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US Councilman Buys Weed With Bitcoin Cash | Crypto News

October 2, 2019


What’s up everyone! This is the cryptocurrency
news! My name is Jackson and today, I’ll
be talking to Cred, the company behind cryptocurrency
payments in the California cannabis industry,
but first, let’s get to the news.
Bitcoin has finally done it. It’s made its
way onto the biggest stage in the world. No,
I’m not talking about the 70 meter tall,
2,900 square meter Villa Mix stage in Brazil
(although that does look pretty damn cool).
This is no festival – this is REAL LIFE. This
stage is green, outlined in white, and contains
beautifully simple geometric shapes, like
circles, rectangles and squares, which are
populated by 22 graceful figures, who are
in turn cheered on by the entire goddamn world!
Yeah, I’m talking about the English Premier
League of football.
Tune into Sunday’s game and watch the Bitcoin
logo take the field adorned to the sleeves
of the legendary, globally-renowned club of…
Watford… who are preparing to take an early-season
beating at the hands of Europa League Finalists,
Arsenal – WOOOOOOH LET’S GO ARSENAL.
The reason behind Bitcoin’s sudden appearance
on the Watford jerseys is that the club has
partnered with Bitcoin betting platform Sportsbet.io.
The club will also be accepting Bitcoin as
a form of payment in its online merchandise
store. According to the club’s official
post, the logo’s addition to the uniform
is part of a wider campaign to “improve
awareness around Bitcoin and educate the public
on the benefits of using cryptocurrencies.”
That’s pretty wholesome.
Unfortunately for Watford, a good attitude
still won’t save them from defeat, but I
will be incredibly happy to see two of my
favorite things on the field at the same time
come Sunday, especially with the knowledge
that that little iconic B will be center stage
in the world’s eye.
Now I’ll be turning my analytical eye toward
the unlikely relationship between Bitcoin
and vaping so we can determine what is truth
and what is bullshit. This is FACT OR FUD.
Recent research shows that flavored e-cigarettes
may increase your risk of getting lung disease.
Therefore, the Trump administration, in its
all-encompassing magnanimity, has decided
to save us from ourselves by banning flavored
e-cigarettes, so please, allow me a moment
to take a last few breaths of vapor-infused
freedom while I let paragon of freedom, Ron
Swanson, explain why this government action
goes against the very fabric of our nation.
A whole point of this country is if you wanna
eat garbage, balloon up to 600 pounds and
die of a heart attack at 43 – you can, you
are free to do so. To me it’s beautiful.
That’s right! Our freedom to self-destruct
is under attack! And by the transitive property,
when one freedom is under attack, that means
all our freedoms are under attack. At least,
that’s how Tom Lee seemed to be feeling
when he took to twitter yesterday to voice
his fear over the US government’s latest
actions, saying, the White House “could
even ban Bitcoin” and that “with the current
White House, there is nothing out of bounds
nor out of reach”, implying that Trump could
just as easily turn his ban hammer on Bitcoin
as he did on vapes.
Of course, Mr. Lee acknowledges in the very
tweet itself that not only is this unrelated
speculation, he’s not even expecting any
Bitcoin ban to materialize, which begs the
question, what was the point of that tweet
and why are we even talking about this at
all?? Well for me, it’s a matter of principle.
Saying that maybe the Trump administration
will ban Bitcoin is just like saying maybe
this vape will give me lung disease – it’s
all speculation and hypothesis designed to
rile up fear, uncertainty, and doubt. Which,
you know, is fine…until someone starts to
manipulate that fear and uncertainty – like,
for example, when a president bans vapes over
7 deaths while at the same time making no
move against cigarettes, which are the cause
of more than 480,000 deaths per year. I wonder
why that is.
Thus, this tweet receives my FUD stamp of
disapproval. Now that I can’t use this thing
anymore. I might as well go back to my totally
100% healthy habit that I have most definitely
not been trying to break for the past 6 years.
At least this won’t kill me!
Speaking of smoking, have you ever wanted
to get high with your local councilmember?
Well, if that sort of thing tickles your fancy,
or, to put it more BLUNT-ly, sparks your joint,
grab some crypto and head down to Emeryville,
California where councilman, Ben Bartlett,
has become the first elected official in the
US to truly welcome the 21-st century. On
September 11th, at a demonstration conducted
by blockchain company, Cred, as well as the
Blockchain Advisory Coalition, Bartlett used
Bitcoin Cash to become the first elected official
in US history to make a cannabis purchase
with cryptocurrency – you know, for science.
Here we have Dan Schatt, co-founder and president
of Cred, to tell us a bit more about how this
crypto payment service will affect the cannabis
industry and the state of California.
Absolutely. Well, thanks for having me. So
Councilman Ben Bartlett was able to basically
use Bitcoin Cash from his personal wallet.
I think he used Coinbase, the Coinbase wallet,
but really he could have used any wallet.
What appeared on the screen was a barcode
with me with a dollar amount in the Bitcoin
cash amounts. Ben typed in the exact amount
on his on his Coinbase wallet app, scanned
the barcode. And then there was a pretty much
near instant confirmation that the payment
had been received. Basically, what Cred did
was they took the Bitcoin cash and purchased
LBA tokens, which is the translation utility
token, and then settled in the form of a stablecoin,
which is the universal dollar. That’s peg
one to one with the U.S. dollar. So ultimately
the merchant received their proceeds in real
time in the form of stablecoin and what he
cited, you know, Ben Bartlett and all of the
elected officials in the room and there were
a number of elected officials beyond just
Berkeley, the island city of Berkeley, that
where there is that there’s never really been
such a great opportunity to do sort of one
of three things. Number one, address safety
issues associated with just cash and cash
handling. Number 2 address cost issues associated
with the cost of cash and cash handling, armored
car carrier costs, costs related to theft,
et cetera, that are pretty enormous. And number
three, have an opportunity to actually collect
city taxes in real time. So this got all of
the elected officials sort of excited about
the opportunity to pass local ordinances that
would allow the cities to receive stablecoin
because today a lot of people don’t even pay
their taxes. Only 17 percent of the sales
that are happening right now in California
are actually sales that result in people paying
their taxes. This makes it much easier. It’s
much better for the cities. And now we have
legislation that we’re introducing that’s
being passed that’s going to be considered
in January at the state level to accept stablecoin
as well.
Cool. Very cool. So now you’ve told me about
what this means in terms of the legislature
and government. What does this mean for the
cannabis industry itself?
It’s it’s enormous. It’s enormous, right.
Because today, you know, the general the general
way that you go to what are these dispensaries
and actually purchase something is you walk
up to a counter, you ask for what you want,
and then they point you to an A.T.M. machine
right next door. You pull the cash out and
you make a make a payment. Imagine, though,
that now if if all of these cannabis merchants
can move into mainstream just like everyone
else and be able to accept crypto as well
as debit cards and credit cards, what that
means for their industry, the average credit
card payment is, you know, over twice what
the average cash payment is. So this could
double or triple their sales easily, easily
as well as result in a lot more safety and
lower costs in terms of cash gambling. So
it’s a big deal for the merchants. They’re
highly incentivized to do it. Frankly, they’re
they’re totally happy to pay their city taxes
if it means double, triple their sales and
being treated like a like like any other merchant
Main Street.
Thanks for the great info, man! Again, that
was Dan Schatt from Cred talking about blockchain
use in the Californian cannabis industry.
This has been the cryptocurrency news!
My name is Jackson. Have a great day everyone,
and always remember to like, subscribe, and hodl!!

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