Hackernoon logoWhy are CBD & Kratom Vendors Switching to Cryptocurrency? by@AshishSharma31

Why are CBD & Kratom Vendors Switching to Cryptocurrency?

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@AshishSharma31Aashish Sharma

If you follow the cannabis industry, you must have noticed the mainstream the industry has been getting since its legalization. You must have seen the advertisement in different placed and how the market has exploded.
A casual customer might not be able to tell if the industry is being shaped by figures from the Blockchain and industry but every tech lover and freak must have noticed how Cryptocurrency have shaped the industry.
You might wonder how this is possible since they both center on different things. The CBD and Kratom industry center on plant-based supplements while the Crypto industry centers on decentralized digital ledgers but the synergy and similarities between entrepreneurs are more than what you think. These two industries can be called the Post-crisis bubbles industry.
There is little or no need to be surprised that the same kind of people is getting attracted to the Crypto and CBD and Kratom industry despite the confusion. Additionally, the cannabis space is ever-changing and one of the innovative ways to join this industry is cryptocurrency.
The mainstream media and the internet have been hit by the noise of the CBD industry. There are also lots of company’s offline that are releasing products that have been infused with CBD or Kratom.
The industry has however drawn the attention of many household names in the crypto industry which has been helping the industry grow in strength. As both vastly different industries keep growing, it has been noticed that they have got a lot of similarities.

Kratom and CBD vendors and the Cryptocurrency

It is an undisputed fact that the center of blockchain and Cryptocurrency in the world is Silicon Valley and it has always had a sort of complicated relationship with the health and Wellness industry.
One of the most important reasons why Kratom or CBD vendors are switching to Blockchain is because of the boom in the Crypto industry.
However, the cryptocurrency entrepreneurs are also becoming interested in CBD or Kratom because of the large market demand for the products. Additionally, the fact that most crypto investors and workers are experiencing stress and anxiety makes CBD an ideal product to solve their problem.

The Similarities between the two Industries

They frown upon currency

The same way cryptocurrency was once frowned upon, the CBD or Kratom industry is also frowned upon and they believe is that they are both used by dark web users and drug dealers.

They are both everywhere

Just like Crypto, CBD and Kratom are also everywhere and the demand for people to invest in both industry is growing rapidly.
The similarities in both industries have made people see CBD has an industry worth investing in. The same way the crypto stayed after lots of controversies, the future of the CBD industry is also bright and will keep growing.

The cannabis-focused cryptocurrency

The boom of the industry has seen the birthing of cannabis-focused cryptocurrency like the HempCoin which is enough to convince us that both industries are married and they are growing in strength. There are also more crossovers between the two industries.
Kratom vendors are also switching to cryptocurrency because they want to have their share in the crypto industry before the Big Pharma companies buy out all CBD businesses.

The Crypto industry is Tax friendly

Cryptocurrency is a more efficient payment system that promotes faster payment and also takes away the stress of location-based payment.
Crypto Investors that are switching are doing so because the payment can be made from anywhere in the world with crypto making their businesses process easier and faster.
Additionally, crypto investors don’t need to think of country tax when making payment for CBD products from one region/ country to another.
The bottom line: Crypto allows you to bypass some taxes that cannot be bypassed when you deal with banks or conventional money system.

Your money is in your hand

Unlike most banks that offer protection on your accounts, crypto gives you the key to your account. You can always have access to your account and take charge if everything you have. There are also platforms that can help with the holding of coin and you get them back whenever it is needed. This is easier compared to the conventional banks were getting your money back might be difficult than saving it.
The bottom line: Crypto gives the privilege to stay in possession of one’s money and there is no need to be scared because the money is not physical.

Transparency

Another reason why Kratom vendors are switching to cryptocurrency is that blockchain is an online ledger which can be transferred to all computers. This makes the verification process easier, it also keeps everyone honest. The ability of crypto investors to verify transactions as fast as possible makes investors see it as a fairly good level of transparency.
One of the most important reasons why Kratom or CBD vendors are switching to Blockchain is because of the boom in the Crypto industry.

Take it from Justin Hamilton, co-founder of Royal CBD:
"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 being legal throughout the United States. Accepting crypto payments was crucial to our company's initial success and allowed us to get product moving when banks weren't willing to work with us."
The bottom line: The swift verification of transactions helps
Investing in crypto simply means they are investing in two different industries
This is the last reason that will be explained in this article as regards the switch to cryptocurrency. Kratom vendors see the switch to cryptocurrency as an added income stream that allows them trade cryptocurrencies and makes more money. Nobody gets tired of making money, having an added source of income has also triggered the switch.
The bottom line: Every opportunity to secure the future is always a good option and since cryptocurrency is the future, Kratom vendors see this as a great opportunity.
In conclusion
In coming years, there will be more crypto investors investing from the CBD industry to the crypto industry and vice versa and everything looks positive. Switching to Blockchain helps you have two investment platform and investment in Crypto from the CBD industry will help in both direction. With the synergy, the CBD market will grow from strength to strength and crypto investors will also make payment easier.

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