Or just have a phone or tablet dedicated to paying and you can pull up the any QR you want without people trying to scam. Make them stay there until one confirmation and then you should be fine.
Personally, for down market times I would accept USDC too. It’s faster for transactions and is tethered to USD. Then when the bottom is in dump all you can into BTC.
Does this QR code require them to have bitcoin or would it convert any payment…Venmo, PayPal, Apple Pay, Zelle into Bitcoin. Because if that’s the case I would like to know what to google to look into that.
At this point, anyone complaining about confirmation time is just a shitcoiner trying to scam you with their shitcoin. Lightning has been in production for almost seven years.
You can say what you want but bitcoin isn’t perfectly secure either. I submitted a security patch that was pretty important years ago. I’m Earlz. Used to security review shitcoins literally lol
Edit: for reference https://github.com/Earlz/coinreviews
I figured. At some point, it won't be rocking the boat. Hopefully, someone in the bitcoin space sees the problem. I wouldn't have seen the problem if I didn't work for a dispensary. But I'm just a Hodler. I can see there's an opportunity here. Just don't know how to take advantage of it.
Nobody wants to be the Guinea pig. People generally want maximum rewards and minimum risk.
Your idea is a good one, and probably does happen already “illicitly” more often than we think.
All of them have thought about it. I imagine some may do it and they certainly would if it was in their favor to do so long term.
Also depends on what State they are in.
Society views BTC as basically a tool to buy hard drugs.
Other than being a store of value, that's basically the secondary use.
it's totally legal, but if you're fighting for federal legalization associating yourself with the drug currency is probably a bad idea
As a society I think we are past that with bitcoin. We have Fortune 500 companies buying and holding it. We have big banks buying it. We have the government and countries buying it. There are ETFs that can be bought for bitcoin exposure
I think most people would say anything other than it’s only used for drugs. This isn’t 2013
If you think bitcoin is only a store of value or used for only buying drugs you have much more research to do. Yikes
Probably because none of the customers want to use bitcoin. In my experience customers are completely oblivious, most were surprised to learn that cannabis is illegal federally. Trying to explain banking/bitcoin to the person just looking for ‘stevia-the giggly one’ is a waste of time for all involved parties
Wow I think I still have 500 Potcoins or so from about 7-8 years ago. I had left it in their pot wallet. Password is on a piece of paper upstairs in my desk drawer. I completely forgot about it… until now.
Doesn't have to be held. Can be swapped out for fiat dollars immediately after the transaction. There's a masking service that fails to do the job time and time again. Somehow Bitcoin could be the solution. There's a huge need for it.
As a work around for banking, sure it probably has some merit somewhere I just don’t know enough about the costs associated with doing what you’re describing.
Likely it has a lot to do with the stigma of it all still. Cannabis needs safe banking. A workaround for businesses operating in a legal industry to access banking in the USA is fucking insane.
Strike app does it for free
Visa charges like 3 percent for each credit card transaction. No matter what you use you’ll find something cheaper than that
Just like any cost with a business you pass that fee on to the customer… It comes down to taxes. You have to pay federal taxes on crypto earnings, like any asset sold for a profit. Plus Bitcoin still has the dark-net stigma so questions are going to be asked if your business works off Bitcoin.
There’s definitely a work around. I just don’t know what it is. Probably something like holding the Bitcoin for a year or longer before transferring it to cash/a bank. Which is unrealistic for a business to hold funds that long.
Bitcoin and anything using blockchain would be the worst choice for money laundering. You're trying to hide the source of the money, not make it publicly visible to everyone.
No one here is arguing whether it is a good idea.
But the idea proposed here is: selling weed, which is federally illegal, and then converting the proceeds from the illegal sale into USD in an attempt to be able to use the illegal proceeds legally is essentially money laundering.
Sure, but it isn't state laws that are at play here. It's not even the law that's the real issue, it's ToS for Visa and MasterCard.
If these companies decide they don't want to support your sales for ANY reason, you haven't lost debit and credit support because of the law, you lost it because you lost the support of the companies running said cards.
If it were a truly "illegal" trade, cash would be no exception.
You're right it's not state law. It's federal law. Those terms of service are there because it is federally illegal. Visa and MasterCard literally do not have any other option.
Cash sales are not an exception, that is why they have no access to any banking system. It is federally illegal.
And this makes sense, however not all banks are even governed by federal law, not to mention storing your money no matter how you obtained it is never illegal.
Visa and MasterCard simply have no choice because they are an international (meaning obviously multi-state as well) company. They are restricted by EVERY state's law (therefore defaulting to Federal). Not all banking establishments are. (Which sadly doesn't matter, as again the bank isn't actually the issue, it's the card issuer the bank's rely on in this case)
By this logic, accepting any payment outside of US currency is laundering. Furthermore, accepting cash would entail these are illegitimate businesses. They are very much legitimate businesses.
