Every new trend in the industry reaches the awareness of each people on earth, especially now that social media and global news are all over the web. At present, among the hottest trends, is the relationship between cannabis and Bitcoin. Both of the aspects are known in their own ways. This is why their connection established a firmer stand on the headlines.
Twenty eight states in the United States have already legalized the use of medical cannabis. As for full legalization, there are eight states you can visit to enjoy non-restricted marijuana use. With other countries also accepting the utilization of marijuana, the cannabis market is growing phenomenally. It is anticipated to burst into a $20.2 billion market in 2021.
Now, you have Bitcoin. The digital currency is no longer new to you, especially now that it approaches its decade of existence.
Both cannabis market and Bitcoin businesses are struggling to look for efficient means of buying and selling. However, the two seemed to have found their way to each other. Thanks to Bitcoin and the cannabis market has solved one of its major problems.
Bitcoin Helped in the Effective Sale and Production of Cannabis
With the aid of Bitcoin, the industry of cannabis will be able to carry out its sale and production even without necessarily having to access financial institutions or banks. The use of the digital currency is considered to be leverage for the marijuana market.
Apparently, the digital currency has an advantage over this significant step. It does not only replace your giant piles of cash but can also be accessed using an internet connection. Currently, more than 100,000 companies are accepting Bitcoin. Take note that included in the list are major online sellers and big businesses.
How Do Cannabis and Bitcoin Work?
These two work straightforwardly. For instance, once a client decides on the product of marijuana to purchase, after he finds weed near me, the seller inquires if he would like to use Bitcoin or cash. If the customer chooses the former, he may use his or her credit card to purchase the digital currency.
Given that the customer already has Bitcoin with a value similar to the purchase amount, he can quickly complete the transaction from the store.
Typically, the seller makes use of a kiosk, which keeps the transaction fee. This charge will then be transferred in U.S. dollars to the vendor’s bank account.
Will the Marijuana and Bitcoin Tandem Work?
There is no doubt that it will grow even further. Both industries are getting stronger. More states are accepting the use of marijuana while companies are also adopting Bitcoin payments nowadays. So, there is no doubt that their tandem will boom.
There is also no coincidence that digital currencies caught the attention of banks. Financial institutions today are already studying the use of Bitcoin to innovate security and transactions.
From the given facts, you can see that the industry is rapidly changing. With cannabis and Bitcoin working hand-in-hand, buyers and users of marijuana will have more seamless purchase transactions.