Crypto-Cannabis: Cryptocurrency Is Helping Cultivate Solutions for The Cannabis Financial Conundrum
Cryptocurrency and cannabis are hot topics surrounded by a cloud of smoke and confusion. New can mean confusing, but it doesn’t have to be that way. This article will inform you on the who, what, where, when, why, and how of cryptocurrency and cannabis.
Cannabis faced an attempted eradication by the U.S. Thankfully, it survived. Today marijuana isn’t demonized like it was in the past. Here are some of the countries that have relaxed laws about marijuana today:
- North Korea
- Costa Rica
- Czech Republic
We’re already starting to see a global cannabis trading community. This is excellent news for a plant that has faced over eight decades of federal prohibition in America and in places around the world. Cannabis prohibition began in the 1930s, officially in 1937 in America who helped set the pace for the rest of the world with their so-called “War on Drugs.” Today we stand at the forefront of the end, of this heinous prohibition.
Crypto Meets Cannabis
Currently, the federal scheduling of cannabis prohibits banks from doing business with those in the marijuana industry. Technically they could do business with them but would stand to lose their FDIC insurance. They could also stand to be subject to other penalties and fines making it entirely not worth it until it unless cannabis is removed from federal scheduling or other special access is permitted.
For this reason, the cannabis sector has seen multiple issues when it comes to financial transactions. Everything from credit and debit cards, to invoicing, banking deposits, and more have been denied to cannabis business owners. You could say that there is a bit a financial cannabis conundrum happening at the moment.
While the federal government is still clinging to draconian cannabis prohibition, they’re causing one of the most significant contributors to their campaigns (banks), to lose out on billions of dollars! How long do you think this will last? Unlike the banking industry, cryptocurrency isn’t harshing anyone’s BUZZ when it comes to financial cannabis transactions. In fact, cryptocurrency is even being used to purchase cannabis in some places.
Who Invented Cryptocurrency
Bitcoin was created by Satoshi Nakamoto. Mr. Nakamoto invented the Bitcoin unintentionally and by doing so ultimately created a new form of currency. Officially in 2008, Satoshi Nakamoto made the announcement that he’d developed a peer-to-peer electronic cash system giving birth to Bitcoin. On 10/12/2009, New Liberty Standard bought 5,050 BTC from Sirius for $5.02 in the first official Bitcoin-to-Fiat Exchange.
Bitcoin is the first and oldest cryptocurrency out there. There are dozens of other cryptocurrencies today that exchange from whatever your monetary system is into all types of different tokes and coins which can then be converted into Bitcoin. Bitcoin is then sold, converted, and withdrawn into multiple forms of currency globally.
This could make crypto the answer for buying chronic. You might call it a crypto-chronic- cannabis-currency-collision. Imagine transferring USD or the monetary domination you use into an account that was converted into cryptocurrency. Then you could use those funds to spend at a cannabis dispensary or use to buy canna merch online. Don’t imagine anymore because this can now be your reality.
Why Use Cryptocurrency
The answer to this is easy because you can. Cryptocurrency is the future of financial transactions. A lot of people have a debit or credit card and never touch cash anymore. Many companies are using debit cards for their payroll. Bitcoin is no different than the series of decimals that make up your current currency except the fluctuating price. I wouldn’t keep all my funds in Bitcoin, but when you’re ready to buy something, a quick exchange of your currency to Bitcoin and you can get what you need.
Cryptocurrency runs on the blockchain. Basically, a blockchain is a series of digital ledgers with has pointers connecting to the last and next chain in the block. IBM even suggested that Canada implore blockchain technology to monitor and regulate cannabis transactions for their impending cannabis legalization. Using crypto can score you some extra loot sometimes too.
There are all kinds of crypto that you can purchase. Some might jump drastically. Could you imagine buying 5,050 bitcoins for $5.02 and forgetting that you had them? Suddenly 10 years later you find out that they are worth 10k each. That $5 investment you most likely forgot about or left sitting nearly a decade ago could’ve been worth nearly $100 million as of December 2017. So, it may pay to play if you’re thinking about buying something online that accepts crypto. A few extra bucks to buy a couple of dollars in new cryptocurrency like Perkscoin could change your future.
Where to Spend Cryptocurrency
You can spend crypto in more places than you think. More and more retailers are starting to take this form of payment. You can buy from both commercial companies and privates sellers using crypto. Wall Street is even warming up the new currency. It only took them nearly a decade. Merchant services saw an excellent year for crypto in 2017 with consumers spending $190.2 million compared to $9.8 million in 2013.
Here’s a list of some places where you can spend Bitcoin at today:
- -Reeds Jewelers
- -Dish Network
- -Microsoft Windows and Xbox stores
- -Midweek Song
As you can see from the list above, cryptocurrency is catching on. There’ve been private sales on everything from land to cars and boats using Bitcoin. It’s not just Bitcoin that’s catching on though. Some cryptocurrencies were explicitly created for the cannabis industry. Then there are a plethora of other types of crypto too.
