BITCOIN SOLVES LEGAL MARIJUANA’S FEDERAL BANKING PROBLEM
SinglePoint and First Bitcoin Capital partner up to solve payment problems in the legal marijuana industry by releasing a point of sale app.
HIGH PRIORITY ISSUE FOR THE LEGAL MARIJUANA INDUSTRY
One of the lesser documented reasons for the rise of Bitcoin’s price is the role it plays in the legal marijuana industry in the United States. The problem is that US local and federal law are at loggerheads over the legality of the money raised from the selling of legal cannabis products.
While the tender may be legal in 29 states, it still remains illegal under federal law. This creates issues for point of sale and also where to deposit profits. This has provided a role for Bitcoin as an intermediary and as a potential store of value, with the legal cannabis industry having sales of $8 billion in 2016 you have to wonder where this money is being stored and where it is being invested.
SINGLEPOINT + FIRST BITCOIN CAPITAL = FAST SOLUTION?
There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. In a news release this past Tuesday, SinglePoint CEO Greg Lambrecht stated:
This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on and cannabis dispensaries need a solution fast.
Read more: https://goo.gl/iVGg8U
I think a lot of institutes would be afraid to tie the two together, but there's money everywhere I look. I think one day when I'd get into the business, if crypto's still hot (I mean maybe there'd be like 20 stable coins to get into) then I'd probably accept payments. MMJ is fantastic for making that greeeeeen $$$
I had not been making the strong link here; I assume BTC is used across the board, even by CIA to launder incoming heroin, but recent legal changes must be making BTC the gold of the future.
BTC seems like the universal go between, simply because of network effect. But eventually that will move to something else I assume, or many something elses..
I like the fact the ETH has so many nodes keeping watch (25K vs 7k of bitcoin).
The ETH blockchain is messy, but I assume it will soon overtake BTC as far as being easy to exchange for USD. And it seems ETH is able to advance it's technology faster than BTC.
The next contender for 3rd generation gold standard is?
(high transaction capabilities, easy to run a full node, most bugs are fixed before the genesis blocks are created)
I must say, even though I am pro legalisation of marijuana (I don't use it but support your right to), I am not over keen on promoting bitcoin and drugs together. Bitcoin already has a criminal image in the public eye it doesn't need the help of drugs, albeit legal ones.
Great info, I'm not too familiar with all of this just yet but I think this has confirmed some things up for me. :) Keep posting!
when crypto currency is finally mainstream am i crazy for thinking the whole cannabis industry will accept potcoin? I mean why wouldn't they right? upvoted and followed :)
@daniel82 Thank you! Yes, also looking forward to that point when mainstream media is going to discover potcoin :)