There are some intrinsic benefits to buy kratom with bitcoin over fiat currencies due to the unprecedented quality of virtual cryptocurrencies. Over a decade old cryptocurrency landscape is continuously changing. With most coins being untested as a medium of exchange, cryptocurrency users must be cautious to weigh their gains and risks. Read on this step-by-step guide on how to buy kratom with bitcoin and the advantages it provides over the traditional payment methods.
Bitcoin offers users a unique set of benefits over other modes of payment. We’ll take a closer look at those in the below section, but before we do, it’s crucial to explore what bitcoin is. By learning the Bitcoin transaction mechanism, it will be more comfortable to use it while buying kratom, cannabis, or other products.
Buy Kratom with Bitcoin in 2020
If you’ve been buying kratom for the last few years, you’re probably starting to recognize that buying the product isn’t as easy as buying pasta and rice from the grocery store. In addition to that, it can be downright tricky these days.
So many money transfer services such as Paypal, Stripe, and Square deny accepting payments for kratom due to government restrictions.
As a consequence, vendors had to seek new alternatives to collect payments. Although most vendors accept money orders, credit/debit cards, and other conventional payment methods, some users feel a bit fuzzy to buy products like kratom with traditional payment methods.
In most countries, banks do not accept payments associated with dealings of kratom, as it’s an illegal substance in many regions.
Additionally, during the Obama administration in the USA, the government had established a system called Operation Choke Point that banned credit processors. It had warned buyers to pay fine if they make explicit payments for specific goods. The range of products on that list were kratom, medical marijuana, peptides, vapor supplies, and many others.
In whatever way, Operation Choke Point has now terminated. However, specific policies remain in place, with organizations such as Visa and MasterCard bestowing no signs of changing their basic rules. The loss caused by this system has been critical for many small company proprietors across the nation. Luckily, there’s a solution: Bitcoin.
What is Kratom?
The kratom tree is a tropical evergreen plant that grows in Southeast Asia. It is a part of the coffee family, and you can locate it in Southeast countries like Indonesia, Thailand, Myanmar, Malaysia, and Papua New Guinea.
People have been brewing kratom tea for many years and utilizing the plant’s leaves for therapeutic purposes. Nevertheless, kratom is not an FDA-approved substance, and it is illegal in numerous cities, states, and nations.
For this reason, many individuals are attempting to expose loopholes in the legality act and obtaining their products with cryptocurrencies.
What is Bitcoin?
Bitcoin is a decentralized currency that runs on a peer-to-peer network to empower internet users to make transactions through digital exchange systems. Invented in 2008 by a mysterious entity called Satoshi Nakamoto (person or organization), the Bitcoin network has evolved to dominate and define the world of cryptocurrency.
The cryptocurrency space also uncovers the scope for altcoins. The technology provides many users an alternative way to government-issued fiat currencies like the US dollar or the euro or pure commodity currencies like gold or silver coins.
Why do you need Bitcoin in the first place if there are already so many traditional means of making payments? A key element of bitcoin is its decentralized nature, implying that it is not regulated or monitored by any central administration.
Interesting thing about bitcoin
This feature immediately distinguishes Bitcoin from other fiat currencies. Bitcoin payments go through a private network of computers, linked with a shared ledger. The ledger simultaneously records each transaction in a blockchain on each computer that updates and informs all nodes.
The blockchain works as a distributed ledger and terminates the need for any central authority to keep such records.
Central banks or Government issue fiat currencies, but not bitcoin. Instead, bitcoins are either mined by a computer through a method of solving increasingly complex mathematical algorithms to validate transaction blocks of the blockchain.
On the other hand, users can purchase bitcoins with fiat currencies and store it into a Bitcoin wallet. After that, users can access their wallets to pay or receive Bitcoin if they have a computer or smartphone with an active internet connection.
Benefits of Bitcoin
Now that we have discussed a brief overview of Bitcoin, we can better understand how this innovative cryptocurrency presents potential benefits to its users.
- Easy Accessibility
- Peer-to-Peer Network
- User Autonomy
- Choose your commission (higher fee – quicker processing)
- No Banking Fees
- Fast Transactions
- Very Low Transaction Fees (send/receive anywhere in the world)
- Mobile Payments
- Freedom (from banks and governing authorities)
Why should you purchase kratom with bitcoin?
Adopting Bitcoin to buy things like kratom is smart for both the buyer and the vendor, as it restricts banks from imposing policies of entities outside of our power, such as government.
The vendors might have to pay up to 13 percent fee per transaction. Consequently, most merchants offer discounts, such as loyalty points and rewards, if you buy kratom with bitcoin. This scheme is because it keeps vendors from paying excessive “high risk” dealer fees.
It also keeps customers from having to request their banks to do specific things. Users might need to put a request for deactivating the international transaction restriction that may be enabled on their credit cards as a safety standard.
