You've probably heard about Bitcoin from someone you know or the mainstream media, but have you ever taken a second to ask yourself why Bitcoin is becoming so popular and what sort of impact it could have on our everyday life? According to Bitcoins official website, "Bitcoin is an innovative payment network and a new kind of money." That means Bitcoin was created to allow for a new way to pay for goods and services without any middlemen.
Please note, this is NOT an article to try and convince you of the merits of Bitcoin or to invest. Our goal here is to show you a practical use case for Bitcoin and why it's so important to companies like ours.
One of the most challenging aspects of the Hemp (and Marijuana) industry is the lack of banking/payment processing solutions available to adequately operate a business. I'm sure you can imagine this presents very challenging problems for those of us in this industry.
Very early on, we knew we had to find another solution so that no matter what decisions the banks made, we could remain in business. This is where Bitcoin comes in. Without going into too much detail we wanted to explain what the main qualities/characteristics of Bitcoin are so you can start to grasp what are talking about here:
• Bitcoin is permissionless: Traditional currencies and forms of money require permission to use (from banks, financial institutions, governments). Bitcoin requires no approval from anyone and is free and open to use globally. There are no borders or limits with Bitcoin.
• Bitcoin is immune to seizure: Nobody can confiscate your Bitcoin since you own it; it's not housed at any central bank or company. You can be your own bank with Bitcoin.
• Bitcoin is censorship resistant: Using a computational algorithm called proof-of-work (PoW), no one can block or censor your transactions.
• Bitcoin is decentralized: The network is distributed globally among many thousands of nodes (computers) and millions of users where you don't have to rely on trusted third-parties.
• Bitcoin has a limited supply: There will only ever be 21 million bitcoins created and are generated at a predictable rate. Bitcoin is scarce and deflationary.
• Bitcoin is real money: Bitcoin is used around the world to pay for things such as coffee, food, electronics, travel, and more.
• Bitcoin provides anonymity: If used correctly, Bitcoin can be used as an anonymous currency free from spying governments.
You're probably saying to yourself "Well all of that is great and I'd love to get involved in this financial revolution, but where do I go to get started and how does all of this work!?" Don't worry, we've got you covered. Below is a step by step guide for how to create a Bitcoin account where you can easily buy and sell different Cryptocurrencies, and then how to make a payment using Bitcoin on Blackwellcbd.com:
Step 1: Register an Account
Please use this affiliate link to register for an account and after you spend your first $100 we’ll both receive $10 in free Bitcoin! You’ll be required to verify your email and phone number before you get to this page but once you are just fill out the required fields.
Step 2: Add payment Information
The most common way to do this is by simply adding your Debit Card, they’ll be able to immediately verify this information (they do this by making 2 small deposits into your account you have to verify) and there won’t be any delay in getting your account set up to make purchases.
Step 3: Buy Bitcoin
Once you have verified your account information to make purchases you can go ahead and go to the “Buy/Sell” page and make your initial Bitcoin purchase.
You’ll now be able to see these funds in your “Accounts Tab”
How to checkout using Bitcoin on BlackwellCBD.com
Step 1: Add the items you wish to purchase to your cart and go through the checkout process as normal, and when you reach payment method select “Coinbase Commerce”
Step 2: Select Bitcoin (or whatever Cryptocurrency you wish to checkout with; the process is exactly the same)
Step 3: Copy the Bitcoin address that is displayed
Step 4: Go back to your Coinbase account where your Bitcoin currently is located and click the “Send” button and paste the address you just copied into the “Recipient” field.
Step 5: Go back to the Coinbase Commerce page and then copy the amount displayed for payment
Step 6: Go back to your regular Coinbase account and paste it into the Amount section and click continue to submit the transaction
Step 7: After you have clicked continue and submitted that transaction it may take a few moments for the network to pick up the transaction, but once it does you will see this notification and you're done!
Once you have that notification, the network just has to go through and confirm the transaction on the Blockchain. You do not need to be present for the final confirmations after you see that "payment detected" notification. You will know your payment has been received by us after you receive an email from Coinbase Commerce stating your order has been completed.
After we receive your order and see you paid using a Cryptocurrency, we will go in and adjust your loyalty points to reflect the 2.5x point bonus.
We hope this article was able to explain some of the key benefits using a Cryptocurrency like Bitcoin has and how to properly use it on our website. If you ever have any questions about CBD or want to learn more about using Bitcoin on our website, please don’t hesitate to reach out to us via LiveChat or email us at firstname.lastname@example.org. Thank you so much for reading!