Why do Kratom vendors have such bad payment checkout procedures?
If you’ve been using Kratom for over a year you’re probably starting to realize that purchasing the product isn’t as simple as buying milk from the grocery store. In fact, it can be downright difficult. Processors such as Paypal, Square and Stripe refuse to accept payments for Kratom due to restrictions put in place by government agencies. As a result, vendors are left with few options for collecting payments—which is why alternative payment methods are so common. Of course, offshore processors, money orders and using Bitcoin to buy Kratom can feel a bit sketchy.
In short, banks do not accept payments related to the sale of Kratom because it’s an illegal substance in a number of states. Additionally, during the Obama administration the government enacted a policy called Operation Choke Point which essentially blackballed credit processors by threatening fines if they processed specific payments within a set of product categories including peptides, medical marijuana, vapor supplies, and natural products such as Kratom. Operation Choke Point has now ended. However, these policies remain in place, with companies such as Visa and MasterCard showing no signs of changing their internal rules. The damage caused by this policy has been severe for many small business owners across the country. Fortunately, there’s a solution: Bitcoin.
Why use Bitcoin to buy Kratom?
Using Bitcoin to buy Kratom is smart for both the consumer and the vendor, as it prevents banks from enforcing policies imposed by entities outside of our control such as Big Pharma and government. Additionally, most vendors offer incentives, such as discounts or rewards, for the use of Bitcoin to buy Kratom because it keeps them from having to pay outrageous “high risk” merchant fees (which can cost upwards of 13% per transaction). It also keeps consumers from having to call their banks to do special things like deactivate the international transaction holds that may be enabled to your credit card as a safety measure.
The risk to the consumer is that if you do have an issue with your purchase the issue would need to be worked out directly with your Kratom Vendor, Bitcoin does not settle disputes. A good rule of thumb would be to use Bitcoin to buy Kratom from trusted vendors that have been in the industry for a while or have great online reviews.
How do I use Bitcoin to buy Kratom?
Bitcoin isn’t as complicated as it seems. Think of it like going to the arcade when you were a kid: the first thing you did at the arcade was use a machine to exchange your money for tokens. You then used your tokens for game play. Using Bitcoin to buy Kratom (or anything else) is really that simple; the only difference is that instead of trading hard currency for tokens through a machine, you need to visit a website (such as Coinbase) to buy your tokens (your Bitcoin). Then, you can use your tokens at your Kratom vendor of choice.
What most people have a hard time comprehending is that Bitcoin is not a physical asset like a token. Rather, you’re purchasing an encryption code which is made up of a series of numbers and letters; and those encryptions are worth something. The value (worth) of Bitcoin is basic economics of supply and demand; only 21 million Bitcoins exist in circulation today so to some investors owning Bitcoin is a collector’s item. Kratom Vendors accepting Bitcoin are either investing in the coin or quickly reselling it to other collectors for US currency to avoid banking restrictions. To find out more of the value of Bitcoin check out investopedia’s article about Bitcoin.
If you are only planning to use Bitcoin to buy Kratom, and not investing in Bitcoin, then you probably do not need a virtual wallet. In that case, Coinbase a place of buying and selling Bitcoin will store your Bitcoin for you until you are ready to make your buy Kratom.
By following these simple steps, you can use Bitcoin to buy Kratom:
You only need to do this once:
- Set up your account on Coinbase.com
- Link your bank account to Coinbase. To learn more about linking your account visit: Coinbase Methods of Payment
- Once you’ve logged into Coinbase, select buy/sell and choose your payment method.
- Purchase at least $3 to $5 more than your total bill from your Kratom vendor. (This is to cover your transaction fees.) Don’t worry—you can keep what you don’t use
- You are now the proud owner of Bitcoin! To view your purchase, click on the accounts tab within Coinbase
How to make a purchase with Bitcoin on a vendor’s website:
- Select all the products that you wish to purchase and checkout as you normally would
- On the checkout page, select Bitcoin/Alt Coin, and click “place order”
- You will see a box like the one in the below image. Select “Copy Address”
- Go back to Coinbase and log in; click on the accounts page
- From the accounts page, click the “send” button (underneath your wallet) and then paste the code that you copied from the vendor’s website
- Enter the amount of Bitcoin that is displayed on the vendor’s webpage; for example the image below shows .02831 BTC
- The final step is to click the “send” or “continue” button
Congratulations you are now ready to use Bitcoin on TopExtracts!
TopExtracts offers more reward points and an automatic 10% off (or more) your first bitcoin purchase!