Have you been looking for the best cannabis payment method to keep things anonymous? The cannabis industry and its business owners find it challenging to conduct daily operations because most banking institutions do not offer essential services. This has to do with the regulations of the federal government.
There are so many cannabis business owners and dispensaries that find it difficult to maintain their accounting system in the right manner. There is staff to pay and most business owners have to keep cash earned in various unsecured locations. One more challenge is that credit card payments cannot be made and it limits the form of payment that they have for the business. As a result of all of this, many business owners are turning to marijuana cryptocurrency solutions because of its security and anonymity.
Lack of Reform
Cannabis reform would enable other cannabis payment methods. But it is too far up the totem pole because the federal government and their war on drugs put a stake in the midst of that kind of progress. Current financial laws do not serve the business owners in the cannabis industry and it seems as if there is no movement to look forward to and that is so unfortunate.
For this reason, most business owners use cash as the only viable cannabis payment method. However, some are finding out about cryptocurrency, which is becoming quite popular. In the United States, some dispensary owners would love to use Paypal as their means of collecting. But laws governing the industry forbid them to do so. Many are scrambling to find out how they can overcome this challenge. And so many in the cannabis community have started to look at how the cryptocurrency form of payment can be used to make matters better. Let us take a look at how this works.
When you use bitcoins, silver or altcoins, which can all be used as cryptocurrencies in the cannabis industry, it means that you have access to your funds when you want. You can transfer from one account to the other and you can better manage your money. In the state of California, dispensary owners are assessing how they can integrate the concept into their businesses. The recreational cannabis market is taking off and showing signs of making good progress. As mentioned before, the federal banking system prohibits cannabis banking, even in states where weed is legal. This is where this type of cannabis payment method would come in as a viable option
Now, let us see if we can explain a little bit about cryptocurrency. It might be a little complex for some to understand, but it is worth taking the time to see if this option would be something you want to consider. Let us look at the technology that runs block chain because it is quite similar. Programmers are good at creating new money online. These types of currencies are used to purchase anything on the Internet once the merchant accepts digital cash. Of course, this is not traditional money that you use at banks. Rather, it is a monetary exchange that constitutes “mining” or offering a solution to complicated money problems. Once this currency begins to circulate, it can be spent like the traditional cash. It is that simple.
How It Works
Cryptocurrency is like traditional money, but in a digital wallet format and on the block chain system. Money is sent and received over the Internet and all of the transactions made are only between individuals who have to be signed up in the block chain system. This cannabis payment method bypasses banking institutions so that transactions only involve those who want to do business together. And more importantly, you can maintain anonymity the entire time. For example, let us say that John sends 5,000 bitcoins to Suzette. She will know that the money came from John and only both of them will know about this interchangeable transaction.
When you use this cannabis payment method, you get access to various global markets. The processing fees are cheap and you get to access your funds when you want and no one has to know that you are dealing in cryptocurrency.