Different Types of Cryptocurrency and How They Work
There are many kinds of cryptocurrencies today. They start out in an ICO (Initial Coin Offering) phase before being placed on an open exchange like Bittrex or CREX24. When new crypto goes up for trade is when you have the best chance of investing.
Many times, you can buy them for pennies on the dollar. Recently launched canna-specific Perkscoin is an excellent example of this. You can buy them on CREX24 trading under the name PCT for around 10-20 cents each right now.
- Litecoin (LTC)
- Ethereum (ETH)
- Zcash (ZEC)
- Ripple (XRP)
- Monero (XMR)
- Potcoin (POT)
- Perkscoin (PCT)
You can visit Market Cap to view a lengthy list of cryptocurrencies and familiarize yourself with some of the names. You can also check the current value and trading on dozens of cryptocurrencies. Actually, there’s 1,592 of them. They’re a bit like stocks. Once you buy them, you will always have the same amount of them.
For example, if you were to buy 10 PCT for 10 cents each you would spend $1. Say the value of that PCT went up 10 cents each to $1K each, you’d still have 10 PCT, but they’d be worth $10K. If the value dropped to 1 cent each, you would still have 10 PCT, but they would only be worth 10 cents. You can buy all cryptocurrency types using Bitcoin. Bitcoin is also the method to turn your existing crypto into before selling it and cashing out and depositing your money into a digital wallet or transferring it to your bank account.
How to Buy Bitcoin, Ethereum, or Litecoin
Bitcoin (the gold of crypto), Ethereum (the silver of crypto), and Litecoin (the bronze of crypto) are the three most commonly excepted forms of crypto. Buying them is pretty simple. Be warned that it can become habit forming. Especially, if you have luck buying, trading, and selling. Some people make good money doing this, some make free merch, and some always end up losing a little bit.
Play it safe and learn slowly with small amounts. Do your research before buying crypto and see how it’s performing elsewhere. While you can make some quick cash sometimes the long-term investments with crypto are usually the ones that pay off the best. If you’re ready to buy some crypto, having a Coinbase account makes this as easy as 1-2-3.
What A Coinbase Account Is and How to Set One Up
Coinbase is a secure online platform used for storing, transferring, selling, and buying Bitcoin, Ethereum, or Litecoin. To set up an account visit Coinbase.com. Once you’re there follow the prompts to set up your account, verify your account, and link a debit, credit card, or bank account. Add funds to your wallet, and you’re ready.
How to Buy Bitcoin, Ethereum, or Litecoin
Now that you’ve verified your account and linked a bank account, credit, or debit card it’s time to buy your first cryptocurrency. You can purchase Bitcoin, Ethereum, or Litecoin using your Coinbase account. Letting your crypto sit at the moment can be a bit risky. You may make a few, but at the same time, you may lose a few too.
- Click on buy or sell at the top of the page on Coinbase.
- Choose the crypto you want to purchase and click on it.
- Next, pick your payment method and desired amount of crypto to purchase and click buy.
That’s it. It really is as easy as 1-2-3. It can take up to 24 hours for your transaction to show but most often this happens almost instantly. Now that you know how to buy Bitcoin, you are ready to buy other forms of crypto. But, where to go to buy crypto like Ripple, Perkscoin, and others?
Buying Cannabis Seeds at Midweek Song with Bitcoin/Altcoin Is as Easy As 1-2-3
- Fill your cart with all the collectible cannabis seeds you need to top off your ultimate cannabis seed collection at Midweek Song.
- At checkout choose Bitcoin/Altcoin as your method of payment.
- Transfer bitcoins/altcoins and you just bought yourself some chronic with crypto.
Markets for Buying, Selling, and Trading All Types of Cryptocurrency
Now that you have your bitcoins in your account you can use them to buy up and coming crypto like Ripple and Perkscoin. It will take a short amount of time, and before you know it, you’ll be trading like a pro. You can buy and sell making money to pay for dinner that day or daily bills. Or you can buy and hang on for a few years to see what kind of luck you have.
Here are a few markets where you can buy, sell, and trade all kinds of cryptocurrency.
All you have to do is set up an account much in the same way you did with Coinbase. Most of these platforms use a two-point verification system to log in to them. This means when you log in you’ll receive a text with a code to enter verifying that it’s you. Once you’re in you’ll need to deposit bitcoins from you Coinbase account into your new account to start buying crypto.
Hopefully, this article helped remove some of the confusion. Don’t try to take it in all at once, it may give you a headache. Money is dirty. You never know where it’s been. People don’t want to touch something that’s been down somebody’s pants, in their shoe, on the ground at a crime scene. With crypto this is never a concern. Cryptocurrency is doing great in 2018 and looking like it’s here to stay.