Wednesday, May 22, 2024

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Marijuana biz getting cozy with Crypto

If you go to a perfectly legal marijuana dispensary in your town, you may be surprised to find that you’re only able to pay in cash. This is because most credit card companies aren’t comfortable dealing with something illegal on a federal legal for concerns of it looking like laundered money. Banks are in the same boat.

With the cannabis bank bill yet to materialize, companies are looking towards Crytocurrency.

Staying strictly in the cash space could be dangerous, especially if a break-in happened, making insurance claims very difficult if most assets were cash.

So crypto, with its lack of regulation, is a perfect fit. The fees are low, transactions are transparent while still being secure, and international transactions are a cinch.

Of course, it isn’t a perfect strategy. There is a lot more to track, including the value of the coin against the dollar on EVERY transaction. Also, the fluctuation has been very intense as of late, with Bitcoin’s value dropping 50% in the last few months. You won’t have to worry about someone robbing you, but you will have to worry about waking up one day to all of your assets being worth way less.

But the more the two rely on each other, the more they are both propped up into legitimacy. Both are entering the mainstream at the same time, and the alliance only improves the foundations in which they both grow from.

Read the original article at Motley Fool.

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