Cryptocurrency enthusiast and cannabis dispensary owner Brooke Mallers facilitated her store’s first Bitcoin-to-cannabis transaction this week.
Mallers, who goes by @bitcoinmom on Twitter, took ownership of two dispensaries in Boulder and Lyons, Colorado, on Friday.
Self-proclaimed Bitcoin maximalist @cryptorick celebrated being the first person to purchase cannabis with Bitcoin at the Boulder dispensary, writing on Twitter: “History made! It’s no pizza, it’s the first cannabis-bitcoin transaction at @bitcoinmom‘s new dispensary!”
The Cannabis industry has grown exponentially since Colorado legalised it for recreational use in 2014, resulting in $700 million in sales during the first year.
https://twitter.com/cryptorick/status/1089645100454490112
It is worth noting that Bitcoin and other cryptocurrencies have been used to purchase cannabis in the past, but this has often taken place on the dark web, which is an unregulated and completely illegal ecosystem.
The fact that Bitcoin can be used to purchase goods in an emerging industry like cannabis demonstrates yet another use case for cryptocurrencies.
One of the potential stumbling blocks could be the length of time it takes for a Bitcoin transaction to confirm on the network. Currently, it takes 10 minutes for the first confirmation of a Bitcoin transaction to come through on the network, with most vendors having to wait for three confirmations before the funds are cleared.
However, there is a way to accelerate the process. The Lightning Network boasts of having almost instant transaction speeds, and Bitcoin advocates are hoping this new piece of technology could be a game changer for Bitcoin and the cryptocurrency space in general.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.