The Cannabis Currency BitCanna The Cannabis Currency BitCanna
CBD News & Health | 01.02.2022

The Cannabis Currency

Z
Zaneta
Reading time: 4 min
In a hurry? Summary of the news:
  • Even though the public's perception of cannabis is rapidly changing for the better, many governments and institutions are falling behind
  • Legitimate cannabis businesses struggle with using essential services, like banking
  • Cryptocurrencies built with the cannabis industry in mind could be a promising solution

Is cannabis still considered taboo? It depends on who you ask.

Here at Herbliz, cannabis is synonymous with nature, health and wellbeing. It's common for people to use hemp-based products every day. More and more countries are legalising adult-use cannabis, and medical cannabis is already legal and available in many countries around the world for people with certain illnesses.

Unfortunately, not everyone feels that way. It is not hard to find people, organisations, and governments that still have a very negative outlook on cannabis.

The resistance toward cannabis products can be especially felt by business owners who operate in the cannabis space. They are often stuck between citizens wanting access to legal products and opposing authorities and institutions - banks being one of the leading oponents.

What do you do when the bank doesn't want your money?

No business can function or prosper without a bank account. But what can a company owner do if banks are not too keen on opening an account for them? Cryptocurrencies might be the first solution that comes to mind.

Cryptocurrency is a decentralised, digital currency that banks or governments do not control - BitCoin being the most famous one.

Because of how cryptocurrencies are set up, no centralised body can refuse service to a cannabis business just because they believe the money is not good enough for their accounts. 

And that's not all. Fans of cryptocurrencies have an endless list of reasons as to why they choose to use cryptocurrencies over traditional banks. The most commonly mentioned are the extra levels of security and privacy these cryptocurrencies can provide.

Contrary to traditional bank transfers or card payments, the purchases you make with cryptocurrencies can not be easily traced back to you. They are simply not tracked in the same way as conventional payments, keeping it all pretty anonymous (unless you are from F.B.I.).

Considering all this, it feels like it was only a matter of time before the worlds of cryptocurrency and cannabis met.

What is BitCanna?

BitCanna is a new cryptocurrency designed to be used primarily by the international cannabis community. It provides a reliable payment solution for businesses, and their customers, involved with various cannabis-related products and services. 

Set up in 2017, BitCanna has partnered up with many internationally recognised companies that have been active in the world of cannabis for years. Many of them have experienced their fair share of struggles and challenges related to money and traditional banking.

Designed especially for the cannabis industry, BitCanna focuses on building its future on trust, allowing customers to leave feedback and user-validated reviews, which are hard to fake.

The only problem? BitCanna is currently going through a maintenance phase, as they are moving to the Cosmos blockchain technology. While this sounds pretty cool, it also temporarily prevents users from completing purchases at selected vendors.

Are there any other cannabis cryptocurrencies?

BitCanna is not the only crypto coin designed for the cannabis industry. Many more currencies with clever names, like PotCoin and HempCoin, exist. Chances are, more and more will pop up in the future, following the industry's development. 

In Europe, a few vendors already take payments in selected virtual currencies. However, considering how strict European governments have been towards cannabis and cannabis businesses, there is a big chance BitCanna, and other cryptocurrencies, will only gain in popularity and eventually find their way into many European crypto wallets. Have they already found their way into yours?

References:

Cooley, P. (2021, March 16). It's completely legal, but still the hemp industry has trouble finding banks - here's why. Retrieved January 18, 2022, from https://eu.dispatch.com/story/business/2021/03/16/hemp-industry-has-trouble-banking-because-line-between-marijuana-and-hemp-thin/6940489002/

Ashford, K. (2022, January 04). What is cryptocurrency? Retrieved January 18, 2022, from https://www.forbes.com/advisor/investing/what-is-cryptocurrency/

Perlroth, N., Griffith, E., & Benner, K. (2021, June 09). Pipeline investigation upends the idea that Bitcoin is untraceable. Retrieved January 18, 2022, from https://www.nytimes.com/2021/06/09/technology/bitcoin-untraceable-pipeline-ransomware.html

BitCanna, Homepage, Retrieved January 18, 2022, from https://www.bitcanna.io

Potcoin, Homepage, Retrieved January 18, 2022, from https://www.potcoin.com/

The HempCoin, Homepage, Retrieved January 18, 2022, from https://hempcoin.org/