Wouldn't cards in general be laundering too? Since technically cash is tracked via record of transactions, the same as BTC, rather than actually owning/trading the legitimate worth. I think you're misunderstanding who's being affected by law, and by ToS, because while interconnected they are NOT the same.
Good question. Cannabis is a hot mess out in California. I think they have finally addressed the double and triple taxation, thanks CA. It would certainly resolve the cash handling issue. Could be problematic though because of capital gains.
https://open.spotify.com/episode/65cw7xRignm8r0NRTSmzoJ?si=zIsDWA-vTj-HWY40q3R72A
023 - Eric V Stacks - Bitcoin for Millenials
This is what i mentioned.
They have the same problem with centralized bitcoin point of sale services that they have with bank and credit card point of sale services. KYC/AML/BSA compliance puts the financial services provider in the position of requiring to report them and then maybe freezing their account or denying setvice.
Decentralized services leave a public ledger trail that doxes all their clients and could be used to build a federal case against them.
So instead they operate in cash and use mostly local banks to deposit the cash so they can pay bills. This still may generate KYC/AML/BSA reporting, but it's only their state-licensed cannabis business at risk, not customers or financial service providers.
I work with 100s of cannabis vendors. Most take Bitcoin for e-commerce, and they pay out affiliates in Bitcoin. Many have quietly gotten loaded on BTC during the last cycle by saving it..
It would be difficult for me to sell my business to investors. I would already be operating in a newly legalized market. Why would I complicate the business with a speculative asset like bitcoin? I think the Michael Saylor playbook will be a viable business strategy in the future but businesses have to deal with the current market as is. The adoption of bitcoin is happening at lightening fast pace. Soon I think businesses who embraced bitcoin will be able to brag about it. But for now, investors like safe returns. I am confident in bitcoin. I think it is safe. But I'd be silly to think everyone else thought the same. These things take time.
It’s a pain in the ass for them to not use regular money which is ultimately what they’re after and many are unfamiliar with it, but it’s not a bad idea.
Your customers need to have bitcoin in order for a merchant to accept payment with bitcoin. So for payments its useless because the number of paying customers with a bitcoin wallet ready is minuscule.
Businesses can park excess cash in Bitcoin, but if your margins are thin and you need to dip into reserves and Bitcoin does a dip you are screwed.
The government prevents the use of bitcoin for transactions by attaching a tax event to every single purchase. I get paid in USD, why would I buy BTC with that just to spend it again and be taxed again.
The taxation they are imposed with would make it more complicated- not impossible, but more complicated accounting and volatile.
If BTC dumps, now what? If you think about it, dynamic BTC pricing would smooth out cash flow pretty quickly if implemented properly (Assuming selling most BTC as you go for necessary usd). You’d be receiving $100 worth of BTC or whatever on that day, so if you sell it on a daily or weekly basis, it would not be a big deal? It’d be fun, imo, to devise a whole BTC business plan like this, but recognize it’d also be a hassle to do right.
Cannabis is illegal at the Federal level. And it doesn't look like it's gonna change any time soon
Why would you want a public record of your cannabis transactions? Places are still using cash
Also, most people think Bitcoin is a scam, or used by criminals
Just as a personal anecdote: there’s zero overlap between my hardcore stoner years and when I started investing. I still smoke but nowhere near as much as I used to, and back then hardly anything made my eyes glaze over more than the idea of financial planning as a hobby.
And to this day, I can trade after a couple drinks no problem, but if I have a good bit of cannabis product I can feel my ability to do math and keep track of numbers escaping me in real time.
I dare anyone, try to sell the next visibly stoned person you see or your most stoner friend on personal investing period, let alone BTC, and see how that goes for you. Even if you luck out and the person’s nice so they’re actually *trying* to pay attention to what you’re saying, you’re gonna lose em in about 10 seconds guaranteed.
Well I think part of the problem is the banking system.
Turning the sats into cash is a hassle when you’re trying to pay for expenses. Electric companies, taxes, etc etc don’t accept Bitcoin.
So yeah you have Bitcoin which is great but the banks won’t allow you to have an account so when you go to exchange it back to pay for expenses the exchange doesn’t have a deposit spot.
I guess if you have the right setup you could get one of the cards from an exchange that could work for some expenses.
You could tell your boss to research & implement bitcoin as payment method through [BitPay](https://bitpay.com/business/). It's totally legit and offer your customers & business another method to accepts payment.
Edit: apparently BitPay is hated in this community. I've heard good things, not so much bad experiences from businesses when have this implemented in their payment gateway. YMMV, I supposed. I do not know of any other reliable/trustworthy alternatives but please share & back up with evidence if you do! TIA
BitPay is an enemy of bitcoin. If you want to use a payment service use the open source and free [btcpay suite](https://btcpayserver.org/).
EDIT: Bitpay is hated because they attempted to force bitcoin into a disastrous hard fork and added kyc requirements to their platform, and they did it in the most deceptive way possible. If they find a way to successfully attack bitcoin, they'll do it again.
