Why are Bitcoin and Kratom increasingly linked, and what does it all mean?
When I first heard about Bitcoin, I learned an important lesson in economics.
Currency only has as much value as a given group is willing to agree upon.
This stands true for gold, coins, money, stamps, and anything else you’ve seen exchanged as tender. Gold isn’t inherently valuable; but humans decided they liked it, and it is somewhat rare, so it’s been used as currency. Paper money is easier to manage, work with, and store, and usurped gold. And now, with the advent of the internet, we have Bitcoin, an entirely new form of money.
So what is Bitcoin, and what does it have to do with kratom?
Cryptocurrency and Kratom
Bitcoin is a form of cryptocurrency, which is a form of money that is formed by a community – and not a central authority, like a government – deciding on its value. Does that worry you? Good.
Cryptocurrency is not inherently bad or dangerous. But it can be unstable. Cryptocurrencies like bitcoin and etherium are entirely invented and have no tangible value; they can’t be withdrawn from a bank or measured. Some cryptocurrencies, like dogecoin, arose almost from a joke, and are so fickle as to raise and lower drastically in value on the whims of tweets of celebrities.
While it is unstable, cryptocurrency has also risen in popularity. Its value is often derived from its anonymity and trading value; cryptocurrency can be used to purchase discreetly online where credit and debit cards cannot. And, ironically, the instability of the tender makes it a popular trading commodity, much like a stock. Internet users buy and sell bitcoin based on market trends – again, which seems strange given that it is an entirely invented currency – and yet cryptocurrency has proven itself to be remarkably resilient.
Even through naysayers’ scoffs and economic downturn, bitcoin, for example, is becoming a tender of choice in some cases. More and more businesses are allowing customers to purchase items with bitcoin. Some users appreciate that it can’t be traced; while some nefarious intent is inevitable, it does not mean bitcoin is ‘sketchy’ or ‘dangerous’. Like anything else, it is used by all tracks of life, for many different reasons.
What does this have to do with kratom?
Kratom shopping with Bitcoin
We’ve detailed on the blog before that kratom can be difficult to purchase using credit cards and debit cards, which are the medium of choice for online purchases. We’ve also discussed why buying kratom online is often a better bet than settling for the nearest store to carry it.
Even now, banks are uncertain as to how to handle kratom. Because it is banned in a few states – thanks largely to the FDA’s bizarre, factually obtuse crusade against the herb that has shown anecdotal potential to help many – banks don’t want to run afoul of state laws. There is also the constant threat of federal banishment, though the consistent flow of optimistic scientific studies contradicts the ideology behind banning kratom.
Still, this all ends with many credit card service providers being unwilling to serve the kratom community. So the community has had to find alternatives.
Money orders and the like are options. While it is inconvenient for many to get these, and others may not have a bank, it does offer a solution. But interestingly, cryptocurrency has emerged for many vendors as the best alternative for purchasing kratom online.
Cryptocurrency offers the convenience that people expect when online shopping. One can purchase Bitcoin, for example, with a debit or credit card. This Bitcoin can then be spent on kratom. You don’t have to stop by the bank, or meet your delivery man at the door.
Other individuals prefer to be discreet when purchasing items online. This provides them that option, as Bitcoin – outside of a shipping address – cannot be traced back to its purchaser. Because credit card service providers are uncertain as to the status of kratom – though they’re beginning to come along – cryptocurrency has quickly become one of the easiest, safest ways to purchase kratom.
Is Cryptocurrency right for you?
Cryptocurrency comes in odd denominations; one ‘Bitcoin’, for example, can be quite expensive, so one has to buy it in chunks. The value can change rapidly, and all the different forms of cryptocurrency can be difficult to keep track of, especially when a single tweet or some economic factor can shift its value so much.
So if you choose to use Bitcoin – the most popular, safe, and reliable form of cryptocurrency currently on the market – try purchasing only what you need for your transaction. This way, you aren’t vulnerable to large market shifts.
If you enjoy shopping with a bit of privacy, Bitcoin is also a wise choice. While your shipping address is of course listed, a P.O Box and Bitcoin can guard your identity from those who may have stigma against kratom (the same type of folks who would have enjoyed reading the ‘Reefer Madness’ pamphlets from the 1960’s, I’d have to imagine.)
And, plainly put, it may just be the simplest option. Bitcoin has become a safe and reliable option. There are plenty of cryptocurrency ‘banks’ online that are reputable and provide excellent service. It seems strange, but cryptocurrency is just as viable as cash in today’s world, and often comes with many of the same protections.
Is cryptocurrency right for you? Check with your preferred vendor as to payment options. It can be easier than Money Orders or Wire Transfers, and while many vendors struggle to get credit carriers to participate, Bitcoin is often going to be the easiest option.
But as with anything else, do your research and stay on top of trends. Try to only purchase what you’ll use in your next transaction. And stay up to date with cryptocurrency trends.
Bitcoin is a perfectly safe and viable method used in online shopping, and is entirely suitable for the average kratom consumer to purchase their product.
Peace and Love,