BITCOIN MAKES MARIJUANA BUSINESS EASY

https://cointelegraph.com/images/725_aHR0cDovL2NvaW50ZWxlZ3JhcGguY29tL3N0b3JhZ2UvdXBsb2Fkcy92aWV3LzE4NjkyNmI2ZTBiZjRhZmExZDBkMTE5NTdhZTkwZjBjLnBuZw==.jpg

 

It is perfectly legal to buy and sell pot with Bitcoin and vendors don't need a bank.  And Bitcoin can be converted to cash on the net, Bitcoin Debit cards can be used where Visa is accepted!

 

The marijuana industry is an unstoppable force and investors have taken notice. Over the past year, most marijuana stocks have skyrocketed in value, leaving the broader market indexes in the dust.  Since the Federal government has banned marijuana companies from holding accounts, Bitcoin has gained popular use because of its ease of use, low charges and a bank account is not necessary.

Cannabis and Bitcoin have have had a somewhat dodgy image in the past, but that is changing now, as both Bitcoin and marijuana have gone mainstream; big business, banks and big alcohol manufacturers are jumping into both Bitcoin and weed big-time.
 

 

NORTH AMERICA CANNABIS MARKET $100 BILLION

Right now legal marijuana sales are increasing by 25% or more per year in nearly every state that's legalized weed.  Right now, the legal and illegal marijuana market market is estimated to be about $80 billion per year in the US, and more than $10 billion in Canada.  Currently the legal market is roughly 10% of the total market @ $8 billion dollars.  

Into the future, the market is projected to expand, as cannabinoid based medicines are predicted to make a major impact on the pharmaceutical business.  In this sphere, the sky's the limit, because cannabinoids work to modulate the endocannabinoid system, to affect most conditions and symptoms. There is even clinical evidence that concentrated cannabinoids can cure cancer.

All told, the global market for cannabis probably around $300 billion right now and if the pharmaceutical industry opens its arms to cannabis based medicines, combined with other markets with legalization (lke Asia) opening up, marijuana could be a $1 trillion dollar per year business.  

As of the end of 2017, about half of the US medical marijuana is legal in about half the country.  Recreational marijuana is legal in about one-fifth of the country.  Currently about 95% of the market is untapped by medical marijuana producers.

As governments and banks muddle around with commerce policies during the transition to near total legality of marijuana across the globe, vendors realize that Bitcoin can make life easier,.  Bitcoin is now bought and sold across the world, and there is even a Bitcoin credit card and  BC ATM s are popping up all over the globe.  This cryptocurrency is even preferred - trusted by many in the third world countries because politicians and bankers can't print it or control it.


 

FEDERAL GOVERNMENT CONTROLLED BANKS DON'T LIKE MARIJUANA
 

The Federal government does not allow banks with interstate activities to deal with marijuana businesses.  Marijuana and its ingredients, THC and CBD are still classified as Schedule I drugs, dangerous and without medicinal properties.  The reason for these policies is because big pharmaceutical and alcohol companies control Washington policy, which is to hamper or wipe out competition.   In every case, where marijuana is legalized, prescriptions go down, drinking and driving goes down, domestic violence, suicide, overdose, all go down.  All of which means less booze and drug use.


 

ENTER BITCOIN

Bitcoin is not illegal, provided that vendors pay tax on their sales and comply with income tax laws of their local jurisdiction.  In the US, functionally, marijuana can be bought and traded within the state but not interstate.  This means Bitcoin is legal tender for transaction within the state you reside in, but a New Yorker caught buying from California over the net using any form of currency can be busted by the Feds.

Right now, Jeff Sessions is talking about cracking down on marijuana, but the various state officials completely ignore his rhetoric.  The reality is that big-Corp has entered the game and is investing hundreds of millions in this sector, which means that marijuana has power in Washington, and they can effectively tell Jeff Sessions to shut up.  Donald Trump hasn't wavered from his policy of letting States rule over their own marijuana issues, which effectively gets that issue off his back and cleanse his slate.


