A solution for businesses to operate without a bank account by using a new payment solution by Bitcanna
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Running a business requires a bank account, which can be especially difficult to obtain if the business is connected with the cannabis industry. BitCanna proposes a solution that allows businesses to operate without a bank account by using their payment solution called Cosmos Pay.
This payment plugin enables shop owners to accept BitCanna as a means of payment, in addition to traditional fiat currencies, and it is easy to install and configure. Transactions are done peer-to-peer, which eliminates the need for a middleman, such as a bank. Furthermore, Cosmos Pay can be used for all online shops built on WooCommerce or Prestashop.
For cannabis businesses, BitCanna offers additional features, such as track and trace for product traceability, and the launch of a BitCanna Buddheads NFT project, where NFT holders can receive rewards. BitCanna’s NFT project serves as a means to strengthen the community’s support for cannabis businesses : Proof of support.
BitCanna is also developing a Digital ID feature for consumers to ensure that they are of legal age to purchase cannabis products.
BitCanna aims to be compliant with regulations and to encourage the adoption of cryptocurrencies by providing a practical use case for people. This solution is particularly useful in countries where bank coverage is poor, and fees are high. BitCanna believes that peer-to-peer transactions are the key to success, and they strive to be a partner in the global acceptance of the cannabis industry, rather than an opponent.
We believe Bitcanna is doing right when placing its confidence in the cannabis industry’s expansion over the next five years. The company has proactively developed a payment solution that is ready to be utilized when the industry takes off, positioning itself to be well-prepared and well-positioned to take advantage of market opportunities when they arise.
Interview with Bitcanna Team
Aviaone had an in-depth chat with BitCanna, the blockchain company revolutionizing the cannabis industry since 2018.
Can you tell us your name, your role at BITCANNA, and introduce yourself quickly?
Our names are TJ and Johan, both project managers at BitCanna. We are responsible for the daily management of the project; like planning, funds management, communications and more.
Bitcanna Team
Who are the founders and when was BITCANNA born ?
BitCanna has been found by and for the cannabis industry to solve issues which are experienced on a day-to-day basis. We are around since 2018 and still passionate ever since.
Bitcanna Team
Why did you choose the name BITCANNA ?
BitCanna is of course a nice wordplay on the combination of BitCoin and cannabis; marking the fusion between crypto and cannabis.
Bitcanna Team
How many people are currently working at BITCANNA?
Currently we are working with 5 passionate full-time colleagues at BitCanna. Two project managers and two developers, one designer. Together we work hard to bring BitCanna forwards, while being supported by experts from the industry as well as a legal team to make sure we do the right things to avoid problems with legal boundaries.
We have a strong desire to make legislation less strict on cannabis, because we believe the current global stance towards cannabis is simply not good. But to be able to help in this process it is important to be a partner for the industry and governments and that can only be done if we are considered as a legitimate partner without legislative issues.
Bitcanna Team
Briefly explain what BITCANNA is.
BitCanna is a blockchain company with a “real world” utility. Our core audience are the cannabis industry and the consumers. We create solutions to everyday issues in the cannabis industry, such as the problem of companies with obtaining a bank account. By providing a payment solution, the companies can still operate their business, even without a bank account.
And it does not stop there, on our roadmap we also have a supply chain module to be able to Track&Trace products, a review system and more. By providing these tools and modules we are not aimed to satisfy the crypto audience, but we want to make a real difference in the everyday life of the business owner and cannabis consumer.
Bitcanna Team
What are your strengths?
Our biggest advantage is that we have connections in the industry. Where a lot of crypto companies have to obtain contacts within the industry, we already have them. We are still early in the maturity of BitCanna, but by being founded by the industry itself gives us a head start.
Bitcanna Team
Why did you choose the Cosmos ecosystem to develop BITCANNA’s blockchain ?
At the start in 2018 we had a chain based on a fork of BitCoin and Dash technology. At that time it was the right choice, which enabled users to stake their coins and earn rewards for securing the network. In the years following a mobile app was developed and integration of the payment solution in 2 of the biggest companies in the cannabis market.
However, this “old” technology limited us in the development of the solutions we want to bring to the market. So, a search for a better, newer basis was started. After researching multiple platforms the choice was made to go for Cosmos, a choice which we are glad to have made until this day. It allows us to have our own blockchain and make our own choices, while still profiting from being part of a bigger ecosystem where development is going fast.
Bitcanna Team
Please, tell us more about COSMOS PAY, your payment system that can be used on the biggest E-commerce platforms (Woo-Commerce and Prestashop)
Cosmos Pay is our payment solution for the e-commerce. This payment plugin allows shopowners to accept BitCanna as a means of payment, besides the traditional fiat currencies. During development we found that integrating other Cosmos-SDK based coins was also a possibility. So we decided to return the favour of being part of the Cosmos-ecosystem and to expand the acceptance of other coins than BitCanna only.
