Cannabis was legalized in Washington State by voters yet banks mostly dont allow buying of ganja with credit cards so most shops are cash only.
Company POSaBIT is a Bitcoin payment processor saw and saw a market there.
So you would think, okay cool - person has to get BTC, then pay with them. Prolly most will choose cash as this is easier.
Not in this case!
What POSaBIT does is actually more complex and more AMAZING than you think!
Person is charged to buy cannabis, swipes their credit card, then buys BTC and the BTC is sold for the cannabis. This way people can use BTC without even knowing about this.
People can also buy BTCs in any place accepting POSaBIT and spend them elsewhere.
If this is not killer app for BTC, then i dont know what is!
This just made my life a whole lot easier as my local hookers only accept weed as payment
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this is epic hahaha
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haha, enjoy man! happy weekend
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Yes this is indeed a KillerApp! Me and an old buddy whom I use to work with had plans to mine 'P0tc0in' until we had so much that we would get basically free tree ;) But this was when I didn't know anything about mining, just heard about it. Again, I was more focused on learning how to trade bitcoin@the time so, we never accomplished that goal. I know how to mine now though ;)
Great post, Resteemed!
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It will actually not do too much as btc is bought and sold right away. However still a great way to use btc and aolve a real problem.
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Unless if the cannabis company stays in btc
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Pretty Smart way to get around the banks "unwillingness" to allow marijuana purchases made with debit card! Now you buy bitcoin instead of weed with your card, I would say that's DOPE ;)
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Brilliant! About time someone got some solutions in this much needed area.
While on the one hand I get some states not wanting to allow people in the marijuana business to be able to carry guns (finally some let them hire security guards that do)...it's kind of putting bullseye on shops when it's all cash and unarmed.
Way to go POSaBIT! It's amazing that the federal government hasn't been willing to put work into this area and I really don't expect them to any time soon.
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Yea I like this concept and am hoping @bitshares @blockpay and @steemit integrates this same idea within our platform. This would bring so much more value very quickly. The wallet application allows you to pay with pay-pal and credit card but in a since, it's only a wallet.. This the reason I use @steemit, mainly because of the community making it easier and easier to use.
Love the idea @kingscrown! #Namaste
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This just might be one of the bast ads for Bitcoin! Sounds like something we would read in fun pages in daily news.
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Dopecoin.com :)
WeedCoin is so dope!
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Helpful . keep posting
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very interesting info! resteemed.
on a separate note, does anyone know what's the criteria for trending page ranking now?? it is weird that this post ranks #1, while #2's payout is obviously higher... WHY?
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I also want to know how does the ranking work o_o
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This will be YUGE.
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I am still trying to make up my mind about bitcoin...
But regarding your article - I wonder how they would deal with the transaction fees being relatively high...and confirmations taking 10minutes at best...sometimes hours, these days...
I would have expected "businesses" to be harmed by this development in bitcoin...but maybe I am overseeing things?
And then the other question: If you enter mass market in a rather "dark niche" (not my valuation, but I do fear such a weed system would be seen like that by many) - will it be possible to go for the rest of the mass market afterwards - or will you/your currency then be marked as "dark/filthy" and never be adopted outside?
Interesting to watch, though - please keep us non-US humans up to date!
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if they "sell" bitcoin its in their hands so they can accept this in 1 second. and since they buy and sell same moment, this doesnt change anything
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Got it! You're right, TX!
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Wow now that is amazing. Thanks for sharing the post.
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Epic
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very good article! :) i follow you
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discus about cannabis? try to searching about Aceh cannabis. People say, that is one of the best cannabis in the world.
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Crypto currency should be the cannabis business's killer app - but I hope the trend catches on elsewhere.
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I asked a local shop in Spokane about using BTC (did not want to confuse the use with other cryptocurrencies). The clerk had no clue if they would go that route, and that he new little about BTC. Time to go back with more information.
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Considering this is a business that is heavy on cash transactions I'm sure this will be very welcome in the community.
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