Solpower rolls out bitcoin billing platform to US pot shops
20 February 2014 | 1307 views | 0
Solpower Corporation, symbol (SOCR) announced that it has started to roll out the beta version of its new billing platform to medical marijuana dispensaries with very positive results.
The system allows individuals to purchase bitcoin, virtual currency using Solpower's proprietary bitcoin server, and use those bitcoin to pay for healthcare products like medical marijuana without telltale information appearing on their bank statements or credit card bills.
The first few dispensaries were given an opportunity to use the system last week and Solpower expects many more to join that group shortly. Solpower intends to promote the names of dispensaries using the system on its website sometime over the next couple of weeks. Once out of beta testing, the system will be available commercially. "So far we have had overwhelmingly positive feedback. The system solves many problems in this emerging industry, and until the stigma associated with the sale of medical marijuana subsides, people who desperately need care will continue to be hesitant to get it. Our system helps them to do so safely, and privately. Helping people get much needed healthcare has always been our purpose," explained the company CEO, Charles Neinstedt.
The Bitcoin Collect platform offers protections to both the consumer and the dispensary. Safe for the dispensary because bitcoin, a completely virtual global currency, is not regulated by any government agency, so the merchant is protected from intrusive restriction of electronic funds, refusal by banks to accept deposits, and other difficulties that medical marijuana sellers have complained about in the past. It offers protection for the consumer because only the purchase of bitcoin will appear on their bank statements and/or credit card bills, and bitcoin can be used to buy a large variety of different things from many different types of merchants. The appearance of a bitcoin purchase on a bank statement could mean anything, insulating the consumer from family members, or even institutions knowing what the purchase was actually for.
Solpower reminds everyone that the system is not 100% anonymous. Every state that has decriminalized possession and sale of medical marijuana has some regulations regarding keeping of medical records and the tracking of purchases. Solpower confirms that the system is not meant in any way to circumvent current laws and regulations in the industry, only allow a level of privacy, security, and ease of use not previously available to merchants and consumers anywhere. It is this level of protection that is the reason Solpower feels the platform will be the standard payment system in the medical marijuana industry for years to come.