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RE: Hurry Up Cryptos : Hard CASH Use Is Dying
In the weed industry in California, its still all cash with no sign of change. No one here is using crypto for transactions, its literally dead presidents only. Bars in Laytonville have cash counting machines to lend to customers for the transactions that happen at their tables.
I do like using plastic for any taxable event. Its way easier than actually doing any accounting. Since most of our work is more than 300 miles from our residence, all our expenses are corporate. So there is some value there. Our savings are in benjamins and PM's. Crypto is cute but I don't trust my own phone remotely.
What about when weed is legalised?
The banks have closed down a couple dispensary's accounts, even just this fall in San Diego they all got raided again. Certainly every grower fears the reality of Jeff Session's Civil Asset Forfeiture (aka Police pension funding), no one, literally no one trusts the cops.
My wife happened into a Bank of America the first day of the new year, said there was a line of people with just shy of $10 000 in cash each. So its not everyone that avoids the banks, but almost no one is using a bank account for the actual product transactions (some medical dispensaries from before did use a checking account but only one ever paid with a check for a delivery, the rest were in cash).