The Marijuana industry has been continuously evolving for the past couple of years. Thanks in large part with the rapid legalization of marijuana use, Marijuana seeds business are booming. Aside from the booming Cannabis industry, cryptocurrencies also took the world by storm. For people, they are finding ways on how bitcoin can help them in their marijuana seeds business.
Bitcoin and other cryptocurrencies are the crazes these days when it comes to buying things online, and that’s why people can’t help but think of ways to exploit these cryptocurrencies to help them get off the hook. So, if you are one of those people, then you might have to stay for quite a bit as you’ll be learning a few ways on how can bitcoin help you with your marijuana seeds business,
What is Bitcoin?
A bitcoin is a type of cryptocurrency that was created in 2009. To simply put, it is a digital currency, No bills or coins involved. It’s decentralized, meaning there’s no governing body is controlling over it. Bitcoin owners are unidentified, and they don’t require you to use tax IDs, social security numbers, and other forms of identification. Sellers and buyers are connected by bitcoin through encryption keys. And these aren’t issued by top-down like traditional currencies: instead, bitcoins are obtained through mining by powerful computers connected to the internet.
Marijuana Seeds Business and Traditional Banks
While using cannabis medicinally and recreationally is legal in many states of the United States, federally speaking, it remains to be illegal in some states. However, most states approve the use of medicinal cannabis as long as requirements are met. While CBD products derived from hemp or marijuana are perfectly legal as long as they follow the law by which CBD products shouldn’t exceed 0.3% of THC content. Also. Most internet platforms promote CBD businesses’ services and products, but other marijuana-derived products remain complicated.
Irrespective of state laws, federal laws still consider cannabis illegal. As a result, this produces a dilemma among banks charged with money laundering if they knowingly handle federally illegal trade.
Benefits of Bitcoins in your Marijuana Seeds Business
With many marijuana dispensaries holding large sums of money in their business property, this, in turn, this leads to hiring more security than ever before. This is because, as stated earlier, federally governed banks don’t want to associate themselves with cannabis money as long as it is still considered illegal.
Everything is Online
All bitcoins transactions are online, which means you don’t have to deal with the paperwork and large sums of money. One of the most significant benefits of bitcoin is having to transfer money freely to anyone on any given day. Transferring money online doesn’t need any third-party involvement.
Since everything is online, you and your customers can make payments to any parts of the world. So, if you want someone to pay you with bitcoins, it will just be in a flash. Making bitcoin payment method one of the easiest, safest, and smoothest transactions you can do online.
Very Low Transaction Fees
Transaction for bitcoins is significantly lower compared to the fees from using debit and credit card purchases. This feature of bitcoin alone is excellent enough for small to medium scale marijuana seed dispensaries.
No Inflation Effects
One of the best things about bitcoins, when you compare it to the traditional money, is that it doesn’t get affected by various inflation either internationally or domestically. However, keep in mind that bitcoin prices are volatile.
Can Bitcoin Help?
The answer to that question is, yes, it has the potential to help. In fact, more and more marijuana dispensaries are accepting bitcoin as a form of payment. However, despite many dispensaries adopting bitcoin as a form of payment by all forms of businesses, cryptocurrencies are still unwieldy for most business types. But if you consider the hurdles of associating yourself with large sums of money in your business property, then the difficulties using bitcoin don’t seem severe.
Of course, cryptocurrencies present various challenges for marijuana dispensaries and businesses; that’s why your accountant needs to know that some of the money you will be having is in the form of cryptocurrency. In recent years, buying marijuana with bitcoin is gaining steam and becoming increasingly common in every part of the world where recreational cannabis is legal.
What buyers love about cryptocurrency is it doesn’t use any personal information, and the privacy it gives is sufficient enough to merit the use of bitcoin. In turn, marijuana dispensaries don’t have anything to worry about as it doesn’t involve physical money.
Keep in mind that cryptocurrencies are the solution to the marijuana dispensaries problem with the banks, but they can be a big help once bitcoin is centralized. Bitcoin offers some distinct advantages for any business that makes handling money harmful depending on its place. Many people love the idea of discreet buying bitcoin does, and they are perfectly great for individuals who are hesitant to use their credit cards with their name on it.
Risk Factor Involving the Use of Bitcoin
The risk involved with the help of a bitcoin can be alleviated through the conversion of bitcoin into US dollars via different kinds of an exchanger. In this way, when bitcoin crashes, you will have no problems, but the same can be said with traditional currencies as they too hit sooner or later, then you’ll regret having your bitcoin exchanged.
Using bitcoin can help marijuana dispensaries as long as they know everything about bitcoin. In recent years, more and more cannabis dispensaries adapt to bitcoin as a payment form. Bitcoins have their advantages for both parties; they are an ideal choice for cannabis users who doesn’t want themselves to be known and for businesses who don’t want to deal with physical money.
Overall, bitcoin presents a viable option for marijuana dispensaries for as long as banks don’t want to associate themselves with marijuana money. Remember that bitcoin is a volatile market; be sure to study everything about it. Lastly, as long as the positive outweigh the negatives when using bitcoin, you are in an excellent position to do so.