The purchaser’s risk is that if they have a problem with their order, they need to work out directly with their Kratom Vendors as Bitcoin does not resolve disputes.
A perfect rule of thumb is to buy kratom with bitcoin from trusted vendors that have been in the business for a while and have excellent customer reviews.
How to buy kratom with bitcoin?
Buying, selling, and using bitcoin isn’t as complicated as it appears. Using Bitcoin to purchase kratom (or anything else) is simple; the only exception is that instead of trading with your cash or bank account, you need to visit a website (such as Coinbase) to buy Bitcoin. Then, you can use it to checkout and pay at your Kratom vendor’s website.
Most people have a tough time embracing that Bitcoin is not a tangible asset like a real currency. Instead, you obtain virtual money that is a series of numbers and letters. However, that encrypted virtual asset is worth something.
Kratom vendors accepting bitcoin might invest in the cryptocurrency or immediately resell it to other buyers for fiat currency to bypass banking limitations. To attain more knowledge about the value of Bitcoin, check out this article on Investopedia.
If you only intend to use Bitcoin to purchase kratom and not investment purposes, you probably do not require a virtual wallet. In that instance, Coinbase or other exchanges, a market of buying and selling Bitcoin, will store your Bitcoin for you until you buy kratom.
Which kratom vendors accept bitcoin as payment?
Most of these kratom vendors will not ship kratom to regions where it is illegal. Nevertheless, they accept bitcoin or other cryptocurrency payments.
Already have Bitcoin? Here’s where to buy kratom with bitcoin:
- Happy Hippo Herbals (Editor’s choice)
- Kraken Kratom
- Phyto Extractum
- Kratom Capsules
- The Kratom Capsules
- Grown Selection
- Kratom Collection Shop
- Krypto Kratom
- Kratom Core
- Super Speciosa
- Buy Kratom Bulk USA
- Kratom Virtue
- The Kratom Syndicate
- Kratom Source USA
- Secure Kratom
- Kratom Sensation
- Kay Botanicals
- Kratom Sulawesi
Steps to purchase bitcoin
You only need to do the following procedures once:
- Register your account on the website from where you are going to buy bitcoin. We recommend Coinbase to buy your bitcoin. It might take a few days for your bank to make the transaction. If you want to purchase bitcoin directly with a credit card, you can go for CoinGate, CoinMamma, or Paybis
- Connect your bank account to Coinbase. To discover more about linking your bank account, visit Coinbase Payment Methods.
- Once you’ve logged into the Coinbase site, click on buy/sell and select your preferred payment method.
- Purchase at least $4 to $6 more than your total invoice amount from your Kratom vendor. It will help you cover your transaction fees. If you don’t need to use it, you can keep the available bitcoin.
- You will have your bitcoin in your wallet! To view your order, go to the accounts tab.
How to purchase kratom with bitcoin on a vendor’s website
Seems like it’s worth a pleasant buying experience, right?
The Challenges With Bitcoin
Bitcoin has evolved as a significant cryptocurrency, developed on the strength of a robust and flexible blockchain network. Nevertheless, its scripting language is still vulnerable to cyber-attacks.
Third-party applications and systems developed on top of the bitcoin protocol can be vulnerable and can drive to bitcoin frauds. Nonetheless, technological improvements could make the operation more robust, especially if bitcoin accepts into the mainstream.
A global cryptocurrency came with its own set of hurdles, including decentralized self-ruling authority and a lack of regulatory organization. The efficiency of laws and the adoption of Bitcoin in the autonomous network will be an area of concern in days to come.
In a Nutshell
To wind up, bitcoin and its underlying technology hold great potential. Blockchain applications will present technological, judicial, financial, and social obstacles that may be related to those suggested by the same peer-to-peer applications like Freenet, Napster, or Torrent. However, for now, bitcoin is safe to use for buying online products such as kratom and cannabis.
Bitcoin will have to conquer the test of time and reliability before people accept it in the mainstream market. Anyway, while bitcoin might not last, the technology underpinning it will be a game-changer and proceed to unfold in the coming years.
Some of you are more familiar with the type of cryptocurrencies in the market. Hopefully, the above procedure has convinced you how simple it is to buy kratom with bitcoin. It’s not that tough to set up and start using bitcoin for safe transactions. One such advantage with bitcoin is that it’s more secure to use.
Generally, there’s a bit of time and effort expected the first time you sign up for the Coinbase account. Once you have that with a bitcoin balance, future purchases will be easier than buying with credit cards.
On the last note, many kratom vendors accept bitcoin as a payment. With vendors like Happy Hippo Herbals, you can also get a significant discount on your kratom order, isn’t it like to fill two needs with one deed?
We hope you appreciate your first purchase with bitcoin!
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