Seedsman Blog

Using Bitcoin to Buy Cannabis Seeds – The Lightning Network

What is Bitcoin?

Even though in many parts of the world, people are still paying the conventional way using physical currency, a newer and easier-to-use virtual currency known as Bitcoin has sparked quite a revolution, when it comes to conveniently and quickly making online payments.

For a fact, many financial analysts and economists worldwide have unanimously declared that physical currency may have overstayed its welcome. The whole idea behind Bitcoin may soon make physical currency obsolete. So what is it exactly?

Bitcoin allows users to process payments using a virtual currency system – one that shares the exact same values all over the globe. This makes Bitcoin not just the world’s first successful crypto-currency but also the first ‘global’ currency of its kind.

The process is a walk in the park and extremely secure – when you make payments using Bitcoin, you are safe in the knowledge that you are engaging in true private transactions online – with no numbers or information to identify users on either end. There’s no need for middlemen to have transactions processed unlike conventional internet-based payments, and there’s also no need whatsoever to involve your bank. The sender and receiver are the only two parties that are actively aware of the transaction.

Since Bitcoin is a global virtual currency, it is not subjected to the typical currency manipulation practices majority of banks engage in. Instead, it incorporates highly specialised coding procedures to ensure stability and prevent manipulations in value from occurring. So, in a way, Bitcoin can be referred to as decentralised currency.

Why Choose Bitcoin Over Traditional Online Payment Methods?

To be frank, this comes down to the sheer simplicity and anonymity Bitcoin exclusively offers to its users. One might see Bitcoin payments as the online equivalent of meeting a seller in person and paying him/her cash, without anyone ever knowing or intervening. And to reiterate, there is no account of the transaction or the need for middlemen – apart from the acknowledgement or receipt you receive from the seller.

For the first time, a virtual currency like Bitcoin ensures that every single one of your online transactions is kept 100% anonymous and fully confidential. And this makes the proposition of using Bitcoin to buy cannabis seeds very, very appealing.

Bitcoin offers a unique, safe and secure way to transfer money online as it is entirely impossible for hackers or third-parties to intercept transactions with the intent of stealing sensitive personal information. And since there are no middlemen involved, there’s no need to pay any banking or processing fees, or third-party transaction fees for that matter.

How Easy is Bitcoin to Use?

At Seedsman, we make it super-easy and convenient to buy cannabis seeds with Bitcoin. We recommend the Bitcoin Made Easy website for buying Bitcoins, as it is run by a group of seasoned techies who, in fact, have played a direct role in building the internet exchanges of the late 1990s.

In order to understand how easy it is to purchase Bitcoins online and use them to buy cannabis seeds, you need to understand how the Coinbase system works.

The tech veterans at Bitcoin Made Easy have sifted through all major Bitcoin Exchanges, Bitcoin spending and buying, and opening accounts. They have found Coinbase to be the best way, by far, for purchasing or selling Bitcoins worldwide.

Why choose Coinbase? Because it is not only really easy to use but also offers the lowest charges for purchasing Bitcoin through a debit or credit card. But that’s not all – Coinbase also offers £7.69 worth of free Bitcoins to new account users when they buy their very first £76.88 of Bitcoin signing up through this referral link. If you think about it, you’re not paying any fees at all on your first £153.77 of Bitcoin purchases, as long as you use this referral link.

Advantages to Using Coinbase for Purchasing Bitcoins

  • Coinbase services are available to users in nearly every major EU country including the UK, as well as Australia and the US
  • Purchased Bitcoins can be stored on the Coinbase network or mobile wallet
  • Very easy to use on your smartphone, desktop computer or tablet
  • Lowest fees of any Bitcoin exchange; between 0-4% (using the referral link to sign up)*
  • The quickest way to make Bitcoin transactions by far; no more than 15-20 minutes for the entire process
  • To avail the 0-4% fees, users must spend between £76.88 and £153.77 on Bitcoin purchases.

How to Use Coinbase

Using Coinbase is very simple and straightforward. All you need is:

  • A valid email address
  • A mobile phone, desktop computer or tablet
  • A credit or debit card (or bank account if desired)
  • And, a valid ID such as a driver’s license or E.G. Passport

Here’s a complete walkthrough on how to create a Coinbase account and start buying Bitcoins within minutes:

Navigate to this link and click on the ‘Buy Bitcoin at Coinbase Now’ tab. Sign up through this link and when you buy or sell $100 worth of Bitcoin, you’ll earn $10 worth of free Bitcoin. Go ahead and fill out the relevant details, create a strong password, click on the eCAPTCHA, certify that you’re 18 or older and click ‘sign up’.

A verification email will be sent to the registered email address that you provide – open it and verify your email address. In case you don’t see this verification pop up in your email, even after a few seconds, click the refresh icon in your browser and also check the Spam folder.

After you’ve selected your region, you’ll get a view of your Coinbase dashboard. This shows the latest exchange rates for Bitcoin along with other top virtual currencies. You’d want to click on ‘buy/sell’, then ‘add new payment method’ – out of the three options available, we’d highly recommend going with ‘credit card’ as it’s by far the fastest way to buy or sell Bitcoins and has less limitations.

