How Cryptocurrencies Have Changed the Supplement Market

How Cryptocurrencies Have Changed the Supplement Market

You may not think that cryptocurrency and the supplement market have a lot in common, but they do. Both cryptocurrency and the supplement market, specifically Kratom and CBD, help disrupt government interference, waive certain fees, and dispel anxiety about location-based sales.

These two markets are populated with innovative, modern thinkers. Due to the discovery of new technologies, both markets are ever-changing. And both of these markets, however dissimilar they may seem, are booming.

A significant benefit of cryptocurrency is that it is decentralized, so the government cannot assert undue influence on its value. Another strength is it’s impossible to double-spend or counterfeit cryptocurrencies.

Not only do they have things in common, but cryptocurrency has also shaped the supplement market as many customers are turning to this digital money to buy CBD, Kratom, and other health and wellness supplements.

What is Cryptocurrency?

The simplest definition of cryptocurrency is that it’s online money. Cryptocurrencies are digital assets spread over many computers, so if one computer gets hacked, the whole system is not in jeopardy.

Cryptocurrencies are made up of decentralized ledgers that only exist online. The industry maintains these digital ledgers with cryptography methods called blockchains.

Cryptography, which is the basis for the currency’s name, essentially double-locks the assets so they can’t be counterfeited or be double-spent. Additionally, the extra secure cryptography verifies transaction records and controls the creation of additional coins.

Experts who have been watching Bitcoin’s ascension predict that blockchains will disrupt the law and medical fields next. But, for now, it has positively affected the supplements industry, especially the Kratom and CBD markets.

Where Did Cryptocurrency Come From?

Bitcoin released the first open-source software in 2009, and since then, 6,000 cryptocurrencies have been created in Bitcoin’s wake.

Most people know Bitcoin, but there are other cryptocurrencies as well, including Dai, Ethereum, LiteCoin, and USD Coin. You buy cryptocurrency from an online service like Coinbase, which works across multiple platforms with various types of cryptocurrency.

Many vendors of high-quality Kratom, CBD, or other supplements like Kats Botanicals don’t charge any service fees in relation to cryptocurrencies, so when you use them to purchase your favorite Green Bali or White Indonesian, you save money every time.

Alternative coins or altcoins are any types of cryptocurrency other than Bitcoin, including tokens.

However, there are naysayers of cryptocurrency, and these people complain about volatile exchange rates and the vulnerability of the underlying infrastructure of cryptocurrency. But those who are hopeful about the use of cryptocurrency in the future applaud its ironclad interest rates, and its ability to circumvent government interference.

How Cryptocurrencies Have Changed the Supplement Market

How Does Cryptocurrency Affect the Supplement Market?

The vitamin and supplement market is booming, just like the cryptocurrency industry. And the vitamin market is only supposed to keep rising, with an expected growth rate of 18.3%.

Some of the reasons that cryptocurrency and the supplement market work so well together are that they both have relied on high-quality products to grow a solid customer base, and they both are relatively new ideas in traditional markets.

Whether you buy Kratom or CBD from a local vendor or an overseas vendor, you may feel anxious over location-based payments. Cryptocurrency makes this an obsolete fear as these assets’ digital nature doesn’t tie them to any one location.

You won’t have to pay some taxes if you use cryptocurrencies to buy your Kratom or CBD, and some vendors waive certain fees if you pay with cryptocurrency.

You also have greater access to your digital money with cryptocurrency than you do with traditional paper money. Sometimes it’s hard to get your money back from a brick-and-mortar financial institution, but with cryptocurrency, you always have access to your savings.

The verification process is also a lot simpler. Since cryptocurrencies are online, it’s much easier for a reputable vendor to verify your purchase and keep track of it.

How Cryptocurrencies Have Changed the Supplement Market

The Final Word

Without location-based sales fees and government interference, cryptocurrencies are making strides in the supplement markets, especially in the CBD and Kratom markets. If you want to be secure in your purchase, consider using cryptocurrency to buy high-quality CBD or Kratom.

The cryptocurrency market is growing, as is the supplement market. Although customers were initially wary of cryptocurrency, it has proven as strong as paper money, if not stronger.

CBD and Kratom, as well as other supplements on the market, have been embraced by a modern, forward-thinking crowd. The 21st century needs a new online currency, and blockchain technology has made that possible. In the same way, many people are turning to plant-based medicines, such as Kratom and CBD, to answer their health and wellness needs.