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Bitcoin Might Be Changing The Cannabis Industry Especially In Terms Of Banking

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Bitcoin has rapidly become a threat to the regular financial systems of the world due to the fact that it offers faster and more reliable payments and money transfer solutions. It is thus expected to help change many industries including the Cannabis industry.

Many industries are rapidly adopting Bitcoin and other cryptocurrencies to improve their financials. The cannabis industry is one of the industries that might benefit the most from such adoption and for a pretty good reason. Despite the fact that marijuana has been legalized in a majority of the states in the USA, the federal government still considers it as illegal. The legalization frameworks are also not as strong and as such, banks and other financial institutions are not so supportive of marijuana businesses.

Lack of financial backing and stable cash flow are a huge problem for any business and those in the cannabis industry are no exception. The fact that banks are shying off from offering banking services to marijuana businesses makes alternative financial solutions such as cryptocurrency quite attractive. The fact that digital currencies such as Bitcoin are decentralized and not controlled by any single institution means it is easier for marijuana to transact with and a better solution that will allow them to operate without any authoritative body threatening to seize accounts and shut down operations.

One of the concerns that plagued Bitcoin is that it was being used by people to purchase illegal drugs. However, the tables seem to have turned because players in the cannabis industry are now hoping that the digital currency will play a pivotal role towards the legalization of marijuana.

“That reputation is being turned around,” stated Wil Ralston, the head of a tech company called SinglePoint that is developing an app called SingleSeed.

The SingleSeed app is a digital currency payment app that can be used to purchase marijuana at dispensaries. Singlepoint and POSaBIT are the latest tech firms to tap into the opportunities provided by digital currencies and their platforms. The aim of these companies is to create payment methods that can be used at dispensaries to purchase marijuana through bitcoin.

There are more than 500 banks in the U.S that currently do not offer support to businesses in the cannabis industry. Very few banks are willing to dip their feet in such waters but even so, there are a few factors to consider especially for marijuana businesses looking to scale up. Constant cash flow is important but it may be negatively impacted by the slow and bureaucratic processes that are involved in the standard banking system. The situation is even worse when it comes to debit and credit cards because no merchant services are offered at cannabis stores.

The above limitations are just a tip of the iceberg that is on the proverbial path of the marijuana boat. The fact that cryptocurrencies are much easier to transact with presents a lot of incentives for the cannabis industry to prefer transacting using digital currencies such as bitcoin.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of David Gach via Flickr

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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