 

ILLEGAL ACTIVITIES

Bitcoin can be used illegally to sell marijuana and avoid tax,  You can get a wallet incognito that makes it hard to trace transactions.  Without getting into the ins and outs of it, money laundering is actually more risky using Bitcoin as opposed to cash because the account transactions are public domain - but who did the transaction - that is all completely private.

If the government tracks down who owns that Bitcoin accounts, then they know exactly what happened.  

The argument that Bitcoin therefore is a mechanism to launder money and aid criminals does not hold water, in the sense that traditional cash is worse overall.  For example, HSBC was found to have laundered $250 billion, but this bank is too big to fail, and was simply fined in the millions of dollars for billions in crime.  No one went to jail.  Meanwhile, if Bitcoin was used, the audit trail is crystal clear, and the HSBC case would take little time to crack.

With that said, Bitcoin users that take care to keep their Bitcoin address and ID private are protected in practice nearly 99.999% of the time, as opposed to credit cards and banks, where your every move is tracked and shared by Big Money Inc.

 

"Bitcoin bridges  the gap between marijuana businesses and banks."

 

Bitcoin businesses customers simply get some bitcoin and buy product.  Marijuana expenses and salaries can be paid in bitcoin and then converted into US greenbacks for spending.  Boom, done.   Accounting is done as per usual, by converting Bitcoin to US dollars in the ledgers and you're good to go.

 

So Bitcoin solves the banking problem. Before marijuana businesses had  little or no access to basic banking services, which includes everything from access to lines of credit or loans to something as simple as a checking account. Federal Deposit Insurance Corporation (FDIC), which is a federally created entity make marijuana business off limits to marijuana businesses.  

 

"Within Washington State, digital cryptocurrency bitcoin is being used as an intermediary that's allowing consumers with bank-issued debit and credit cards to legally purchase marijuana in dispensaries."

 

CASH TO BITCOIN WITHOUT ANY ACCOUNTS

 

If you don't have bitcoin, you can use cash on your credit or debit card and your vendor - if he offers this option - can automatically have the payment converted behind the scenes to Bitcoin, using an exchange.  From your side, you simply pay in cash - debit,credit,paypal - and the vendor collects in Bitcoin.  The advantages of using Bitcoin only is that there are no charges for exchange and it is generally much quicker.  Then again, the charges for exchange are only a couple of bucks.


"Once a consumer has decided what he or she wants to buy, the consumer has a choice of using cash or bitcoin to pay for the transaction. If the consumer chooses bitcoin, POSaBIT, one of the companies behind the intermediary technology that Bloomberg discusses, charges the customer's credit card via a kiosk for a desired amount of bitcoin."

 

POSaBIT

 

POSaBIT a Bitcoin company requires you requires consumers to present a valid ID that's scanned, encrypted, and stored. Marijuana customers must have a bank account and buyers are capped at purchasing no more than $150 in bitcoin in an effort to prevent money laundering. We would steer clear of this kind of Bitcoin company period, but operations in this style could come into play if the Fed regulates Bitcoin-Marijuana transactions.   

The $150 limit of Bitcoin really is a  bizarre unfunny joke .  The reason for such wacky monetary policy is to curry favor with the Feds, who somehow think that their anti-money laundering policies have traction with their voters.  Such is the nature of the paradigm of Washington, a delusional echo chamber, their speeches and the press reverberate, while the reality is 5 - 15 % of the trust what either the mass media or congressmen say.  


 

RISK FACTORS

Risk factors can be mitigated by converting Bitcoin into US dollars via an exchanger.  This way, if Bitcoin crashes, no problem.  Then again, if the US dollar crashes, which all currencies have done sooner or later, then you'll wish you kept your Bitcoin.  Over the past 8 years Bitcoin has appreciated many thousands of percent and the current trend is up, way up.  There are other cryptocurrencies on the block, which compete with Bitcoin.   

So what do you do?  Conservative investors hedge and balance their portfolio: stocks, bonds, play the index, hold a basket of currencies. Now cryptocurrencies are a viable choice for the investors basket.  