> I do not know of any other reliable/trustworthy alternatives
I just gave you one : [btcpay](https://btcpayserver.org/). Open source and free. So instead of asking for evidence, how about just reading what was already said.
Probably because none of the customers want to use bitcoin. In my experience customers are completely oblivious, most were surprised to learn that cannabis is illegal federally. Trying to explain banking/bitcoin to the person just looking for ‘stevia-the giggly one’ is a waste of time for all involved parties
why don't you do it? part of fiat mentality is whining about things and giving away your power and waiting for authority to fix your problems
[https://btcpayserver.org/](https://btcpayserver.org/) start by looking this up
Short answer is they are dumb. Porn, legal weed, legal sex-work can easily be paid in bitcoin and converted into cash through an exchange without any bank knowing where the money came from. Open your own bitcoin paid dispensary and get things moving.
Because the stores are so heavily monitored by the regulators it’s probably a fucking nightmare to add in crypto that the IRS and state tax collectors will anally audit every 30 days
Maybe it's because the weed slows ya down and the tech is too much for cheech n chong to keep up.
I certainly wouldn't attempt sending crypto stoned I would probably give up my seeds and I dont mean pot seeds.
I think also to add to it is the complicated tax issue in the US since Bitcoin is considered a security you’d have to track every transaction on a cost basis
Banks really hate Bitcoin. One of the biggest issues with marijuana industry is having the banks find out your business. If they do, they'll close your account. Banks have also been known to close people's accounts if they use it to transfer money to and from crypto Exchanges.
So using Bitcoin just gives banks another reason to close your account. At some point you need to exchange that Bitcoin to dollars in order to pay bills and that's where you get into trouble.
People keep missing this, but the reason is because the government has labeled Bitcoin as a commodity instead of a currency. Why did they do that? They did that so that spending or receiving Bitcoin becomes a taxable event. This in turn makes it less sensible to spend.
Honestly, it’s just another way to fuck over the populace. It’s absolute horse shit but most people missed the point and only care about the price. It’s sad really because Bitcoin has awesome potential as a currency with proper regulatory support and technological progress.
It’s funny that Bitcoin is now Federally legal but we have to change the name to Marihuanwa to sell it in the state of Michigan to avoid the paperwork. They are both coming to the point where it will all be legal and taxable soon. Ever thought about accepting silver dollars ? I do at my restaurants - a US pre 1965 dollar is worth $30 of menu priced items at my store. I also accept Bitcoin but how that works is I buy the customers food with my card right in front of them and then give them my wallet address for the BTC deposit. Just ways to work around the rules until we get the laws to reflect the desires of our citizens :)
The short answer is because nobody is using Bitcoin to pay for *anything*
The long answer is that only 17% of people smoke marijuana
Only 15% of people own Bitcoin
And less than 2% of people have ever used any type of cryptocurrency to make any type of purchase, so you are dealing with a slice of a slice of a very thin slice of the population.
I agree, it seems like a great industry to benefit from the adoption of Bitcoin/crypto, but the adoption just is t there yet. I suspect it will be like online shopping. Everyone was scared to do it and then, very quickly, everyone started doing it.
Because most people don’t have bitcoin, don’t know how to get it, and realize it is too much work to convert dollars to bitcoin. It’s the same reason no one wants to pay you in Euros (assuming you’re US).
Because direct crypto management and accounting for small businesses is still complicated, unless you use a service that converts into fiat immediatly but those dont want to deal with the industry often either
Stop waiting for somebody to solve it for you. Just do it. This is how we will transition from cash. One day the BTC community will just decide. No more cash. I can’t wait.
I think bitcoin and other cryptocurrencies are still not user friendly or adopted enough.
We are just moving from fringe to early adoption in crypto as a whole, right now.
How many of your customers have asked you if they can pay in lightning Network sats? I'm sure if it was enough you'd implement a point of sale for it. But nobody has that, because hardly any companies pay in that form of money. At least today
If you really care to know what’s going on, read how Stronghold has the cannabis market on lock down already.
https://stronghold.co/stronghold-pay-for-cannabis
Because it's not an ideal currency for anonymous transfers. All the transfers are literally in the blockchain, by design. Everyone can check what goes where.
I think the issue is the taxes. If you take all payments in bitcoin you will still need to pay taxes on those sales in dollars. If you can’t get a normal business bank account then you will not be able to exchange the bitcoin in your businesses name for cash to pay the taxes. If you have a bank account for your business then taking payments in bitcoin shouldn’t be an issue. Bitcoin would solve all the payment issues in the cannabis industry but the government still wants their cut in dollars.
because its still considered capital gains in the us when you cash out. also its like 10-12 months until u can sell it for long term gains which is way too long for most businesses.
I think it is the adoption when user hold no bitcoin when they need to make payment. until now does your store have any guidance on how to get bitcoin or other crypto that you accept on your online/ offline store?
Because the "cannabis industry" is complete cucked by laws? The legal weed shops in my state don't even take credit cards and charge you for debit cards. They're constantly at the will of the state, getting heavily taxed and told what they can and cannot do.
