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Using Bitcoin for Marijuana

Cryptocurrency is a digital payment type for the exchange of goods and services. Unlike using apps such as PayPal and debit or credit cards as online payments which are all synced to your bank account, cryptocurrencies are digital tokens you can purchase giving you less restrictions and more freedom. If you have searched online for cryptocurrency before, it probably sounded a bit difficult to understand and a little complicated. We are going to explore what cryptocurrency is and how it is used for purchasing marijuana in simple terms so that you can feel confident and comfortable with crypto because cryptocurrency is supposed to make your life easier.

Source: Medium

Understanding Cryptocurrency

Let’s explore an easy cryptocurrency explanation. When was the last time you went to an arcade as a child? Do you remember going up to the game machines and trying to use your own quarters, only to find that the machines only accepted arcade tokens? It didn’t make sense to our youthful minds as we know that 25 cents equaled 1 token – so why couldn’t we use quarters in our desired game? We walked up to the arcade attendant and handed them our cash in exchange for tokens. What we probably didn’t notice as we ran back to the machines was that the attendant placed the cash in a more secure unit than the arcade console, making the required quarter to token transfer a much safer transaction.  Think of cryptocurrency, as the digital form of a tangible token. Like arcade tokens, you exchange your cash for the cryptocurrency value in order to purchase online goods and services securely in venues that allow the use of digital currencies.

Source: Geo Transport Service doo

Cryptocurrency Marijuana

Did you know that you can purchase marijuana using cryptocurrency? Online dispensaries like Kushfly, based in Los Angeles and delivering cannabis discreetly to your door in 45 minutes or less, allow you to use more secure currencies like Bitcoin to ensure a smoother transaction when purchasing cannabis online. Cannabis cryptocurrency has a massive market because customers prefer spending their digital dollars on marijuana flowers at reliable delivery dispensaries like this one in order to ensure a less expensive and trusted transaction.

Why do cannabis consumers feel they need to use cryptocurrency to purchase marijuana? Federal regulations hold massive restrictions over online cannabis purchases, even if your state allows marijuana use for recreational or medicinal purposes. Some banks flag cannabis purchases making it difficult for consumers to complete and process their orders. Banks take a lot of risks due to federal restrictions when it comes to allowing their customers to make cannabis purchases. Banks will either block the sale, freeze your account, or if you are lucky enough to complete your purchase you will be charged a tax up to 6% per sale. If you can find a bank that will allow you to make your purchase, you are still stuck with a large tax and are also at risk of having your account frozen in the future.

Source: Reuters

Are Cryptocurrencies Illegal?

Many countries, including the United States, recognize cryptocurrencies as a legal payment tender. The IRS will count it as income just as any other source of revenue because it is indeed legal. You may have seen “virtual currency” on this year’s 2023 tax form referring to cryptocurrency, this is a term deemed by the Internal Revenue Service. Today more competition has surfaced requiring major companies like Bitcoin to amp up their protection and security for users making it a safer form of transaction as when Bitcoin first emerged it was noted for some users applying it to illegal transactions. Although it is safer to use, that doesn’t take away the freedoms you have to use your Bitcoin for your desired transactions.

Source: Stanford Online – Stanford University

Why Are Cryptocurrencies So Popular?

You know what is bound to gain international attention? When you hear someone becoming a millionaire for little to no investment. When Bitcoin was first created in 2009, one Bitcoin cost $0 and took over a year to hit the $1 mark. By 2011 it cost $32 for 1 Bitcoin, however, 10 years later in July 2023, one Bitcoin’s value increased to $33,549.60. Many people walked away with millions of dollars because investors looked at virtual currency as a way to expand their portfolio. The Bitcoin community is full of successful, energetic, and positive people who love talking about Bitcoin and helping new investors.  Many investors have become very wealthy people thanks to the advantages of using cryptocurrency.

Source: Nikkei Asian Review

Cryptocurrency Advantages

Cryptocurrency like Bitcoin is a solution to this problem. You become your own bank when you use cryptocurrency. There are minimal fees and you do not have to worry about being blocked from making your marijuana purchase. Having your funds frozen is no longer a concern with Bitcoin as well. Unlike most banks, there are little to no transaction costs. You have access to your own money 24/7 and there are no limits on purchases or withdrawals. Banks require a lot of paperwork and time during the work day if you need a friend or family member to receive access to your funds, but with cryptocurrency, you are given financial freedom without any hoops to jump through. Unlike banks, transactions internationally are easier and faster without any lengthy waiting periods.

Are cryptocurrencies safe? Cryptocurrencies use blockchain technology to securely manage and track transactions. This makes cryptocurrency a trusted source for purchases online and is even known to eliminate double-spending.

If you want the ease of transitioning from online purchases to in person transactions, cryptocurrency has evolved to accommodate this desire. You can essentially turn your Bitcoin into cash with products like Bitpay emerging; you can track your Bitcoin purchases on an app while you use your own BitPay prepaid Mastercard. This tangible Bitcoin option allows cryptocurrencies to behave like your own personal gift card that you can use anywhere.

With the freedom of no centralized banking or international borders as well as the many known advantages, more merchants and customers worldwide are getting on board with Bitcoin. With the ever evolving nature of cryptocurrency, economists believe in the possibility that within the next decade cryptocurrency will hold 25% of all national currencies. Cryptocurrencies allow your cannabis purchases to be processed, secure, and a lot more affordable allowing you to expand your online shopping experience.

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