The Kratom Herald

Mitragyna Speciosa News And Information

The Kratom Industry Is Under Attack By The Banks, Bitcoin And Monero Are The Solution

Operation Chokepoint was launched in 2013 under the guise of protecting the public from fraudsters and loan sharks, as well as preventing a repeat of the 2008 Great Recession. However, the Department of Justice soon used Operation Chokepoint to attack legal industries that they disagreed with, including cryptocurrency, porn, guns, gambling, headshops, legalized Marijuana, and Kratom.

Even where Kratom is legal, agents from the Department of Justice would make unofficial recommendations to banks to close the accounts of anyone who is dealing in Kratom, as well as ask banks for information to help identify those who use their accounts for Kratom. The primary target was Kratom suppliers, and Kratom suppliers ended up losing numerous bank accounts and online payment service accounts like PayPal, Square Cash, Venmo, and Google Pay.

Essentially, the Department of Justice dislikes the Kratom industry, but since Kratom is not illegal in most jurisdictions, the Department of Justice used underhanded tactics to choke off Kratom businesses by cutting off their ability to send and receive money. Indeed, the loss of bank accounts and online payment services accounts can severely disrupt business, especially if funds are seized during an account closure, and in a worst case scenario could cause a Kratom supplier to be forced out of business.

In August 2017 Operation Chokepoint officially came to an end, and the Department of Justice itself stated that the operation was hurting legitimate businesses which is why it had to end.

However, the Kratom industry remains under attack, and bank accounts as well as online payment service accounts of Kratom businesses are being shutdown at the same rate. Thus, Operation Chokepoint may have officially ended, but in reality banks are still using the same tactics to suppress the Kratom industry.

Part of the problem is that banks and online payment service accounts can close an account for any reason, and do not have to tell the client the reason for an account closure, nor do they have to give any warning.

Ultimately, the problem is due to the centralization of the banking system, which allows people in charge of the banks to do anything they want to their clients. In other words, having access to bank accounts and online payment service accounts is not a basic human right in centralized systems.

Fortunately there is a solution. Bitcoin launched in 2009, and is a completely decentralized payment system. No one owns the Bitcoin network, in-fact the Bitcoin network is powered by thousands of computers worldwide. There is no way to stop the Bitcoin network, since if any of the computers running Bitcoin stay online, then the network survives. Further, Bitcoin uses uncrackable cryptographic security, so no government or organization can change the way Bitcoin works, only a consensus of the thousands of computers running and securing the Bitcoin network can change the rules of the Bitcoin network.

Due to Bitcoin’s decentralization and cryptographic security, Bitcoin payments are immutable, meaning they can never be reversed or frozen. This is far superior to fiat payments which can be reversed by chargebacks or reversed by the bank. Also, Bitcoin can be sent anywhere in the world instantly, no matter the amount of money being sent, for a tiny transaction fee of $1 or less.

Finally, Bitcoin is legal to use for business. Since Bitcoin is essentially unstoppable, the government has been forced to regulate it rather than try to fight a futile war against it.

Therefore, Bitcoin is the perfect payment solution for the Kratom industry. A Kratom supplier who accepts Bitcoin payments never has to worry about chargebacks, reversals, or their account being frozen. Also, Bitcoin can be converted into cash instantly at thousands of Bitcoin ATMs spread across the world, and the United States in particular has the most Bitcoin ATMs by far.

Bitcoin can also be cashed out on an exchange, but this requires a bank account and can lead to the exact same problems of bank accounts being frozen. It is best to get physical cash for Bitcoin at an ATM, or via a peer to peer deal with any of the millions of people who would pay cash for Bitcoin.

For increased security Monero can be used, which is a stealth cryptocurrency. Bitcoin is fairly anonymous, with the only identifying information being Bitcoin addresses which are long strings of letters and numbers, with zero personal information being required. However, Monero is fully anonymous, and no one can see the origin, destination, or amount of a transaction.

Best of all, using Bitcoin to buy and sell Kratom is fully legal, as well as cashing the Bitcoin out at an ATM, as long as taxes are paid.

Thus, the Kratom industry is being unfairly attacked by the centralized banking industry, but Bitcoin and Monero can solve this problem via decentralized, cryptographically secure, immutable, and instant payments.