The Lightning Network is pivotal to Bitcoin’s future, and many businesses are finding new ways to get onboard. In the latest spark for adoption, payments service FastBitcoins has teamed up with Sativa Store, an Estonian coffee shop and CBD retailer. This ‘joint’ partnership, announced earlier today, will put FastBitcoins’ Lightning-enabled point-of-sale terminals into two of Sativa Store’s locations.
FastBitcoins is a service that lets people buy Bitcoin with cash and spend BTC in stores. This helps reduce transaction fees and make it more affordable, efficient, and reliable to spend BTC, particularly through the Lightning Network.
“There is no better sign that mainstream Bitcoin demand is growing globally,” said Danny Brewster, Managing Director of FastBitcoins. “Estonia is a progressive and cooperative country in regards to Bitcoin and companies like Sativa Store are well placed to achieve business success by being ahead of the curve.”
Partnering with FastBitcoins to use the Lightning Network was a “no brainer” for the Sativa Store, according to owner Minna-Maria Amjärv.
“We are Bitcoin enthusiasts and a growing number of our customers are too,” Amjärv said. “FastBitcoins’ have given us a really easy and cool way for us to meet our customers demands to buy it whilst allowing us to make money from selling it.”
The payments platform is similar to the retail networks devised by Pundi X and others, with the ultimate goal of making cryptocurrency mainstream. FastBitcoins has been live since February and is already present in England, Scotland, Wales, and Canada.
Puff Puff Pass
Estonia’s relationship with cannabis is interesting itself. It’s still illegal to possess and use in the country, but personal use is typically only punished with a fine. This is a far cry from long-term prison sentences being served in the U.S. Cannabis-derived CBD, on the other hand, is fully legal in both countries.
Cannabidiol (CBD) is one of the most popular cannabinoids in cannabis/hemp. Unlike THC, it’s not psychoactive ,and cannabinoids in general are considered a key to unlocking the plant’s medical benefits.
CBD-rich hemp buds and CBD-infused salves, edibles, tinctures, and other products are quickly gaining popularity online around the world. In fact, the 2018 Farm Bill that legalized hemp in the U.S. sparked a flood of Cannabinoid-based businesses.
And whether you call it marijuana, cannabis, or hemp, the industries spawning around this plant are very blockchain and crypto-friendly.
We’ve all heard about the novelty cannabis tokens, but that’s not where the real innovation is happening. StrainSecure, for example, is using blockchain to fix gaps in the cannabis supply chain. Because it’s legal in some states but not at the Federal level, even regulation is a patchwork affair, and blockchain is improving tracking accuracy.
And then there’s security – cannabis dispensaries can’t use traditional banking services, so companies like Alt Thirty Six use cryptocurrencies to increase security. In fact, security at dispensaries, grows, and other businesses is a lot tighter than it looks from the outside.
Unfortunately, the industry is still full of gimmicks, like sending Dennis Rodman to North Korea.
Clownish antics help gain marketing buzz, but these business relationships also continue to advance the mainstream acceptance of cannabis and cryptocurrency. As time passes, these seeds may blossom into a sustainable future.