Surviving a Rough Legalization with Bitcoin
It’s impossible to predict exactly how legalization will roll out in Canada next year and the law may not go our way. The government may choose to view us as a major threat to their bottom line and we may face extreme scrutiny. Sadly, this could force us away from the Canadian dollar entirely.
We aren’t discouraged – and we will weather what is sure to be next summer’s legalization storm regardless. However, we want to let our clients know right now that it may become necessary for BCBud to move towards Bitcoin (or other cryptocurrencies) as our sole payment method. We really hope it doesn’t come to this. We are proud of the Canadian dollar and we would like to continue to use it if the government allows it
Some folks have mentioned they are having trouble acquiring Bitcoin, or just don’t know who to trust in doing so. Although we can’t guarantee your dealings with any service, we’ve prepared a list for those in need of the cryptocurrency services. Unless noted otherwise at least one BCBud team member has successfully used the service.
To hold cryptocurrency, you need a wallet. We use the following wallets:
- https://coinbase.com for short term storage of exchanges,
- https://blockchain.info/wallet/#/ for longer term storage of amounts that I can afford to lose
Burner “paper wallets” are best for storing large amounts of cryptocurrency in a very safe, albeit inconvenient manner.
Always observe the following cautions when working with paper wallets:
- Generate offline, print, and reboot.
- Place a piece of masking tape over the private key as it comes out of the printer, try not to read any of the characters,
- Never read the private key aloud,
- Never take a picture of, nor allow a picture to be taken of the private key,
- Never type your private key into a computer until you are ready to access the funds. You must consider the wallet compromised once you have typed in the private key, and it is necessary to generate a new offline wallet.
- Don’t forget to transfer the remaining balance from the old insecure wallet to the new one!
These links are non-referral links:
Purchasing “mining contracts” is another more anonymous option, albeit very slow. These contracts entail renting a provider’s hardware for a fee / duration, and the coins you “mine” over the contract period are paid out to your crypto wallet.
- BCBud currently holds mining shares at https://hashflare.io/. We aren’t sure how great of an investment they will mature into, but we’ve received payouts to our wallets.
There are many providers out there, and many are pyramid schemes so please be very careful if you decide to go this route.
In a day of an uncertain digital future we think it’s wise to hold onto even a small amount of bitcoin. As an investment, or to buy medical marijuana. If we’ve missed anything important, or you have questions or concerns please don’t hesitate to get in touch. We’re happy to help.