Traditional Banking System About to be Blindsided by Tech (Note the Lack of Tears in the Room)
The relationship between cryptocurrency and cannabis is a unique one that touches on the future of the billion dollar transactions that are rapidly unfolding as the international legal cannabis market gathers momentum.
Traditional banks may become sunset industries in the future of the cannabis economy because of outmoded compliance legacy issues. There have also been a plethora of allegations showing how major financial institutions have been complicity in laundering narco-dollars for rogue governments and multinational cartels.
What is Cryptocurrency?
According to CoinTelegraph, Cryptocurrency is a virtual currency designed to work as a medium of exchange. Cryptocurrencies use cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Most cryptocurrencies use a revolutionary technology called blockchain to manage entire crypto trade network.
More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on Feb. 18, 2021, was more than $1.6 trillion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $969.6billion.
7 Reasons Why Cannabis and Cryptocurrencies Have Snuggle Value
If you are still not that into crypto, and your mind is shouting like ‘Why! Why! Why!’, here are some solid reasons to turn to cryptocurrencies now.
- Because banks still don’t conduct dagga/marijuana/cannabis transactions legally
- Because cryptocurrency broadens the customer base
- Because cryptocurrency eliminates bank transaction hassles
- Because crypto removes the stress of location-based payments
- Because crypto is secure, safer, and faster
- Because it makes business-to-business transactions simpler
- Because it takes care of your privacy concerns and ensures transparency
Some cryptocurrencies that are already making their mark in the cannabis industry include:
- cannabiscoin and
- dope coin.
Of course none of these yet have the mainstream appeal of cryptos like Bitcoin, Ethereum, Nano and Ripple to name but a few.
Most are familiar and accept Bitcoin as the safest and securest as it is the most well known.
Investors are quickly diverting their plans towards cryptocurrency as those who embrace it are aggressive.
Here are reasons why it’s currently leading:
- Investors keep the Bitcoins on hold, making them inaccessible to interested individuals. Consequently, the price of Bitcoin raises the general costs per unit.
- Increased liquidity levels: The introduction of multiple key players to this industry has increased liquidity.
- Support from the media: The media tends to reach a wider audience, and cryptocurrency is taking full advantage of this fact.
- Most people are slowly losing their faith in the current banking system. This has seen them channel their energies towards the cryptocurrency market.
- A decrease in the supply of Bitcoins