 

There is a resistance to using cryptocurrencies like Bitcoin, but remember, it took a while for people tWe're seeing that Bitcoin' is catching on more rapidly than both notes and credit cards,  the forecast is the much of the world will be routinely dealing with crypto in a decade and a half. The X factor in all of this is Big Money, who own 90% of the planet.  What are they going to do?

Guaranteed, until they step in or make a mess of it, cryptocurrencies are going to rule sectors of the economy where traditional currencies and banking processes don't measure up, as seen in the marijuana example where the Feds are blocking bank accounts.  Another angle is that governments will start their own crypto-currencies.  Russia is talking about a crypto currency of some sort backed with gold.   
 


Bitcoin Debit Card

Yes, there is such a thing and they function just like a regular credit card.  There are several choices of Bit Debit Cards.  Card cost should be around $10 and can be used everywhere that accepts Visa. In the US, there should be no fees, but internationally, 10% in fees have been reported.  Using a Bitcard for your marijuana purchase is legal in the states where cannabis is legal. If your dispensary takes Visa, swipe the card and you could be good to go. You’ll receive instantly an e-mail receipt.

 


MARIJUANA SUPPLIERS WHO ACCEPT BITCOIN


Royal Queen Seeds

Royal Queen Seeds, a cannabis seed company based in Europe, sells cannabis seeds for Bitcoin. The reputable firm, based in the Netherlands,  boasts feminised seeds and a wide variety of strains.

Royal Queen Seeds offers indica, sativa or autoflowering strains, many of which have been awarded Highlife Cup and High-Times Cannabis Cup awards. The firm also has brick and mortar locations in Amsterdam.


McChronalds

BuyWeedOnline.ca is also known as McChronald’s, a Canadian online distributor of marijuana, hash and THC extracts accepts Bitcoin. For 21 years of age and older.  Canadians who complete a short consultation can shop for marijuana without a medical card.

The Dark Web

Silk Road - a site dealing in basically anything found on the Silk Road of lore, belly dancers, opium, hash, gold, spice.. - was  launched in 2011, operating incognito using techniques of cyber security - which allow buyers and sellers to remain anonymous while completing their, sometimes very illegal purchases.  Surprisingly, this underground site had integrity, the ratings systems and trustability of vendors rated much higher in many cases to the open internet.  These basic "good business" features drove its success.

 

Bitcoin was a fantastic expeditor for commerce on the Silk Road.  Pot commerce thrived, as well as the sales of drugs, guns and whatever.   In 2013 Silk Road was shut down, and people were arrested, but another version popped back up.  At the end of the day, the powers that be are not as clever as the hackers out there.  Really, the system is archaic, cronie and corrupt and has collided head on with the innovators of society, guys like the inventor of Bitcoin.

 

PRIVATE BROWSING

 

To browse in privacy all you need what is a Tor browser (similar to Safari, Chrome, Firefox) Click to download the Tor browser.  You'll be guided from there.  For complete privacy, you need a virtual VPN, which is an internet address that is untraceable to you.  But, your VPN provider knows who you are so, obviously you need a trustworthy VPN.

 

PRIVATE OPERATING SYSTEM

 

TAILS Free Private Operating System

 

Recommended by Wikileaks, you can browse the internet without being tracked.

 

People are coming to realize that your browser a peeping Tom on steroids: facebook, google and online sites you visit all track you and share your information.  They make a virtual profile of your likes and probably needs and in a large part create your customized echo chamber, where they feed you not only what you want to hear, but what they want you to hear and buy.  

 

LAWFUL BUYING AND SELLING OF MARIJUANA - IN PRIVATE

 

Equipped with a simple security system on your computer - Tails and Tor or other &using Bitcoin with a private account, you can conduct business in privacy with a very high level of security.  

 

If you don't invoke in state laws - buy from out of state, buy in marijuana legal states, pay your taxes, and deal in legal quantities of weed, you'll have no probably issues with anyone.  After all, your transactions are legal and in any event, and completely private.  


 

FURTHER READING



How to get started with bitcoin

If you've never been involved in Bitcoin before and you want to get started using Bitcoin, the first thing you need to think about is what you are going to do when you get it. You have to think about security first, know how to get your Bitcoin and what to do with it.

