The correlation between Bitcoin and the hemp industry has been mentioned a fair few times in the past. But things are evolving in a very different direction compared to what people assumed at first. Various hemp farmers located in Colorado are suffering from issues with their banking partners. Bitcoin is offering them a way to continue their operations at a fraction of the costs.
Growing and selling hemp is not illegal in Colorado. This creates new and exciting business opportunities for those who want to venture into this niche industry, Unfortunately, running such a business is not without its problems, particularly when it comes to banking. Very few financial institutions keep an open mind toward help farming.
To be more precise, it would not be the first time a hemp farmer is arrested for conducting a legitimate business deal. There is a big difference between marijuana and hemp, although law enforcement officials do not always see it that way. The Colorado government is not strictly regulating hemp by any means. However, the local banks are not too happy with customers dealing in this non-THC form of cannabis.
Hemp Farmers Slowly Embrace Bitcoin In Colorado
Even though this is a legal form of cannabis, there is a stigma surrounding hemp farmers. Financial institutions prefer not to deal with these types of clients. That leaves the farmers with very few options, and it forces them to think outside of the box. Luckily, there are alternative financial solutions available, including popular cryptocurrency Bitcoin.
Unlike companies such as PayPal or the average bank, Bitcoin will not tell people what to do. Nor will it tell hemp farmers how to run their business. This ecosystem is open to everyone around the world, and they can control their funds as they see fit. Fast forward to today and Bitcoin payments are slowly becoming the new norm in the Colorado hemp business.
What is rather intriguing is how cryptocurrency payments are frequently used for both online and offline transactions. It is rather easy to integrate a wallet solution into existing websites. Additionally, the easy-to-use interface makes it easy to explain the concept to other members of the supply chain. Despite this positive note, there is still a huge lack of understanding where Bitcoin is concerned.
Thanks to projects such as 1620 Solutions, that situation is coming to change. Educational efforts regarding cryptocurrency are direly needed if the ecosystem is to grow. For hemp farmers in Colorado, Bitcoin may be the answer to all financial concerns they may have. Interest in this concept seems to be genuine, which is a positive sign for the future of Bitcoin.