SPOKANE, Wash. - More businesses around Spokane are starting to accept a form of currency called Bitcoin. One medical marijuana shop just started accepting it, because banks won't take their money.
You can't hold or touch a Bitcoin, but it has value and is similar to a stock. It's price can rise and fall. Right now one Bitcoin is worth about $800. You can trade it as a whole, or in parts. Some in the marijuana industry are using it to keep their money secure.
Kouchlock Productions is a medical marijuana dispensary at 1919 E Francis Avenue. It's a new business forced to take money the old way, all cash. They cannot accept credit cards or even put money into a bank account because the product they're selling is federally illegal. It's a major crisis in the medical and newly legal recreational pot business.
"You can use it anywhere and you don't have to carry cash on you. You have your wallet on your phone," employee Rachel Franzen said.
The owners believe Bitcoin is safer and more secure than dealing with cash. Franzen explained the Bitcoin process for us on her phone.
"When you request money, you just request the amount you would like and it's going to give you either a Bitcoin amount or you can change it to us dollars," Franzen said. "Your Bitcoin money then gets transferred to their Bitcoin wallet within a matter of seconds."
Some companies are accepting Bitcoin because it's trendy. The owners of Kouchlock think it could be a way of the future, in an industry with no place to put it's money.
The store says they've had several people use Bitcoin for transactions.
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