The Birth of Cannabis Cryptocurrencies
The volatility of the cryptocurrencies – particularly with the recent drop in value – has inspired a lot of debate in the past few months. This instability, however, has not deterred the cannabis industry from seeking a solution to their financial limitations in the world of these cannabis cryptocurrencies.
In recent times, more and more cannabis dispensaries have adopted bitcoin (and othercryptos) as an acceptable payment option for goods. A lot of people are still skeptical of these cryptocurrencies as they find it hard to grab its concept. Their confusion is often laid to rest when they are put through how the digital currency works. Then, the advantages become obvious.
In recent years, the crypto world and the cannabis industry have synergized to create cannabis cryptocurrencies. This synergy has brought a lot of benefits to the fragile cannabis industry – particularly to cannabis sellers and medical cannabis dispensaries.
With the disturbing black market trend that has greeted cannabis’ legalization, cannabis cryptocurrencies seem like the best solution to this scourge. Investors, speculators, and other stakeholders in the cannabis industry have expressed high hopes in several ways the cannabis cryptocurrencies can revolutionize the cannabis industry.
5 Ways Cannabis Cryptocurrencies Can Revolutionize the Cannabis Industry
Since the advent of cannabis cryptocurrencies, the internet merchants are heaving a sigh of relief. The e-commerce sector is already experiencing the effect of these baby currencies. Online sellers now allow cannabis dispensaries to display their online menus. They also accept cryptocurrency payments. Each purchase attracts a payment processing fee of 3.5% of the total transaction cost, while the merchant’s cryptocurrency wallet is credited with the remaining value – 96.5%.
It is however saddening that some business operators are still not keying into the stream of advantages these digital currencies offer. Most of such retailers would rather wait for a more convincing time when the Federal Government might have rolled out pro-cannabis legislation and the conventional financial houses (Banks) become more supportive of the cryptocurrencies’ activities.
Interestingly, cryptocurrency portfolio managers like Kryptographe are taking remarkable steps towards sensitizing the public on the gains of cannabis currencies as well as establishing a system that is not influenced by the government; one that can stand the test of time.
Simplified Payment Methods
With cannabis cryptocurrencies, making payments at cannabis retail outlets have become a lot easier. Clients can now use a credit/debit card for a smoother payment process. Customers can simply load their cryptocurrency wallets and credit the retailer’s wallet. Thankfully, this payment process is in line with government regulations and customers without valid Identity cards are not allowed to make purchases. Also, to curb the possible case of laundering, a $150-limit has been placed on consumer purchases. As the cannabis and crypto industries grow in popularity, we are hoping for the emergence of more cannabis cryptos. And of course, more dispensaries would embrace this innovation, eventually.
A Legal Alternative to Banking Barriers
The reason banks have been shying away from providing services to cannabis-related establishments is that the Federal Government has classified its product as a schedule I drug. Interestingly, cannabis cryptocurrencies provide a more favorable legal option for cannabis dealers to make payment. With these cannabis cryptocurrencies, the cannabis industry is not only bypassing the traditional financial institutions (banks) in its operations, it also will help to reduce cash transactions, and in turn, curbing the rate of robberies at retail houses.
Transparency in Transactions
Cannabis and the cryptocurrencies seem to be a perfect match from heaven. Thankfully, cryptocurrencies came up at a time when the traditional financial houses’ operations had little or no considerations for the cannabis industry. While medical cannabis has been legalized in some states, the government requires sellers to provide details of the plant source. With this, it is important that sellers keep real-time records of
all their transactions.
Cryptocurrency portfolio managers help cannabis sellers to keep a transparent and up-to-date record of all transactions. This makes it pretty easy to keep track of virtual money. And when security and other logistics issues are considered, it gets clearer to see that cannabis cryptocurrencies are the best thing that has ever happened to the cannabis industry.
When making transactions through banks, your personal identity is divulged – one way or another. But with virtual money, the customer’s identity is masked behind your cryptocurrency wallet’s identification number. Here is another advantage of using cryptocurrencies over traditional financial houses.
It is no longer news that banks cannot be trusted with protecting customer’s identity, as they are highly prone to security breaches. As such, blockchain seems to be a more secure platform for security-conscious transactions between cannabis merchants and customers.
In summary, regardless of the society’s attitude towards the cannabis industry, it seems to be heading towards becoming the first sector to completely embrace cryptocurrencies. The efforts of cryptocurrency portfolio managers and the emergence of CannaCoin, CannabisCoin, DopeCoin, HempCoin (THC), PotCoin among other cannabis cryptocurrencies, the cannabis industry is on the verge of experiencing a significant revolution. Of course, with the current attitude of the traditional banking system, more and more industries may begin to design industry-tailored cryptocurrencies in the nearest future.