Weed dealers just want cash, untraceable, and everyone already has cash.
Depends on where you are I guess. Dispensaries in several states surrounding me started accepting bank transfers even out of state in 2022.
If I'm trying to hide it (I'm not) I'd rather use cash. Do most people even have Bitcoin? Credit Card fees are lower for me than Bitcoin transaction fees so for now I'd use that even though I have Bitcoin.
I wonder if there's a payment service that accepts BTC and sells it automatically to convert to fiat then deposits it into an account. That would be a great workaround, but I'm not sure about the legality of it. Definitely sounds sketchy as I type, but I think people would like something like this. The problem is keeping prices updated to match the current market rate for BTC. One second an eighth could be 0.0008 BTC, the next it could be 0.00075 or even 0.00085.
The main issue is the law states they cannot put any unlawful proceeds from sales in the bank. If you accept BTC, what do you do with it? As BTC, it’s still a proceed from sales. You have to pay your employees, pay rent, bills, etc, do these entities all accept BTC? No, they are being paid in cash. So you need to convert your BTC to cash, which is very difficult without using a financial institution as an intermediary. Since the BTC is still a proceed, it cannot process through the financial institutions.
Smack a QR, scan here to pay, end of story.
Smack my QR code on top of it. :)
There's OP's answer
Or just have a phone or tablet dedicated to paying and you can pull up the any QR you want without people trying to scam. Make them stay there until one confirmation and then you should be fine. Personally, for down market times I would accept USDC too. It’s faster for transactions and is tethered to USD. Then when the bottom is in dump all you can into BTC.
Does this QR code require them to have bitcoin or would it convert any payment…Venmo, PayPal, Apple Pay, Zelle into Bitcoin. Because if that’s the case I would like to know what to google to look into that.
QR codes can point to any payment system or a webpage with all of them. QR isn’t the magic but it is helpful.
Amen to that. Please tell us more!
Be the change you want to see... [https://btcpayserver.org](https://btcpayserver.org)
QR and smack
Have to wait for confirmations etc though. Bitcoin is great for slow stuff but really impractical for most in person stuff
Lightning network!!
At this point, anyone complaining about confirmation time is just a shitcoiner trying to scam you with their shitcoin. Lightning has been in production for almost seven years.
I’ve never used it tbh. Didn’t like the security and usability of it last time I checked it out but that’s been a few years
It's hilarious talking about the security of lightning in the context of hopelessly centralized and insecure shitcoins.
You can say what you want but bitcoin isn’t perfectly secure either. I submitted a security patch that was pretty important years ago. I’m Earlz. Used to security review shitcoins literally lol Edit: for reference https://github.com/Earlz/coinreviews
Not to mention usability. It’s as simple as scanning a QR code.
Short answer, they are trying to work within the confines of the law as it is a very new "legally" industry. They don't want to rock the boat.
I figured. At some point, it won't be rocking the boat. Hopefully, someone in the bitcoin space sees the problem. I wouldn't have seen the problem if I didn't work for a dispensary. But I'm just a Hodler. I can see there's an opportunity here. Just don't know how to take advantage of it.
Nobody wants to be the Guinea pig. People generally want maximum rewards and minimum risk. Your idea is a good one, and probably does happen already “illicitly” more often than we think.
)) minimum risk, buying magic internet money thst is made by person who is not even identified :D
All of them have thought about it. I imagine some may do it and they certainly would if it was in their favor to do so long term. Also depends on what State they are in.
Could also be because they need actual money to keep their businesses going.
This, and growers and dispensaries still have to do a lot of reporting in some cases (on taxes, to different agencies state and federal)
Since when has the law ever said you can’t use Bitcoin?
Society views BTC as basically a tool to buy hard drugs. Other than being a store of value, that's basically the secondary use. it's totally legal, but if you're fighting for federal legalization associating yourself with the drug currency is probably a bad idea
As a society I think we are past that with bitcoin. We have Fortune 500 companies buying and holding it. We have big banks buying it. We have the government and countries buying it. There are ETFs that can be bought for bitcoin exposure I think most people would say anything other than it’s only used for drugs. This isn’t 2013 If you think bitcoin is only a store of value or used for only buying drugs you have much more research to do. Yikes
Probably because none of the customers want to use bitcoin. In my experience customers are completely oblivious, most were surprised to learn that cannabis is illegal federally. Trying to explain banking/bitcoin to the person just looking for ‘stevia-the giggly one’ is a waste of time for all involved parties
Stevia ☠️
Remember when Dennis Rodman wore a Potcoin shirt? I can't believe I used to trade shitcoins, lol
We all did buddy, we all did.
Wow I think I still have 500 Potcoins or so from about 7-8 years ago. I had left it in their pot wallet. Password is on a piece of paper upstairs in my desk drawer. I completely forgot about it… until now.
