Thousands of businesses have already gone under. Tens of thousands of people have lost their jobs.
And we’re all still being smacked around by COVID-19.
It’s safe to say that 2020 to date has sucked. And life in the vape industry – especially in the USA – isn’t going to get any easier. In fact, things will probably get worse.
In order to combat these draconian anti-vaping measures, I believe the industry at large should begin the process of shunning the globe’s payment gateway masters – VISA, PayPal, the major credit card companies – in favor of cryptocurrencies like Bitcoin (BTC).
Hell, we could even create our own cryptocurrency – the VapeCoin.
Why? Because these financial and credit companies are already blocking payments on purchases related to vaping products.
In effect, they’re telling you what you can and cannot do with your money and credit. And that’s not only completely un-American, but it is also totally unacceptable.
Why The Vape Industry Should Use Bitcoin As A Payment System
As more and more payment gateways turn their backs on vaping, making it harder for businesses and users to buy and sell products, technologies like Bitcoin and the blockchain could be the vaping industry’s saving grace.
“The transaction fees for Bitcoin payments are very low when compared to credit and debit card purchases. It is also very low for peer to peer foreign purchases. The standard wire transfers and the foreign purchases charge the fees and the exchange costs. There is no third party or intermediaries involved in carrying out a Bitcoin transaction and hence the transaction fees are very low. This turns out to be very advantageous for all travelers. The transfer of digital currency also takes place very quickly and there is no need for you to go through waiting periods and authorization requirements” – International Strategies
With payments done by Bitcoin, a vape retailer could receive payments for its products and ship them out to a consumer all via the blockchain.
It wouldn’t need to store personal financial data on its system, it wouldn’t need to worry about chargebacks, and it wouldn’t need to worry about payment gateway fees.
You wouldn’t need PayPal. You wouldn’t need VISA. And you wouldn’t need Stripe.
The government or its stooges in big finance could not do a thing to stop payments made via blockchain.
This is why drug dealers and cartels have been using bitcoin for years – it’s untraceable, unregulated, and completely encrypted.
The government and big finance have no control, sway, or influence over bitcoin or the blockchain.
Of course, the feds could block any shipments related to vaping. But even then, legally, this is pretty shaken ground: no government could make an NRT product illegal just because it doesn’t like it (because it costs it money).
The science is now clear on vaping: it is safer than smoking, it helps people quit smoking, it is more effective than other, more traditional NRT products, and it is easier and more pleasurable to use.
Vape Retailers That Accept Bitcoin (BTC)
There are already plenty of vape retailers that no accept cryptocurrencies as payment, so in some ways, the market is already reacting. What’s needed is some bigger companies to focus on crypto, as well as more and more vapers getting into bitcoin.
If companies like PayPal and VISA don’t want our business, we should take it elsewhere. The vape industry is a $20 billion a year business; if they don’t want a slice of that pie, that’s their loss.
And another massive benefit of using crypto for sales is that there is NO chargeback to retailers – currently chargeback fees are a big cost to ALL vape retailers. With crypto, you avoid these charges completely.
“One of the most attractive features of crypto payments is that chargebacks are not possible. Once a transaction is complete,” says Summit, “there’s no third party that can intervene to reverse the payment. If a customer is not happy with a purchase, she must try to resolve the matter amicably with the retailer or appeal to the court of public opinion. Arguably, this creates a more level playing field for retailers.”
I’ve been investing in bitcoin since 2015; I use Paxful for all my trading and selling. Paxful also has a dedicated iPhone app that you can use to manage, monitor, and buy and sell bitcoin inside. Paxful makes buying and selling bitcoin super-simple, so anybody can basically do it.
It’s TIME to take our market back from the elites in Washington and their stooges in Big Finance. If they won’t play fair, then why should we?