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April 17, 2014updated 04 Apr 2017 4:07pm

Vending machine appeals to “grass roots” of Bitcoin community

A new marijuana vending machine in Colorado, ZaZZZ, is to accept a limited number of payment options including the cryptocurrency Bitcoin.

By Sebastian Whale

A new marijuana vending machine in Colorado, ZaZZZ, is to accept a limited number of payment options including the cryptocurrency Bitcoin.

Billed initially as the first marijuana vending machine in America, the machine was made accessible directly to consumers on April 12 2014.

The machines offer several compliance features, including a driver’s license reader and a camera that captures video of its users.

Alongside accepting Bitcoin, the ZaZZZ machines also accept cash and payments from its own ZaZZZ card.

Stephen Shearin, COO of American Green – the creators of the ZaZZZ machine, commented on why Bitcoin is right for the brand: "It’s quick, it’s efficient, it’s trackable."

Shearin explained that customers paying with Bitcoins will find a transaction system similar to those they would use at a Bitcoin accepting merchant.

"It’s exactly like using your Bitcoin wallet to pay anywhere else," he added.

After selecting their product, customers can opt to pay in Bitcoins. The machine then produces a QR code which the customer can scan with their smartphone.

According to Shearin, the use of Bitcoins allows businesses in the cannabis industry a way to improve margins given the cost of regulatory compliance and taxes.

In 2012, Amendment 64 allowed for the personal use of marijuana by all adults over the age of 21 in the state of Colorado.

 

Related to:

Australia’s first Bitcoin ATM goes live

BitPay expands to Europe with new office in Amsterdam

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