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RE: The Legal Marijuana Industry Needs Bitcoin Badly

in #marijuana8 years ago

I don't have any particular insights or first hand knowledge on this topic, but at first glance it seems dispensaries and bitcoins were a match made in heaven. But I doubt many businesses relish the idea of doubling-down on regulatory hassles, and banks are as averse to Bitcoin as they are to MJ legal regardless of its State legal status. Add to that the fact that Bitcoin kind of sucks for retail POS unless you are using a service that is centralized like Bitpay. Pretty sure they don't accept any dispensary's biz. When Bitcoin payment channels like Lightning Network are more than just an idea this might change, esp if they offer some privacy. I doubt any businesses want their competitors scoping out their financial positions on the public Bitcoin blockchain. Maybe a competing faster and more privacy based cryptocurrency like Dash or the upcoming Zcash will be more attractive. Like they say, it's all early days still.