'll need your name and email as well as your two-factor authentication process set up. If you're interested in increasing account limits after signing up, you can verify your account by providing official identification documents required.
Step 3. Deposit the base currency
Once verified, you can deposit the BTC or ETH you bought at the beginning into the Bittrex account, where it can be used to buy THC. (capture 1st stage)
Step 4. Choosing the market
The Bittrex platform provides three marketplaces for the standard base currencies in use for the trading of altcoins. The bitcoin, Ethereum and USDT markets are all options, and your market depends on the first base currency. If you deposited BTC, then the bitcoin market is the platform to trade for THC. (SUBBING: consistency between coin short code & full name)
Step 5. Set the buying orders
On the trading section of the market, there is a "Buy" box option. You can enter the details of the buy orders in the box with how much THC you intend to buy. The units section requires you to key-in the amount of THC you want to buy whereas the bid option is the price you are willing to pay per unit of THC.
How to sell section: (2 sentences top)
Which wallets can I use to hold THC?
It's widely regarded to be safer to hold your coins in your own wallet rather than on an exchange.
HempCoin has its own wallet, which you can download through its website. Another software wallet that supports the trading of HempCoin is Coinomi, a smartphone wallet which lets you hold multiple cryptocurrencies including HempCoin.
How HempCoin works
The HempCoin project saw its initial launch in 2014, as one of the first cryptocurrencies developed that year. The HempCoin platform works on a dual Proof of Work and Proof of Stake consensus system. It uses the Scrypt mining algorithm, similar to Litecoin.
Initially the platform was focused on providing a digital currency for the hemp industry. Later on the HempCoin project team worked on including marijuana dispensaries and the wider agriculture industry.
Its features include:
- Identity management. Users can obtain a cryptographically secure blockchain identity on the HempCoin platform.
- Secure file management. Blockchain-based data storage and file management system.
- Transferrable cryptocurrency with monetary value. The THC coin can be exchanged, transferred and used for purchases wherever it's accepted.
Real world applications for HempCoin
HempCoin aims to see use across the agricultural industry. The developers envision marijuana farmers accepting the coin when transacting with dispensaries, medical marijuana users spending THC at dispensaries, and growers using it for to buy equipment and tools for farming and production.
In particular, it plans to connect farmers and distributors around the world, using a secure decentralised blockchain system to manage user identities, data and payments between different parties on a global scale.
This might be especially useful for those involved in the legal hemp or marijuana industry, because it might let them solve some of the difficulties associated with the patchwork regulations around the industry. For example, accepting THC rather than fiat currency might let a dispensary avoid keeping an unsafe amount of cash on hand, and send funds digitally.
What to consider when buying HempCoin
When considering whether you should buy HempCoin, bear in mind that cryptocurrencies are unpredictable and speculative. You should also consider the following:
- HempCoin isn't the only marijuana-oriented or agricultural cryptocurrency. Alternatives like Potcoin might overtake it.
- HempCoin's future success or failure might depend on the future passage of legislation around marijuana.
- The HempCoin project does not have a public whitepaper. The developers said that a whitepaper would be released in January 2018 but did not meet this target.
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