THC businesses can now get paid with their Litecoin token on what is also known as “weed day.” Some farmers even mine the altcoin to help pay for their weed farms.
Several marijuana firms have discovered creative methods to capitalise on the digital trend amid the growth of NFTs and the metaverse. Litecoin is no exception, as the token can be used to purchase cannabis on a blockchain metaverse and have the product delivered to your door.
Higher Life CBD, on the other hand, was one of the first cannabis companies in the metaverse to open a real CBD store. Thus, customers have a fun, digital, gamified shopping experience that, unlike others, results in a real product that is delivered right to their door.
It has also been said that Kandy Girl is selling Delta-9 THC goods in the Decentraland metaverse, which is a place where people can buy and sell things. This was possible because of a loophole in the 2018 Federal Farm Bill that made this possible.
There are a lot of CBD companies that use crypto payment services and technology, like Plain Jain, Kush Queen, Industrial Hemp Farms, Highland Pharms, and a lot more!
As a result, even though CBD is now legal in all 50 states because of the Farm Bill 2018, federal banking institutions are still wary of anything that has to do with marijuana. Even if the CBD is made from hemp, which is legal.
Banks make it difficult for CBD companies to open merchant accounts or obtain any kind of financing. Because of this, these companies are quickly moving to accept and mine cryptocurrency.
Litecoin is one of the oldest cryptocurrencies. It is very close to Bitcoin. While the network hasn’t kept up with new competitors, it is thought to be a better choice than Bitcoin.
In many ways, Bitcoin and Litecoin are a lot like each other. Both use a system called “proof-of-work” (PoW) to make sure transactions are real. Miners solve computational problems to make the blockchain more up-to-date in exchange for new money.
To put it another way: Bitcoin can only process seven transactions per second. Litecoin can process 56 per second, compared to Bitcoin’s 7. Then, with a market value of about $7.8 billion, it’s less pricey than Bitcoin.
People who use Litecoin are more interested in it than people who use Bitcoin. So, Litecoin can now be used as a form of payment on many websites that sell things.