 

Getting started with Bitcoin  Using Bitcoin to pay and get paid is easy and accessible to everyone.

Choose your wallet - You can bring a Bitcoin wallet in your everyday life with your mobile or you can have a wallet only for online payments on your computer. In any case, choosing your wallet can be done in a minute.

Get Bitcoin - You can get Bitcoin by accepting it as a payment for goods and services. There are also several ways you can buy Bitcoin.

Spend Bitcoin - There is a growing number of services and merchants accepting Bitcoin all over the world. You can use Bitcoin to pay them and rate your experience to help honest businesses to gain more visibility.

Find merchants and products Processing payments - You can process payments and invoices by yourself or you can use merchant services and deposit money in your local currency or bitcoins. Most point of sales businesses use a tablet or a mobile phone to let customers pay with their mobile phones.

Accounting and taxes - Merchants often deposit and display prices in their local currency. In other cases, Bitcoin works similarly to a foreign currency. To get appropriate guidance regarding tax compliance for your own jurisdiction, you should contact a qualified accountant.

Gaining visibility - There is a growing number of users searching for ways to spend their bitcoins. You can submit your business in online directories to help them easily find you. You can also display the Bitcoin logo on your website or your brick and mortar business.


 

5 Ways To Buy Weed With Bitcoin

Mix Bitcoin and cannabis at your own risk.  Cannabis and Bitcoin have a complicated relationship. Participants in either industry often publicly avoid the other due to the stigmas attached to each. They figure partaking in one stigmatized industry is enough.

Despite the tenuous relationship, there are plenty of intersections between the digital currency, founded in 2008 by the pseudonymous creator who went by Satoshi Nakamoto before his disappearance, and the cannabis industry.  Below we outline some of the ways you can use Bitcoin to buy cannabis both legally and illegally.


 

These 'Bitcoins For Marijuana' Try To Solve Legal Weed's Big Heist Problem

PotCoin and DopeCoin won't be the first digital currencies to follow the headline-grabbing, wildly fluctuating and unregulated Bitcoins that took the digital world by storm last year. But they'll be the first dedicated solely to the drug marketplace, which has been largely shunned by traditional banks, even in its legal forms in some U.S. states.

PotCoin is aimed at the state-legal marijuana market, be it medical or recreational. DopeCoin wants to establish itself as the currency for the multi-billion dollar drug market, legal or otherwise.

One of PotCoin's developers, who asked to only be identified as "mrjones," told The Huffington Post that his partners expect their digital currency to be accepted as legitimate across the marijuana industry, from growers and dispensaries in Colorado or Vancouver, to cafes in Amsterdam, to buy cannabis and related products. "Mrjones" and his partner "smokemon" intend to reveal their identities in April, when they announce the new currency at a cryptocurrency convention in New York.


 

Marijuana and Bitcoin: A Match Made in Cryptocurrency Heaven or a Digital Nightmare?

The marijuana industry has been a seemingly unstoppable force for years, and investors have taken notice. Within just the past year, most marijuana stocks have skyrocketed in value, leaving the broader market indexes in the dust.

According to cannabis research firm ArcView, North American sales of legal weed surged to $6.9 billion in 2016 and remain on track to hit more than $22 billion by 2021, implying an annualized growth rate of nearly 27%. With an estimated $46.4 billion in black market North American pot sales last year, there appears to be a large pool of consumers, which the legal industry can attempt to court in the years to come.


 

Buy marijuana seeds with Bitcoins and get 10% discount on your order!

The benefits of using Bitcoins to buy marijuana seeds  With Bitcoin you can make electronic payments:
 

  • Through the internet

  • Practically free

  • Within minutes

  • completely anonymous

  • As simply as sending an e-mail

  • Without interference of a bank or other institution


 

MMJDoctorOnline Notes:  We provide medical marijuana cards, physician recommendations, 420 evaluations and grower's permits in California.  Our online process takes only a few minutes and patients don't pay unless they are approved.  Documents are used in the State of California at dispensaries, cannabis clubs, marijuana cooperatives, delivery services and other points of access.


 

Labels: bitcoin business cryptocurrency buy sell

Interesting Posts