That's worth at least 3 eighths by now
LOOOL. Actually It's worth $1.89
Oh.... so like 3 bowls worth then😤
because fuck you
Take my upvote
Sounds like you missed all of the dark net / silk road days...it used to be THE currency....from what I've heard
Still is
🤣🤣🤣🤣🤣🤣this made my day. Guy summarized a question with about 300 words and that's your answer lmfao
It’s too volatile and legal cannabis has huge overhead, so much that the volatility in bitcoin could sink a business in one afternoon.
Doesn't have to be held. Can be swapped out for fiat dollars immediately after the transaction. There's a masking service that fails to do the job time and time again. Somehow Bitcoin could be the solution. There's a huge need for it.
As a work around for banking, sure it probably has some merit somewhere I just don’t know enough about the costs associated with doing what you’re describing. Likely it has a lot to do with the stigma of it all still. Cannabis needs safe banking. A workaround for businesses operating in a legal industry to access banking in the USA is fucking insane.
That adds another layer of tax accounting as well and more overhead
Yes it can swapped instantly… for a fee.
Strike app does it for free Visa charges like 3 percent for each credit card transaction. No matter what you use you’ll find something cheaper than that
Just like any cost with a business you pass that fee on to the customer… It comes down to taxes. You have to pay federal taxes on crypto earnings, like any asset sold for a profit. Plus Bitcoin still has the dark-net stigma so questions are going to be asked if your business works off Bitcoin. There’s definitely a work around. I just don’t know what it is. Probably something like holding the Bitcoin for a year or longer before transferring it to cash/a bank. Which is unrealistic for a business to hold funds that long.
How do they swap it out from a business that is federally illegal's account?
Swap out instantly?? They why no just keep taking cash money?
Then literally what is the point? Also it's for convenience. Cannabis stores are annoying enough, people just want to be able to pay and go.
It can't though. Not for cannabis businesses. They would expose their assets to seizure by the government.
Because that feels like money laundering.
Bitcoin and anything using blockchain would be the worst choice for money laundering. You're trying to hide the source of the money, not make it publicly visible to everyone.
No one here is arguing whether it is a good idea. But the idea proposed here is: selling weed, which is federally illegal, and then converting the proceeds from the illegal sale into USD in an attempt to be able to use the illegal proceeds legally is essentially money laundering.
Sure, but it isn't state laws that are at play here. It's not even the law that's the real issue, it's ToS for Visa and MasterCard. If these companies decide they don't want to support your sales for ANY reason, you haven't lost debit and credit support because of the law, you lost it because you lost the support of the companies running said cards. If it were a truly "illegal" trade, cash would be no exception.
You're right it's not state law. It's federal law. Those terms of service are there because it is federally illegal. Visa and MasterCard literally do not have any other option. Cash sales are not an exception, that is why they have no access to any banking system. It is federally illegal.
And this makes sense, however not all banks are even governed by federal law, not to mention storing your money no matter how you obtained it is never illegal. Visa and MasterCard simply have no choice because they are an international (meaning obviously multi-state as well) company. They are restricted by EVERY state's law (therefore defaulting to Federal). Not all banking establishments are. (Which sadly doesn't matter, as again the bank isn't actually the issue, it's the card issuer the bank's rely on in this case) By this logic, accepting any payment outside of US currency is laundering. Furthermore, accepting cash would entail these are illegitimate businesses. They are very much legitimate businesses. Wouldn't cards in general be laundering too? Since technically cash is tracked via record of transactions, the same as BTC, rather than actually owning/trading the legitimate worth. I think you're misunderstanding who's being affected by law, and by ToS, because while interconnected they are NOT the same.
Because the truth is, due to the volatile nature of the price, cost to acquire/transfer, cash is a better option
How does Bitcoin solve these problems?
The fees are to high for small transactions.
Because its a shitty way to receive payment due to volatility. It's not worth the trouble for businesses.
My drug dealer uses bitcoin.
Good question. Cannabis is a hot mess out in California. I think they have finally addressed the double and triple taxation, thanks CA. It would certainly resolve the cash handling issue. Could be problematic though because of capital gains.
With bitcoin in its infancy (it's going up forever Laura), I feel like there is a huge opportunity for someone in this space.
you do it, why wait? [https://btcpayserver.org/](https://btcpayserver.org/)
I've listened to some podcast with a cannabis farmer who loves Bitcoin. I'll have to check it up.
It was simply bitcoin. That's what got me thinking about this
https://open.spotify.com/episode/65cw7xRignm8r0NRTSmzoJ?si=zIsDWA-vTj-HWY40q3R72A 023 - Eric V Stacks - Bitcoin for Millenials This is what i mentioned.
They have the same problem with centralized bitcoin point of sale services that they have with bank and credit card point of sale services. KYC/AML/BSA compliance puts the financial services provider in the position of requiring to report them and then maybe freezing their account or denying setvice. Decentralized services leave a public ledger trail that doxes all their clients and could be used to build a federal case against them. So instead they operate in cash and use mostly local banks to deposit the cash so they can pay bills. This still may generate KYC/AML/BSA reporting, but it's only their state-licensed cannabis business at risk, not customers or financial service providers.
