Blockchain technology’s endless amount of uses are just starting to be recognized and adopted by established companies. Blockchain technology improves the security, efficiency, and convenience of financial transactions, which is why mainstream banking companies like Bank of America Corp. (NYSE: BAC) and Mastercard, Inc. (NYSE: MA) are adopting the technology. At the same time, new ways to harness the technology’s potential are being sought after by companies like Bitcoin Services, Inc. (OTC: BTSC) and Discover Financial Services (NYSE: DFS).
With the rise of cryptocurrencies and the legalization of cannabis coinciding, it’s only fitting that several of them designed to make buying cannabis safer and more convenient have sprouted up. Coins like PotCoin, CannabisCoin, and DopeCoin are all attempting to solve the problem of cannabis being relatively unbankable.
The Problems with Current Cannabis Banking Methods
At the federal level, cannabis is still illegal in the U.S., which is why banks generally avoid dealing with cannabis-related money transactions. While there are a few cannabis banking options out there, secure options are few and far between. The lack of support from banks also means that most customers are only using physical currency in the dispensaries. As a result, many cannabis companies must inconveniently keep their earnings in cash. By holding only cash, companies are unable to write-off several business expenses, and they face several tax restrictions. Additionally, it makes them a prime target for robberies and crime.
By securing MedicCoin on the blockchain, no one can seize the money without the private key. Additionally, MedicCoin can be used for in-store transactions at dispensaries, reducing the need for customers to put themselves at risk by carrying large amounts of money. The cannabis industry is in need of a secure, decentralized payment system like MedicCoin, especially with all of these conflicting federal and state laws.
The Benefits of Using a Universally Accepted Crypto for Cannabis
One of the issues with the current cannabis-related coins is that they are single-use cryptocurrencies. This prevents them from being a long-term solution, because companies and customers of the cannabis industry will inevitably realize that a universally accepted cryptocurrency should be adopted to avoid the stigma and backlash against a cryptocurrency solely representing marijuana.
Another problem of single-use cryptos like PotCoin, DopeCoin, and CannabisCoin is that they will be battling for the same dispensaries. This means that people who hold, say, PotCoin will only be able to go to the dispensaries that accept this cryptocurrency. Perhaps you’d like to switch dispensaries in the future, but the new dispensary does not accept the type of cryptocurrency that your current dispensary uses. This means you’re either forced to stay with your current dispensary, or you need to go through the hassle and fees that come with buying or exchanging for a new cryptocurrency.
Meanwhile, MedicCoin is executing an international adoption strategy for acceptance among all merchant types in the future, and it is already designed to be an easy and secure payment system for healthcare services. Therefore, MedicCoin is positioned to be a top choice for the cannabis industry, as it does not have the same limitations as the single-use coins mentioned above.
MedicCoin has Superior Features than Many Cannabis-Related Cryptos
Aside from the benefits of a universally accepted cryptocurrency, MedicCoin also has useful features like PrivateSend and InstantSend, which are likely to appeal to both cannabis companies and their customers. Although these features may be adopted by cryptocurrencies like PotCoin in the future, MedicCoin already has these features built in and being utilized in daily transactions.
MedicCoin is a firm believer in the privacy and standards often associated with the health care industry not only in regard to personal health information, but also in regard to private transactions. While regular transactions on the blockchain can be viewed by the public just as any other cryptocurrency, by using the PrivateSend feature, your personal transaction history is kept confidential.
Meanwhile, the InstantSend service means MedicCoin has lightning-fast transactions, thanks to a decentralized network of masternodes. The speed of these transactions makes MedicCoin a prime candidate for all merchant types. In turn, this means you won’t need to keep track of multiple cryptocurrency wallets like you would with several single-use cryptocurrencies. MedicCoin’s versatility, features, and community-led purpose makes the crypto-asset deserving to be an adopted payment/banking method for cannabis.
To learn more about MedicCoin, visit: https://mediccoin.com/
To join the community and discuss ways of being involved, visit MedicCoin’s Discord chat at https://discordapp.com/invite/SjudnyK
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