CBD and Cryptocurrency: A Match Made in Heaven?
What’s going on with CBD and Cryptocurrency?
CBD products and bitcoin might seem like unlikely partners at first glance. After all, what does cannabidiol have to do with cryptocurrency? A closer look reveals the relationship between the two. As of 2018, hemp is legal throughout the United Stated for commercialization and transportation purposes. CBD derives from the hemp plant, which contains less than .3% THC. Due to the low amount of THC, CBD does not cause a high effect as marijuana does. Due to misinformation about CBD and its close association with marijuana, CBD is still a bit of an outlier. People remain unsure of what CBD does, if it is legal, and if it impairs your cognitive abilities.
Like CBD, bitcoin has a shady reputation as an outsider used by the darknet and ominous people that wish to remain anonymous. When in truth, cryptocurrency is capable of many great things. This includes safer transactions, more straightforward international trades, and requires intermediate institutions or governments to monitor the transactions. Both CBD and cryptocurrency are rising economic stars. Both expect to reach new heights rapidly. No doubt soon both CBD and cryptocurrency will be so popular and so profitable, that their interactions will become more frequent.
Certainly, mistrust surrounds pharmaceutical companies in the United States. Prices are high, and the trust of the people is low. Add on to that an opioid crisis, and you get an entirely new wave of people looking to better solutions for healthcare. CBD is an all-natural answer to many people’s health problems that range from anxiety to arthritis. Many people mistrust Big Pharma and wish to separate themselves from it. Through bitcoin and other cryptocurrencies to purchase CBD and other cannabis products, CBD users remain anonymous and buy safely and confidently.
The relationship between the general public and the United States health system is so dire that Big Pharma conspiracy theories abound. A study from 2005 reveals that an astounding 27% of the American public believe that pharmaceutical companies have a cure for cancer that they purposefully hide. These people believe that pharmaceutical companies develop highly specific signalized treatments to avoid providing a larger, overall cure. One thing remains for sure: Americans distrust pharmaceutical companies. They feel disheartened by the prices and amount of medical debt. These feelings are setting the stage for CBD to enter.
Since 1983 various individuals are working on and developing the field of electronic money. Cryptocurrency is not necessarily an easy concept for many people to understand. Cryptocurrency is a digital asset that works as a medium of exchange. It uses strong cryptography to facilitate secure financial transactions. Importantly, cryptocurrencies use decentralized control. This means it operates quite differently from more traditional banking systems. The decentralized control of cryptocurrency works through a distributed ledger technology, known as a blockchain. The cryptocurrency began to take hold and garner attention after 2010. Though, the broader public remains misinformed and uneducated about using the technology.
Similar to CBD, the question of legality and cryptocurrency depends on where you are. The United States, Canada, Europe, China, and Thailand are working to understand and set regulations to let cryptocurrencies prosper in their countries. Other countries like Russia, Iran, Pakistan, and the United Arab Emirates have placed an “absolute ban” on cryptocurrency. Despite the limitations and regulations, cryptocurrency continues to rise in popularity. In the United States, cryptocurrency is not legal tender, but it is also not illegal. Both cryptocurrencies and CBD are no strangers to existing in a grey zone. While it is legal to grow and sell hemp, the final decision about where it is legal to buy and sell CBD comes down to each individual state. It is no wonder these two markets have found one another.
Justin Hamilton, the co-founder of Royal CBD, is no stranger to the CBD and cryptocurrency partnership. He states, “When looking for reliable CBD merchant account, we were turned down left and right from the ‘big name’ payment processors due to the nature of our business despite CBD is legal throughout the United States. Accepting crypto payments was crucial to our company’s initial success and allowed us to get the product moving when banks weren’t willing to work with us.” Due to the mistrust surrounding the CBD industry, many entrepreneurs need to turn to alternative sources to ensure their products are selling to customers. Cryptocurrency provides a way for many stores to not deal with larger merchant accounts who may not want to be associated with the cannabis industry. This is despite CBD containing less than .3% of THC.
You can use bitcoin or other cryptocurrencies to buy CBD. If you want to purchase CBD products on Amazon, you can buy an Amazon gift card with bitcoins. Then, use your gift card to purchase the products you want. Additionally, Bluebird Botanicals, a popular CBD online retailer, accepts most cryptocurrencies on their website. The company even has an incentive program to encourage buyers to spend their bitcoin on their website. The company offers 20% off the purchase to help crypto users to spend on their site.
CBD users continue to enjoy the benefits of CBD, like decreased anxiety, pain, stress, and more. The more users enjoy the benefits, the more likely to turn to cryptocurrency to purchase their favorite products. CBD is available in a variety of shapes and sizes from vape pens to CBD oils to CBD gummies. The CBD industry is so popular that experts believe the industry is set to move from $2 billion in 2018 to $20 billion by 2023. With such astronomical growth lying ahead, many retailers are looking to cryptocurrency to ensure their products can be sold online safely and securely. With regulation for CBD lagging and the FDA not setting exact guidelines yet, many sellers are not waiting for big-name merchant companies to back their sites. Instead, they turn to cryptocurrency to provide a smooth and perfect solution to the problem.