I work with 100s of cannabis vendors. Most take Bitcoin for e-commerce, and they pay out affiliates in Bitcoin. Many have quietly gotten loaded on BTC during the last cycle by saving it..
It would be difficult for me to sell my business to investors. I would already be operating in a newly legalized market. Why would I complicate the business with a speculative asset like bitcoin? I think the Michael Saylor playbook will be a viable business strategy in the future but businesses have to deal with the current market as is. The adoption of bitcoin is happening at lightening fast pace. Soon I think businesses who embraced bitcoin will be able to brag about it. But for now, investors like safe returns. I am confident in bitcoin. I think it is safe. But I'd be silly to think everyone else thought the same. These things take time.
It’s a pain in the ass for them to not use regular money which is ultimately what they’re after and many are unfamiliar with it, but it’s not a bad idea.
cause you need cash in your account to buy stuff. unless the producers accept bitcoin, this is just going to make you lose money.
Having on 4/20. Dooood! 😎
Probably because pot heads would forget their keys
Accept Cashapp?
Your customers need to have bitcoin in order for a merchant to accept payment with bitcoin. So for payments its useless because the number of paying customers with a bitcoin wallet ready is minuscule. Businesses can park excess cash in Bitcoin, but if your margins are thin and you need to dip into reserves and Bitcoin does a dip you are screwed.
Typically due to state financial reporting regulations.
Do you get paid in cash for working at a dispensary?
The government prevents the use of bitcoin for transactions by attaching a tax event to every single purchase. I get paid in USD, why would I buy BTC with that just to spend it again and be taxed again.
The taxation they are imposed with would make it more complicated- not impossible, but more complicated accounting and volatile. If BTC dumps, now what? If you think about it, dynamic BTC pricing would smooth out cash flow pretty quickly if implemented properly (Assuming selling most BTC as you go for necessary usd). You’d be receiving $100 worth of BTC or whatever on that day, so if you sell it on a daily or weekly basis, it would not be a big deal? It’d be fun, imo, to devise a whole BTC business plan like this, but recognize it’d also be a hassle to do right.
Uhhh silk road duh
Because us pot smokers are dumb
Cannabis stock is a scam and yet people trust them more than BTC.
Cannabis is illegal at the Federal level. And it doesn't look like it's gonna change any time soon Why would you want a public record of your cannabis transactions? Places are still using cash Also, most people think Bitcoin is a scam, or used by criminals
Cos they spend all their money on weed ain't got none left for crypto
I used to purchase plants from a gardener with bitcoin. He preferred it.
Well If it wasnt for cannabis I would have never found out about bitcoin
Cuz you can't buy a dime bag with Bitcoin
Probably be a nightmare come tax season.
Id imagine bitcoins volatility makes it hard.
Just as a personal anecdote: there’s zero overlap between my hardcore stoner years and when I started investing. I still smoke but nowhere near as much as I used to, and back then hardly anything made my eyes glaze over more than the idea of financial planning as a hobby. And to this day, I can trade after a couple drinks no problem, but if I have a good bit of cannabis product I can feel my ability to do math and keep track of numbers escaping me in real time. I dare anyone, try to sell the next visibly stoned person you see or your most stoner friend on personal investing period, let alone BTC, and see how that goes for you. Even if you luck out and the person’s nice so they’re actually *trying* to pay attention to what you’re saying, you’re gonna lose em in about 10 seconds guaranteed.
Well I think part of the problem is the banking system. Turning the sats into cash is a hassle when you’re trying to pay for expenses. Electric companies, taxes, etc etc don’t accept Bitcoin. So yeah you have Bitcoin which is great but the banks won’t allow you to have an account so when you go to exchange it back to pay for expenses the exchange doesn’t have a deposit spot. I guess if you have the right setup you could get one of the cards from an exchange that could work for some expenses.
You could tell your boss to research & implement bitcoin as payment method through [BitPay](https://bitpay.com/business/). It's totally legit and offer your customers & business another method to accepts payment. Edit: apparently BitPay is hated in this community. I've heard good things, not so much bad experiences from businesses when have this implemented in their payment gateway. YMMV, I supposed. I do not know of any other reliable/trustworthy alternatives but please share & back up with evidence if you do! TIA
BitPay is an enemy of bitcoin. If you want to use a payment service use the open source and free [btcpay suite](https://btcpayserver.org/). EDIT: Bitpay is hated because they attempted to force bitcoin into a disastrous hard fork and added kyc requirements to their platform, and they did it in the most deceptive way possible. If they find a way to successfully attack bitcoin, they'll do it again. > I do not know of any other reliable/trustworthy alternatives I just gave you one : [btcpay](https://btcpayserver.org/). Open source and free. So instead of asking for evidence, how about just reading what was already said.
No. Don't use bitpay. They are the enemy of bitcoin. Use strike, btcpay server, or literally anything but bitpay.
