Crypto ATMs for Cannabis Traders – Cannabis News, Lifestyle

What are crypto ATMs for cannabis traders? Legal and gray market hemp dealers have always had a problem with banking services. Many do not have access to standard banking services, such as cash. Banks label regular cannabis-related business transactions as a risk. Fortunately, cryptocurrencies have filled the niche. So does BankLine and a new crypto ATM banking service for cannabis traders.

With over 7,000 licensed cannabis dealers across the United States, BankLine has big plans for its Crypto ATMs.

What is cryptocurrency?

Before we figure out how crypto ATMs are helping cannabis retailers, we need to know what cryptocurrencies are. According to economists, money gets its price in relation to the goods and services it can buy. We can demonstrate how barter creates money. When all you have is the goods you produce, say chickens, you need to find someone willing to trade whatever they have (whatever you want) for your chickens. Suppose you need some cannabis. But the only person in town with cannabis is a vegetarian and not interested in trading weed for fried chicken.

Money solves this problem. But it wasn’t until economists understood how barter (direct exchange) gave way to indirect exchange (an economy with money) that we realized that money goes beyond a mere social construct. In the past, people used gold and silver for exchange.

A cryptocurrency is a digital coin that people can trade with. But cryptocurrencies are worthless without the blockchain.

What is the blockchain?

BankLine President and CEO Mar Ochab says, “Cryptocurrency transactions are permanently recorded on the blockchain, providing an immutable and traceable record of transactions.”

And that’s the appeal of crypto, especially crypto ATMs for cannabis traders. There is no need for a trust relationship with a third party. A blockchain is a ledger, but it is protected from intrusion like security software platforms on the market that use cryptography to protect online assets.

A public blockchain is a peer-to-peer ledger where transactions are recorded and cannot be changed without notifying everyone else. The person who invented Bitcoin said, “We proposed a system for electronic transactions without relying on trust.”

But that’s not entirely true.

Blockchain is shifting trust. It attempts to replace trust in financial institutions with verification via an algorithm. In their pure form, cryptos ignore existing trust relationships and attempt to establish their own. But BankLine combines the best of both worlds to make banking easier for cannabis traders.

Crypto ATMs: A solution to a cannabis industry problem

There are over 30,000 crypto ATMs in the United States. But US financial institutions have been reluctant to accept cash from crypto ATMs at cannabis retailers. Even though the retailers in this state are 100% legal.

That’s where BankLine comes in, meeting compliance rules that state and federal regulators meet. “BankLine Streetcar has the knowledge and experience to help our customers stay compliant,” says Mark.

BankLine gives its customers access to FDIC-insured custodians without having to hide behind false names or company numbers. Your accounts are titled in the company’s name and apply solely to its activities.

“After 21 years of service in local and federal law enforcement specializing in the financial services and banking sectors, I see the confluence of cannabis and cryptocurrency as a positive step forward.”

Crypto ATMs for cannabis traders

Cryptos offer people a hedge against inflation. But they also offer cannabis dealers a way around absurd banking rules. BankLine’s services offer cannabis traders the familiarity of financial institutions but with the security of blockchain.