How do you do business safely in a cash-only industry such as the medical marijuana industry? One solution is to avoid traditional currency (such as the almighty Dollar) altogether. Bitcoin's untraceable cryptocurrency properties make it ideal for those in the marijuana industry. Recently, First Bitcoin Capital Corp. announced the signing of a merchant account processing agent agreement including a credit card processor for the states of California and Oregon.This means that medical marijuana patients could soon swipe for their dispensary purchases.
The unwillingness of major banks to work with the marijuana industry has forced businesses to deal in cash, therefore operating in a constant state of danger. First Bitcoin is developing a user friendly suite of financial services including merchant processing and POS systems as well as a solution to accept Credit and Debit card system that can be used without needing a bank account.
"Being the first publicly-traded cryptocurrency and blockchain-centered company we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies," a spokesman for First Bitcoin Capital said in a press release.The state of California has enacted legislation that makes Bitcoin legal tender. Per a case in California, a US district judge ruled that Bitcoin is defined as property.
The allure of Bitcoin's blockchain technology is unfolding. A blockchain is an experimental digital technology that creates a public ledger of every Bitcoin transaction that has ever been made, and cannot be altered by any party. The blockchain technology has been used for a number of reasons including the ability to log and track medical marijuana DNA sequencing. Over 50 global financial systems are investigating blockchain technology and most agree that blockchain technology is definitely here to stay.
First Bitcoin's system can provide a way for dispensaries to accept payments without transporting enormous amounts of cash, which currently leaves them vulnerable to criminal elements.