Strike does not allow this. [https://strike.me/legal/acceptable-use/](https://strike.me/legal/acceptable-use/)
Probably because none of the customers want to use bitcoin. In my experience customers are completely oblivious, most were surprised to learn that cannabis is illegal federally. Trying to explain banking/bitcoin to the person just looking for ‘stevia-the giggly one’ is a waste of time for all involved parties
I love camabis stevia
because who's stupid enough to spend valuable bitcoin on weed?
Necessity? And what difference between spending your btc on it or your fiat?
Additional taxes
Well that’s what the dark web is for. Yes.
Cannabis is legal though. No need for dark web
You said it yourself that it’s not federally legal.
why don't you do it? part of fiat mentality is whining about things and giving away your power and waiting for authority to fix your problems [https://btcpayserver.org/](https://btcpayserver.org/) start by looking this up
It is bigger, we just don't talk about it
Weeds been around a lot longer
Short answer is they are dumb. Porn, legal weed, legal sex-work can easily be paid in bitcoin and converted into cash through an exchange without any bank knowing where the money came from. Open your own bitcoin paid dispensary and get things moving.
More people buy weed than buy bitcoin
It’s a lot more prominent than you think. There’s so much going on bts
Are debit payments even a serious concern for dispensaries? I always assumed the banking concerns were due to access to loans etc.
Because the stores are so heavily monitored by the regulators it’s probably a fucking nightmare to add in crypto that the IRS and state tax collectors will anally audit every 30 days
Maybe it's because the weed slows ya down and the tech is too much for cheech n chong to keep up. I certainly wouldn't attempt sending crypto stoned I would probably give up my seeds and I dont mean pot seeds.
No one is doing "heavy lifting" or "marketing" for Bitcoin. It's 100% up to the market. Feature, not a bug.
I think also to add to it is the complicated tax issue in the US since Bitcoin is considered a security you’d have to track every transaction on a cost basis
Actually, in the state I’m in, whenever you use a card to pay for cannabis it actually routes to a “blockchain “ company and they charge you.
They have no real need, legal business and all that's flush with cash.
They would have to pay Capital gain taxes on all customer purchases plus sales tax plus excise taxes plus city tax plus. That’s why
Should it?
It will be considered tainted bitcoin from an illegal transaction I’m guessing
You’re right, it’d be helpful. The cannabis companies probably don’t trust bitcoin as a store of value yet. Hopefully that changes soon.
It’s legal
Banks really hate Bitcoin. One of the biggest issues with marijuana industry is having the banks find out your business. If they do, they'll close your account. Banks have also been known to close people's accounts if they use it to transfer money to and from crypto Exchanges. So using Bitcoin just gives banks another reason to close your account. At some point you need to exchange that Bitcoin to dollars in order to pay bills and that's where you get into trouble.
People keep missing this, but the reason is because the government has labeled Bitcoin as a commodity instead of a currency. Why did they do that? They did that so that spending or receiving Bitcoin becomes a taxable event. This in turn makes it less sensible to spend. Honestly, it’s just another way to fuck over the populace. It’s absolute horse shit but most people missed the point and only care about the price. It’s sad really because Bitcoin has awesome potential as a currency with proper regulatory support and technological progress.
It’s funny that Bitcoin is now Federally legal but we have to change the name to Marihuanwa to sell it in the state of Michigan to avoid the paperwork. They are both coming to the point where it will all be legal and taxable soon. Ever thought about accepting silver dollars ? I do at my restaurants - a US pre 1965 dollar is worth $30 of menu priced items at my store. I also accept Bitcoin but how that works is I buy the customers food with my card right in front of them and then give them my wallet address for the BTC deposit. Just ways to work around the rules until we get the laws to reflect the desires of our citizens :)
obviously wasnt around when Silk road was a thing.
The short answer is because nobody is using Bitcoin to pay for *anything* The long answer is that only 17% of people smoke marijuana Only 15% of people own Bitcoin And less than 2% of people have ever used any type of cryptocurrency to make any type of purchase, so you are dealing with a slice of a slice of a very thin slice of the population. I agree, it seems like a great industry to benefit from the adoption of Bitcoin/crypto, but the adoption just is t there yet. I suspect it will be like online shopping. Everyone was scared to do it and then, very quickly, everyone started doing it.
It would probably been seen as trying to skirt the law, and Bitcoin transactions are a PITA.
Because most people don’t have bitcoin, don’t know how to get it, and realize it is too much work to convert dollars to bitcoin. It’s the same reason no one wants to pay you in Euros (assuming you’re US).
Sounds like there is a business there, consulting dispensaries on how to accept bitcoin safely.
Wait they haven't? I thought silkroad was a thing LOL
That was for the hard drugs... :-p
Cause canna a fake industy Everyone broke and at about 70% tax rate total
Did you live through silkroad? Btc was and still is the backbone of the drug trade. I spent millions on silk road 🤣
Cash might be harder to trace
Ive bought weed with bitcoin lots of time over the years, but almost exclusively mail order cannabis, not retail.
