Today, we are announcing the successful completion of the integration between our store and Coinbase Commerce to enable payment processing in cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others.
This milestone is significant to us for many reasons, namely that you can now buy your favorite kratom strain with Bitcoin, but equally important is the arrival of cryptocurrencies as a method of payment for online commerce. A step that was long overdue, especially in the eyes of those that have been in the cryptocurrency space for many years and endured tough market cycles.
For those unfamiliar with Bitcoin, and cryptocurrencies in general, here is a comprehensive guide to get you started. If you just want the highlights, well then, allow me.
- Bitcoin is a peer to peer electronic cash system
- Allows for the value transfer between two parties without intermediaries
- Transactions are securely verified, and immutable
Jeez to describe Bitcoin in three bullet points seems downright arrogant. So let me give you an example;
- You visit your favorite online kratom vendor
- Add a few of your beloved kratom strains to the cart and complete the checkout
- The only two parties involved in the transaction was you and SOL Botanicals right?
- Certainly not. In most cases, you have at least four parties involved in the transaction
- If you paid with Visa, here are the additional two intermediaries: the issuer (the cardholder's bank) and the acquirer (the financial institution that enables payments to the merchant)
At any given point, either the cardholder's bank or the financial institution that enables payments to the merchant can impose new rules and regulations that can have severe financial implications. Especially for products like Supplements, CBD, and Kratom, to name a few, that are constantly harassed by bigger interests. Enter cryptocurrencies. A true peer to peer solution to cut out the middle man.
Okay I know what you're thinking... If there's no "middle man" and the stores don't have to pay credit card processing fees... does that mean they make more money? Absolutely! Certainly they're saving anywhere between 2% and as high as 5% per transaction that merchant processors charge. Well at SOL Botanicals, we want to put that saving right in your pockets, we're much more excited for the opportunities cryptocurrency brings to humanity as a whole than any savings. If you buy our kratom products with any of the accepted cryptocurrencies, you'll receive 25% off your order by using discount code CRYPTO at checkout!
Finally, today is truly a vindication of patience, investment choices, and best of all, the democratization of finance for the billions of unbanked people in developing countries. I knew this day would come, and we're blessed to share it with you.