Replies to post #62282 on Bots Inc (BTZI)

[capitalkid]

It's called currency, and I'd say it's fairly well established. There are even multiple types!

The legality is in purchasing pot...not the currency used for the transaction.

[bh2614]

Here is one example of how the mjbitcoin process will work in real life. It is very simple and smart.

Assume I am the customer. I have an online bitcoin account that I previously set up and funded with USD that I transferred electronically from my bank - Bank of America - to coinbase.com.

See coinbase.com. This is where I have my bitcoin wallet account.

I bought three bitcoins and the electronic value of my three bitcoins is stored in my private coinbase account and it is also stored on my cellphone bitcoin wallet.

So I walk into a MJ store, pick out my favorite weed (or any other non-regulated product such as non-mj food, vapes, accessories, tee-shirts, etc.) and let the bitcoin reader scan the barcode on my phone.

The cost of my purchase is deducted electronically from my online bitcoin account and transferred electronically to the merchant's bitcoin account.

No paper cash has changed hands, no credit card fees have been incurred by the merchant and no cash has to be stored, packaged and carried to the bank (at great physical risk and expense). It is brilliant. What MJ merchant would not want to take bitcoins as a form of payment?

The merchant will still have to declare his profit on the transaction in USD and pay all taxes.

No money laundering has taken place, just a switch from hard currency and expensive credit card processing charges to a clean, easy and legal electronic method of conducting business.

I would also venture a guess that most MJ buyers are somewhat progressive in their outlook and already have a good understanding of how to pay with bitcoins. They will not require basic bitcoin education like many on this board.

[lesgetrich]

LOL, Pita the Feds are looking the other way on the entire MMJ and RMJ industry. There is a growing bi-partisan consensus around legalization or at the very least decriminalization of pot. I doubt very seriously that any future administration will be able to reverse course at this stage of the game. At most, we'll see tighter regulation but the area most likely to open up is the banking system since the Feds need a better way to track all the money for tax purposes. I suspect this won't happen for another year or two but by that time MJ Bitcoin will have hopefully established itself as a premier website for MMJ and RMJ businesses and be able to sell credit card services to them directly. Alternatively, we may see bitcoin really take off as a substitute currency.