Bitcoin Forum

Can anyone comment on the state of Bitcoin in Colorado?

I have read that dealing with such huge amounts of cash is difficult for pot sellers in Colorado. Is there a reason that Bitcoin use hasn't taken off there?, or maybe it has and I don't know about it.

If I am a business that deals heavily in cash transactions, I would think Bitcoin is a better solution.

Pot related companies have had a horrible time trying to use the services of banks. I think that some of them have funneled a lot of their money into bitcoin as it is much safer then keeping lots of cash in their stores. I would suspect that a larger portion of these types of transactions will be handled in bitcoin in the future. 

well this is what i am speculating, have you heard any evidence of this other than just it makes sense

What makes you think Bitcoin use hasn't taken off in Colorado?

The best part about BTC is the anonymity and it would be difficult for anyone to determine adoption by state without an audit or count of retailers accepting it as payment and sharing their sales/transaction volume with the community.

I think the pot business in CO would be perfect for BTC but of course there are companies focused on providing financial services specifically to the medical and recreational pot industries...so maybe the real driver of BTC use out there is through these clearing house type transaction firms.

Think the tax issue has a lot to do with why it has not taken off.