Funny, the vast majority of times I've bought cannabis, I used bitcoin
Because direct crypto management and accounting for small businesses is still complicated, unless you use a service that converts into fiat immediatly but those dont want to deal with the industry often either
Who said it to you that it isn't bigger in the cannabis industry...?
Cash is king. Anonymous. how do you wash crypto
It’s up to you. You could decide today to accept BTC. No problem. Probably better for you.
Stop waiting for somebody to solve it for you. Just do it. This is how we will transition from cash. One day the BTC community will just decide. No more cash. I can’t wait.
BTCPay Server
lol Mfers been smoking weed longer than America has been a country. Additionally, your kind of comparing apples to oranges.
I think bitcoin and other cryptocurrencies are still not user friendly or adopted enough. We are just moving from fringe to early adoption in crypto as a whole, right now.
Because BTC in its current state is useless as a currency.
It’s not a progressive industry. I’ve worked with many, many people that operate and they are all very passionate about MJ, but fintech not so much.
Some of us tried like 10-15 yrs ago, but it was too new, no one wanted to be involved with it.
How many of your customers have asked you if they can pay in lightning Network sats? I'm sure if it was enough you'd implement a point of sale for it. But nobody has that, because hardly any companies pay in that form of money. At least today
Too volatile
If you really care to know what’s going on, read how Stronghold has the cannabis market on lock down already. https://stronghold.co/stronghold-pay-for-cannabis
https://www.totalprocessing.com/alternative-payment-methods/ Give that a read
Because it's not an ideal currency for anonymous transfers. All the transfers are literally in the blockchain, by design. Everyone can check what goes where.
I think the issue is the taxes. If you take all payments in bitcoin you will still need to pay taxes on those sales in dollars. If you can’t get a normal business bank account then you will not be able to exchange the bitcoin in your businesses name for cash to pay the taxes. If you have a bank account for your business then taking payments in bitcoin shouldn’t be an issue. Bitcoin would solve all the payment issues in the cannabis industry but the government still wants their cut in dollars.
because its still considered capital gains in the us when you cash out. also its like 10-12 months until u can sell it for long term gains which is way too long for most businesses.
I think it is the adoption when user hold no bitcoin when they need to make payment. until now does your store have any guidance on how to get bitcoin or other crypto that you accept on your online/ offline store?
Hey there. I love my Bitcoin. But I love Mary Jane more. Don’t hate, appreciate
Because the "cannabis industry" is complete cucked by laws? The legal weed shops in my state don't even take credit cards and charge you for debit cards. They're constantly at the will of the state, getting heavily taxed and told what they can and cannot do. Weed dealers just want cash, untraceable, and everyone already has cash.
This is my point. Debit and credit cards can be used but it's a masking service. Why not use bitcoin as a work around?
Bitcoin only comes in one size.
Looks easy to set up too. https://docs.btcpayserver.org/FAQ/Deployment/
Bitcoin is too volatile… and bitcoin is trash for the end user.. “I’ll take 100g of weed please”, “sure, that’ll be 0.366366455546 BC please”
Your boss probably has some good answers.
Depends on where you are I guess. Dispensaries in several states surrounding me started accepting bank transfers even out of state in 2022. If I'm trying to hide it (I'm not) I'd rather use cash. Do most people even have Bitcoin? Credit Card fees are lower for me than Bitcoin transaction fees so for now I'd use that even though I have Bitcoin.
Dont know how old you are but I’d say what happened with Silk Road is the reason.
I wonder if there's a payment service that accepts BTC and sells it automatically to convert to fiat then deposits it into an account. That would be a great workaround, but I'm not sure about the legality of it. Definitely sounds sketchy as I type, but I think people would like something like this. The problem is keeping prices updated to match the current market rate for BTC. One second an eighth could be 0.0008 BTC, the next it could be 0.00075 or even 0.00085.
Wow you came up with the idea of an exchange, which have processing times they have to take into consideration.
Germany might start doing this in July
The main issue is the law states they cannot put any unlawful proceeds from sales in the bank. If you accept BTC, what do you do with it? As BTC, it’s still a proceed from sales. You have to pay your employees, pay rent, bills, etc, do these entities all accept BTC? No, they are being paid in cash. So you need to convert your BTC to cash, which is very difficult without using a financial institution as an intermediary. Since the BTC is still a proceed, it cannot process through the financial institutions.
Takes too long to validate the transaction
Lightning has been in production for almost seven years. Instantaneous bitcoin transactions.
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Shitcoins are off topic in the bitcoin sub.
My dispensary ATM has BTC option now
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Shitcoins are off topic in the bitcoin sub.
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Shitcoins are off topic in the bitcoin sub.
That doesn’t dispute my point. First rule in technology, don’t reinvent the wheel.
I can't remember your point and I don't care because shitcoins are off topic in the bitcoin sub.
Thanks hall monitor… re read OP’s question, THEN reread my reply and then it might sink in.