The plugin works natively with Keplr integrated, which makes payments for the user really easy. In just a couple of clicks the payments can be done. Users can also choose to send payments manually if they use other wallets like the BitCanna webwallet, Cosmostation or Leap. But we advise using Keplr, since it removes the room for errors in small typos or copy-paste mistakes.
Also for the shopowner it is really easy. Installation and configuration can be done in a few steps, after which the payment method is enabled on their front-end and they can enjoy the possibility of accepting crypto for their goods!
More information can be found at https://commerce.bitcanna.io. Key take-aways are that a shopowner can decide for her- or himself which currencies to accept (currently BCNA, ATOM, OSMO, JUNO) and the fact that the transactions are done peer-to-peer, which is exactly where crypto started for. By using Cosmos Pay you effectively cut out the middleman.
Bitcanna Team
Can Cosmos Pay be used by all kinds of online businesses?
Cosmos Pay can be used for all online shops being build on WooCommerce or Prestashop. So it is not purely limited to the cannabis industry, but in principle any webshop using these two platforms can use Cosmos Pay as a plugin on their websites. That makes it also useful for other projects in the Cosmos ecosystem, because it adds another layer of utility for their coins.
Bitcanna Team
Does COSMOS PAY improve privacy when used for payments?
Just like with most cryptocurrency payments, payments are pseudo-anonymous. You’re not required or even able to link your identity to your wallet. However, its transactions can be seen and tracked on an explorer, since like with any blockchain the transactions are public. The main issue regarding privacy is the on- and off-ramp to fiat currencies, which has to be done via centralised exchanges or brokers where KYC is a requirement.
Bitcanna Team
Please, tell us more about BitCanna Buddheads NFT
The Buddheads NFTs are a range of NFTs which we created in Q1, 2022. We have airdropped a large portion to loyal holders of the BitCanna token, people who provide liquidity in our pools on Osmosis and to a subset of the Stargaze delegators. A part of this collection has also been sold and recently we have also burned a large portion of this collection.
We estimate currently that there are about 5000 Buddheads in circulation.
We are also working on plans to give them utility and to have them evolve to more than just being pictures. But we can’t disclose those plans yet.
Bitcanna Team
What business output and growth do you think you can achieve?
This is simply hard to predict. The cannabis market globally is already a market worth billions and is expected to grow only further with the upcoming legalisation of cannabis. So there is an enormous market potential which we can tap into.
Bitcanna Team
Do you already have investors and how much funding have you already raised?
We have a lot of loyal investors who are with us since the beginning of BitCanna during the ICO. Not all of them are crypto-native, causing a lot of the BCNA sitting idle in their wallets. However, we do know that they are not intended to sell anywhere soon.
And during the past years we also obtained a lot of new BCNA-coin holders who are with us because they believe in a better future for cannabis as a whole. We really want to live up to those expectations.
Bitcanna Team
Why buying the BITCANNA token can be a good investment in the future?
BitCanna is really at the start of the process to become mature. We are currently a low cap coin, which means pricewise we are an interesting investment.
Also investing in BitCanna and getting the word out also helps getting to the mass adoption and thereby solving some of the problems the cannabis industry is facing nowadays. So it is not only financially interesting, but also socially.
Bitcanna Team
What are the next milestones for the next 12 months?
We are currently working on the roadmap for the coming year(s). Things which will be on there are for sure the airdrop of BCNA to the Buddhead holders as promised and the release of our mobile app which will also allow shopowners of brick-and-mortar shops to have in-store payments using BitCanna.
And we will continue developing on Cosmos Pay, since there are some nice features we can implement. In the mean time we will work on our branding, since it is important to get our name out; which will only help us in getting to mass adoption.
Bitcanna Team
More about BITCANNA
The legal cannabis industry will also be revolutionised by blockchain technology through a decentralised payment network that will be provided by BitCanna, an existing blockchain on the COSMOS ecosystem.
Today, very few ways are in place to facilitate the exchange of cannabis in countries where it has been legalised, despite the fact that the industry is becoming increasingly legitimate and thriving in many countries around the world.
That’s where BitCanna comes in with its BitCanna Pay payment service, a complete, secure and fully decentralised payment service.
The BitCanna blockchain doesn’t stop there, as the Bitcanna trail will be able to record the origin of the product as well as the entire production process, certifying the quality of the product and ensuring its legitimacy.
And as you can see, thanks to BitCanna’s decentralised blockchain technology, there will be total transparency on the database, which will be immodifiable and searchable at any time.
