Very good questions Steve, and until we have direction from the company, anything we say is speculation. I am personally not well-versed in the world of crypto, maybe Greasy or others could elaborate, but can offer my opinion.
My personal feeling is they initially develop a payment system for folks to pay with crypto. Part of the hangup with their current system is that users don;t pay until they get onsite to the dispensary. That leaves alot of opportunity for the user to backout of the deal and negates impulse buying. They have to:
- decide to look at the offer
- accept the offer
- go to the dispensary and pay and pick up their product
If they have a payment system in place, since they have no ability to use credit cards due to banking regulations, they bring back impulse buying into play. They put this in place, and I believe their metrics for not only viewing the deal but also accepting and paying for it, increase.
Now, that would mean the user would have to have crypto to pay for the product, they would have to have a currency that CT accepts, and the dispensary would have to be able and willing to accept crypto. Maybe Cannasys develops some conversion system from cash to crypto to accept payment from the buyer, and then crypto to cash to pay the dispensary. Maybe there is some loophole in the laws where it is ok to purchase crypto's with debit cards instead of it being for weed. Or maybe the user opens a crypto account with CT, buys the currency, and then has open access to purchase deals from the account.
But that brings currency swings into play. If you use 1 Matzaball Token worth $100 to pay for a deal today, and then that Matzaball Token tomorrow is worth $1.50, you have essentially paid 50% more for the product. The reverse is true, where tomorrow the token is worth $50 and CT gets screwed on the deal. Not sure how you account for the wild fluctuations in currency worth.
Beyond a payment system to facilitate easier purchases of their deals and increase conversion rates, I have no idea and am all ears. Maybe you are right and they are developing some sort of clearinghouse for different currencies. And as you can see, my knowledge of the whole blockchain shebang is limited, but am very excited to find out what they are working on. And anything that helps facilitate a smoother transaction between buyer and seller is good for us.
Any other opinions?
