You can now use Bitcoin to generate tax revenue for Colorado by buying Marijuana

[cryptocoinsnews]

September 9th 2013 the Colorado Department of Revenue created the final regulations for Marijuana use and sale, implementing the Colorado Retail Marijuana Code. January 1st 2014 the first official stores has opened for Marijuana sale. The twist however is that you cannot pay for the legal Marijuana with your VISA or Mastercard. You can only use hard cash or Bitcoin.

Matt Miller from Bloomberg explains that:

    You can only spend cold hard cash, you cant pay for your weed even for medical use with a credit or debit card. I guess the Banks are unwilling to get into this business yet.

Read more and see the video here:
http://www.cryptocoinsnews.com/2014/01/03/can-now-use-bitcoin-generate-tax-revenue-colorado-buying-marijuana/

[hilariousandco]

September 9th 2013 the Colorado Department of Revenue created the final regulations for Marijuana use and sale, implementing the Colerado Retail Marijuana Code. January 1st 2014 the first official stores has opened for Marijuana sale. The twist however is that you cannot pay for the legal Marijuana with your VISA or Mastercard. You can only use hard cash or Bitcoin.

Matt Miller from Bloomberg explains that:

    You can only spend cold hard cash, you cant pay for your weed even for medical use with a credit or debit card. I guess the Banks are unwilling to get into this business yet.

Read more and see the video here:
http://www.cryptocoinsnews.com/2014/01/03/can-now-use-bitcoin-generate-tax-revenue-colerado-buying-marijuana/

That's good news, but I hope they don't get caught out money laundering this way.

[cryptocoinsnews]

Yea,, let's see how it turns out.

[QuestionAuthority]

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

[IamNotSure]

That reminds me this IPO on crypto:stocks

https://cryptostocks.com/securities/63

I like the "In the event of a forced termination of operations due to legal issues, the remaining assets of the project are to be liquidated and dispersed to the shareholders."  

[guybrushthreepwood]

Great news. I'm hoping I can buy some weed in Amsterdam with Bitcoin when I go back there later this year.

[cryptocoinsnews]

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

I just think people who got Bitcoins might take an advantage of this.

[QuestionAuthority]

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

I just think people who got Bitcoins might take an advantage of this.

Stoner miners or minor stoners. lol

[vpitcher07]

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

I don't think he's suggesting buy btc with the cash you already have. If I happen to have btc why not use it? If not, i'll just pay with cash...

[cryptocoinsnews]

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

I just think people who got Bitcoins might take an advantage of this.

Stoner miners or minor stoners. lol

haha

[hilariousandco]

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

I just think people who got Bitcoins might take an advantage of this.

Stoner miners or minor stoners. lol

[BurtW]

It is spelled "Colorado"

dork.

[hilariousandco]

It is spelled "Colorado"

dork.

He's probably stoned  .

[BTCisthefuture]

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

This is true and a valid point in many situations.

However,  if you ALREADY HAVE bitcoins then the bitcoins would work as the same convenience that a debit/card card does.  You might not have cash on you and dont want to make the trip to the bank/atm but you do have your phone on you which has a hot wallet you use for situations like this.

It's certainly an issue right now, in many cases it's true that it's still more convient to use cash or cards(if they are accepted)......  however, bitcoin is still in it's infancy.  If/when bitcoin becomes a thing that most merchants accept and if/when the volatility of bitcoin dies down and if/when tech startups continue to make bitcoin EASIER and more CONVENIENT ,  then  this should no longer be much of an issue.

I wouldn't think it would be that shocking if 5+ years from now you see some things in place where it's not all that uncommon for people to already have some bitcoins on them at all times, weither it be through their phone wallet or through something like a bitcoin card.  I could even see a situation where you can buy/sell bitcoin on the fly just as easy as you can spend them, so even if you dont have bitcoin on you it would still be as simple as reading a qr code with an app and they take the funds directly out of your bank account and convert it on the fly.


Great point you bring up and a valid one.  As far as I can see it's something people are working on improving and it will be improved as bitcoin gets more adoptions and more people continue to build up the infrastructure surrounding bitcoin.

[BTCisthefuture]

This is a great , any new merchants expecting bitcoin is great for the short/long term adoption of bitcoin as well as helping out the local communities with tax revenues on purchases made.  In the case of recreational or medical marijuana stores , it really could turn into an entire INDUSTRY that starts accepting bitcoin.  Now that would be really nice to see..... the downside of course is there are already some silly people out there who think bitcoin is only for "buying drugs"  , this would only add fuel to their fire


Very interesting though that legal marijuana is a booming business and one that has potential for huge adoption and growth in the coming years.  Bitcoin is in the same boat as well.  Would be interesting if both of these new "industries" so to speak came together and both beneffiting from this huge opportunity that exists with a legal marijuana industry

[BurtW]

It is spelled "Colorado"

dork.

The title of this thread is still WRONG.  FIX IT or I will remind you every hour until you do.

[GigaCoin]

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

I just think people who got Bitcoins might take an advantage of this.

Stoner miners or minor stoners. lol

Hahhaha I totally get that!

[hilariousandco]

It's interesting how banks won't deal with them still. Maybe this could be a really good way for people to get involved with Bitcoin.

[guybrushthreepwood]

It's interesting how banks won't deal with them still. Maybe this could be a really good way for people to get involved with Bitcoin.

I really hope their stupidity and refusal to work with these types of busniess really comes back to bite them.

[hilariousandco]

It's interesting how banks won't deal with them still. Maybe this could be a really good way for people to get involved with Bitcoin.

I really hope their stupidity and refusal to work with these types of busniess really comes back to bite them.

I only hope one day the masses will realise how much we don't need them for this stuff anymore.