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California Set to Pioneer Blockchain ATMs in MMJ Dispensaries Statewide

– Contributed Content –

19 January 2017. Although more than half the states have already legalized to some degree MMJ (medical marijuana) or at least have decriminalized it, dispensaries around the nation have been losing their cashless ATMs and POS terminals for what is no apparent reason. Many dispensaries in the State of California, for instance, are simply unable to carry out any transactions that aren’t finalized in cash or checks.

Marijuana plant

(Jasper, Pixabay)

This has been going on for more than two years now, and dispensary operators are simply amazed at the revenue these companies are losing. However, there is one revolutionary new payment system that has stepped up to the plate, and California will see a new form of blockchain cryptocurrency POS terminals in key dispensaries around the state.

What exactly is blockchain or cryptocurrency

The whole concept of blockchain cryptocurrency is so new and innovative that the average person has trouble grasping the idea that there is actually no money that changes hands at the retail level. By this time everyone has heard of Bitcoin, which is the original cryptocurrency in the United States and now it is not only being used in online transactions, but there are merchants who are accepting this form of payment in brick-and-mortar shops.

First Bitcoin Capital Corporation in the news

Here is where the news comes in for thousands of medical, and now legal recreation, patients and consumers in the State of California. First Bitcoin Capital Corporation, trading on OTC Pink as BITCF, is offering blockchain and cryptocurrency online for these dispensaries, but announced on January 12, 2017 that they would be installing a new type of check cashing ATM, which users can access to pay for purchases and cash checks in the dispensary of their choice. For those who have need of the healing effects of medical marijuana for such things as joint and bone pain, this is good news indeed.

Why a check cashing ATM is significant

Many of those who suffer chronic pain are on disability and with a low income, many do not have traditional bank/checking accounts. When their check comes, they are powerless to cash it in many cases and so they rely on retailers to cash it first so they can shop. This has often been the case in California dispensaries, and now with the Exclusive Master Distributor Agreement signed between major dispensaries in the state and BITCF, patients will be able to cash their checks at ATMs located in the store, and the prices for this service are set to be highly competitive.

While the details are yet to be released as to what stores will be contracting with BITCF, it is an amazing step in the direction of paperless money that is not backed in the traditional sense. Those who don’t have a bank account will be able to cash checks (backed by USD) at cryptocurrency ATMs and walk away with pain-relieving medication all in one go. No more going to Walmart first, paying a fee to cash their checks and then going to the dispensary for their medication. It is speculated to benefit both the merchant and the consumer and as these machines roll out, more news will be forthcoming.

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