There’s been a rapid rise in the popularity of Bitcoins and the concept of cryptocurrency in general. It’s only natural, then, that this currency would find itself circulating in markets as an alternative way to make payments. One of these industries is the kratom market. Curious about what cryptocurrency is, why it might be the ‘currency of the future’, and how to buy kratom with cryptocurrency? Keep reading!
What is Cryptocurrency?
The topic of cryptocurrency is booming, especially with Elon Musk buying a whopping $1.5 billion in Bitcoins on February 8. Additionally, he also stated that his company, Tesla, might start accepting cryptocurrencies as a payment form in the upcoming future. That’s understandable for many economists and whatnot, but what about those who don’t really understand cryptocurrency and its significance? Well, we’ve got you – here’s a relatively simple explanation of cryptocurrencies, Bitcoins, and all that jazz.
The simplest, most convenient explanation of a cryptocurrency is the following: a cryptocurrency is a digital form of money that can be stored, traded, or spent according to one’s needs. Similar to physical wallets we have, cryptocurrency can be stored in a personal digital wallet only the owner can access. Essentially, meaning that there is no virtual chance of a hacker emptying your wallet whenever they want. You can think of digital wallets as your own personal, hidden safe only you can open.
Many people have doubted the safety of cryptocurrency, believing that the traditional way of owning money (cash or cards) is best, but these methods are actually much more unstable than cryptocurrency. The reason is that cryptocurrencies specifically avoid third parties, meaning that only the owner can access and use it.
Bitcoins are one type of cryptocurrency…no, cross that – Bitcoins are THE most popular type of cryptocurrency. A recent article by the BBC puts it simply: Bitcoins are a virtual form of money representing a computer file that can be sent or received. These transactions are kept in a blockchain, which further improves the safety of the currency.
What Protects Cryptocurrency?
The point of cryptocurrency was creating a decentralized system of money that functions without the presence of third parties. Third parties could be institutions such as banks and governments. Although this sounds way too good to be true and, to some extent, even doubtful, cryptocurrency is actually extremely popular today. One particular benchmarking study done by researchers at the University of Cambridge states that there are between 2.9 million and 5.8 million active unique users of cryptocurrency today. This means that there has to be a way to keep all these funds digitally safe and sound. How? With cryptography.
Cryptography (also called cryptology) is a type of programming technique that includes writing and solving codes that serve as a method of secure communication between the recipient and the sender. Cryptocurrency is protected by blockchain, which is one example of the method of cryptography.
It also helps to note that all the transactions are, as we’d mentioned earlier, recorded in a blockchain, so it would be challenging and dangerous to try to manipulate the system by attempting to steal cryptocurrencies or forge any transactions.
How is Cryptocurrency Regulated?
The concept of a decentralized system of money such as cryptocurrency inevitably arises the question: what type of regulations are there for this currency, and is it legal?
Well, the answer is that the status of cryptocurrency is incredibly hazy and prone to changes. While one country may deem cryptocurrency as legal and safe, others may find it illegal and completely ban it. Some countries count it as a property of the owner, others as a commodity. The main problem occurs when it’s time to do taxes – since cryptocurrencies are decentralized, this means that they can’t be taxed, right? Wrong – taxes apply to cryptocurrencies just like any other income you might have, and it all depends on how your state views them.
Cryptocurrencies are regulated, safe, protected, and ready for you to use. They’re also completely legal in the USA.
Let’s discuss a bit more about using cryptocurrency for purchasing goods in different markets.
Cryptocurrency in various markets
By loading your digital wallet with cash and converting money to the cryptocurrency of your choice (keep in mind that there are thousands of cryptocurrencies in the world as of January 2021), you can purchase the goods and services of your choice easily and quickly.
Many regulated markets and companies have faced the fact that cryptocurrency is indeed the currency of the future, and they accept these currencies as a form of payment for their services. Having said that, here are some of the most popular companies where you can pay with Bitcoins without a problem. This is just a short part of a list concluded by 99Bitcoins:
- Burger King
- Overstock, and many more
However, these are all large companies that generally offer products that don’t really clash with federal laws and regulations. It’s easy to purchase goods from them because their products have regulations and are legal. The problem appears when purchasers want to buy from less-regulated markets, such as the kratom market.
Buying Kratom using Cryptocurrency
The legal status of kratom, much like cryptocurrency, is still a bit undefined. In most of the U.S., kratom is legal to sell or purchase, while in some states it’s banned. But this doesn’t necessarily mean that purchasing
kratom using cryptocurrency is illegal – it’s the exact opposite! Buying kratom using cryptocurrency is actually easier than most people would think, so as long as you plan on purchasing kratom using cryptocurrency in a state where it’s federally legal, you should be good to go.
Here’s a short list of all the states in the U.S. where kratom is banned:
- Rhode Island
Remember that you should always consult with your state’s laws and regulations regarding products such as kratom. It might also be a good idea to check all the regulations regarding cryptocurrency in your state. You can visit our FAQ section here to find the answers to all of your questions related to kratom – or better yet, you can contact us for any specific question you might have as well!
The advantages of buying kratom using cryptocurrency are not only significant for the customers – they are undoubtedly positive for the vendors as well.
Since many banks don’t exactly want to cooperate with vendors that offer products that might be either federally illegal or without regulation, these businesses, no matter how big or small, have few solutions regarding payment for their products. Sure, they could work cash-only, but that’s currently not the best solution due to the pandemic, and also creates trouble with money loss, fees, and mixups. So, in comes cryptocurrency, which is currently one of the best methods to purchase kratom products according to both customers and sellers.
By using cryptocurrency methods, buyers of kratom can enjoy the products of their choice without problems posed by third parties! All in all, using cryptocurrency for buying kratom is a fantastic option that ensures quality, privacy, and safety.
Modern times are constantly evolving, and with them the payment methods – so we need to keep up with the trends! That’s precisely why at GRH Kratom, you can purchase all your favorite products using the cryptocurrency of your choice!
Apart from the traditional payment method of using a credit/debit card, we also offer payment through e-check or cryptocurrency.
We hope this article helped clear up some dilemmas you might’ve had about kratom and cryptocurrencies! All of the paragraphs above clearly point to the fact that cryptocurrency definitely gives justice to the term ‘currency of the future’ – don’t you agree? What are your opinions on this subject? Feel free to share them in the comments, and don’t forget to fill your cart with any of our 3 blends or 16 single strains available!
– Nerdwallet: What Is Cryptocurrency? Here’s What You Should Know
– Dummies.com: What Is Cryptocurrency?
– The Wall Street Journal: Tesla Buys $1.5 Billion in Bitcoin