After clicking on ‘credit card’, enter the relevant information, add your mailing address, click ‘next’ and then click ‘buy digital currency’. Verify your phone number, click ‘next’ and you’ll receive a verification text message containing a security code on the same phone number. Enter the code to verify your phone number.

Finally, you’ll be asked to submit a valid ID and photo for security purposes. You can hold up your ID to your computer’s webcam and follow the online prompts. Alternatively, you can also take a photo of your ID using your smartphone and upload it through the link Coinbase will send you. Verifying your ID may take a few minutes at best.

Now, under the ‘buy/sell’ tab, enter the amount you’d like to purchase and click the ‘confirm’ tab. And that’s all there is to it.

You can purchase more Bitcoins by repeating the same steps or start paying with it as desired – either by scanning the QR code from a web store with your phone to authorise payments. Or, in the Coinbase dashboard, under the ‘Accounts’ tab, choose your Bitcoin account and enter the Bitcoin wallet address of the individual or web store you want to pay. Enter the amount and click ‘send funds’.

How ‘Lightning Network’ Further Improves Bitcoin’s Scalability

As of late, Bitcoin has been facing minor hiccups in the form of scaling issues. Given the current capacity of 7-12 transactions per second, many users were left wondering if the Bitcoin network could grow enough to accommodate heavy usage and keep up with the likes of transactional giants like Visa.

Bitcoin, in its current technological state, may not be fully capable of scaling beyond the current capacity. Fortunately, thanks to a few clever minds at SegWit, Bitcoin scalability issues were addressed head on and while issues pertaining to transaction malleability were also directly dealt with. However, most notably, SegWit has paved the way for very promising upgrades which will seamlessly integrate with the Bitcoin network to improve scalability.

One of these upgrades is Lightning Network (LN) – widely considered to be the next big thing as far as upgrades to the Bitcoin network are concerned.

What Does LN Actually do and What Does it Mean to the Everyday Bitcoin User?

Without getting too technical, LN simply makes for much faster, cheaper, and higher volume Bitcoin transactions between users. So, in the simplest terms, LN connects nodes (users) within a web of payment channels (say, for the sake of Bitcoin transactions) which are entirely independent of the Bitcoin network itself. Through these channels, users or nodes can execute transactions in an ‘off-chain’ way.

To fully grasp and appreciate the concept, consider this:

Any two parties can establish a payment channel, right? However, let’s say, if Mark shares a channel with Mary, and Mary shares a channel with David, then Mark can also easily transact with David – thus, relaying the transaction through Mary. There’s no need for an ‘intermediary’ node as such. This means that a complex and interconnected network can accommodate users which are connected with each other across several interlinked channels.

All transactions conducted over LN are explicitly verified and maintained by LN nodes – they are not required to immediately settle on the native Bitcoin network. Therefore, Mark can conveniently send a few coins to Mary, and conversely, Mary can send a few back to Mark. And, all of this can be done without any confirmation wait time or paying miner fees.

Once Mark and Mary are done with their transactions, they will close the channel and settle the remaining net amount on the native Bitcoin network.

Implications of LN on Bitcoin

  • Transactions are trusted within milliseconds without any wait time for network confirmations
  • Real-time Bitcoin trading from a secure wallet without the need to deposit funds on exchanges
  • Improved privacy since only net transaction amounts will be visible on the blockchain
  • Crypto-crypto trading across different blockchains
  • Very minor fees for off-chain transactions made through LN nodes; no fees at all for miners before settling on-chain
  • Thousand-fold increase on average in regards to the Bitcoin network capacity

Place Your Seedsman Order through Bitcoin

Buying your seeds with us through Bitcoin is nothing short of an absolute breeze:

1. Browse our website, add your items to the shopping cart and choose your delivery method.

2. Choose your payment method as ‘Pay by Bitcoin’ – this gives you 4 hours to complete the order – however, we would recommend sending your Bitcoin order right away as it may take up to an hour to confirm the payment, in some cases.

3. Using your Coinbase dashboard or any other exchange you are setup on, navigate to the page which allows you to transfer your Bitcoin to us.

4. Enter how many Bitcoins you want to transfer. If you’re using Coinbase, you can scan the QR code that’s provided at the time of checkout. Confirm the transaction.

5. We’ll send you a payment confirmation via email.

Advantages of Using Bitcoin at Seedsman

We see to it that customers who use Bitcoin to purchase their cannabis seeds are adequately rewarded:

  • Enjoy 25% off on your first Bitcoin order; also applicable to those who have placed Bitcoin order with us in the past
  • Avail a 15% discount on every subsequent Bitcoin order – if any of those subsequent orders exceed €200, avail another 10% discount
  • Placing a €50 or higher order automatically entitles you to receiving 12 free seeds
  • Increase your total free seed count to 16 by placing a Bitcoin order of €100 or more
  • Use the Coinbase exchange to buy Bitcoins and receive $10 in free Bitcoin when you spend more than $100

Over 10,000 of our customers have paid for their Seedsman order using Bitcoin this year alone. Buy cannabis seeds with Bitcoin at Seedsman, and enjoy major discounts while effortlessly executing instant transactions in a 100% safe and secure way.

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With an international team of writers and over a decade of experience in the industry, Seedsman aim to bring you the very latest in Cannabis news from across the globe.

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