Marijuana industry working for both medical and recreational purposes is now a multi-billion dollar field of work, but credit card companies are still giving logistical headaches to the owners and considering it a potential security threat to their functioning. With cryptocurrency bitcoin, the complicated math problem is sold as cannabis companies are quickly ditching traditional methods by accepting mined digital currency.
It is a safe, transparent and effective way which is out of the reach of financial institutions, far easier than traditional services and doesn’t involve banks to get things going for buyers and sellers. Bitcoin is the most feasible way to make payments. Without the involvement of traditional banking activities, one can buy pot through Bitcoins and the companies can receive their payments through the same digital currency which is only gaining value in the last decade.
Both Bitcoin and cannabis have operated in legally gray areas while facing financial, political, and regulatory challenges. Their problems overlapped so they devised a great mechanism for trade without any hassle. Bitcoin and cannabis are more popular among younger demographics.
The dealings in marijuana businesses, including in retail dispensaries have increased security concerns as all the dealings are done only in old-fashioned cash. To avoid this hurdle, one can simply use Bitcoin to transfer the money and avoid any trouble. Customers also find it easy to use Bitcoin as it facilitates the transactions. Once sometimes has made their mind to buy pot, they can simply use Bitcoin to pay for the stock without withdrawing cash from their accounts.