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How To Pay With Bitcanna

How To Pay With Bitcanna

BitCanna is a payment solution initiated by the cannabis industry. Most banks, credit card companies, and payment providers won’t handle money generated by the cannabis industry, even when it’s completely legal. To address this problem, BitCanna created a platform to provide a decentralised payment network for the legal cannabis industry, by means of the BitCanna coin (BCNA). This coin can be used as a payment method.

Important: On September 30th, BitCanna switched to a new, improved blockchain network. If you still own coins that were bought prior to September 30th, you must head to this guide to swap your coins for the new variant!

To Pay With Bitcanna At Zamnesia, You Will Need The Following:

  • The Keplr browser extension, in order to access the BitCanna web wallet
  • BitCanna (BCNA) coins in your BitCanna web wallet

Important — Back Up Your Seed Phrase (Password)!

It is important to realise that you are the sole owner of your wallet(s). BitCanna cannot access your wallet, recover your wallet, or access the funds within. Your wallet is only recoverable through your seed phrase. The seed phrase is generated during the initial setup of your account. Therefore, it is very important to store your seed phrase in a safe place, as this is the only way to recover your wallets or transfer your wallets to new devices. Beware of scammers. Never share your seed phrase with anyone. BitCanna or Zamnesia will never ask for it.

Please Read Before Using Bitcanna To Pay For Your Zamnesia Order:

  • If you don’t own any cryptocurrency yet, you’ll need to set up and verify an account on a cryptocurrency broker platform, such as Coinmerce.

  • In case you buy more BCNA coins than you need for your purchase, you can store the extra coins in your BitCanna web wallet and use them for your next purchase; however, it is important to note that BCNA coins can fluctuate in value since it’s live-traded on the exchange and its price is determined by supply and demand. 

How To Pay With BitCanna (Complete PDF Guide)

About Bitcanna

What is BitCanna?
BitCanna is a payment solution initiated by the cannabis industry. Most banks, credit card companies, and payment providers refuse to handle money generated by the cannabis industry, even when it’s completely legal. To address this problem, BitCanna created a platform to provide a payment network for the legal cannabis industry, by means of the BitCanna coin (BCNA). The BCNA coin can be used to pay for your cannabis-related products.
Why should I use BitCanna?
When you purchase products with BitCanna, you will benefit from:
  • Increased privacy
  • Control over your own funds
  • Negligible transaction fees
  • Exclusive discounts and offers
Besides benefitting yourself, cannabis-related businesses benefit as well due to being less dependent on other payment providers.
Where can I pay with BCNA?
At the moment, you are able to pay with BCNA at Zamnesia. In the near future, you will be able to pay with BCNA at more stores. On the BitCanna website, you can find an overview of stores that currently accept BitCanna coins.
Can I pay with BCNA in physical stores?
At the moment, it is only possible to pay with BitCanna online, but the BitCanna team is currently working on launching its payment system for physical stores.
Who created BitCanna?
BitCanna is an initiative created by leaders in the European cannabis industry. With a shared passion, they are committed to providing the best solutions to the challenges currently holding back the cannabis industry. The ultimate goal is to open up the restrained business attitude of the current market to earn back trust from consumers, regulators, and financial institutions.
What do I need to pay for my order with BitCanna?
You will need a BitCanna wallet and BitCanna coins.

Wallet

What is a wallet?
A wallet is a place for you to safely store your BitCanna coins (BCNA). With a wallet, you can pay for your order (by sending BCNA coins), and you can also receive BitCanna coins. BitCanna’s wallet is currently available for Chrome and Brave (desktop computer). Alternatively, you can install the Cosmostation mobile wallet!
What is a seed phrase?
A seed phrase is a series of words generated by your cryptocurrency wallet that gives you access to the crypto associated with that wallet. As long as you have your seed phrase, you’ll have access to all of the crypto associated with the wallet that generated the phrase—even if you delete or lose the wallet. It is important to keep this seed phrase safe at all times. Never, ever share your seed phrase with anyone, not even Zamnesia or BitCanna. We will never ask for it.
What is the BitCanna web wallet?
The BitCanna web wallet is an interface where you can perform certain transactions with your BCNA coins. To connect with the BitCanna web wallet, you will need a Keplr browser extension.
What is the Keplr browser extension?
The Keplr browser extension is a multi-wallet extension in which you can store your BCNA coins. You can also store other coins built with Cosmos technology. You need Keplr to connect with the web wallet.
What is the long string of random numbers and letters? Example: bcna1m0hsw3w0a0w0urejjkudfc2zfjssgy06ltqte6
This is your wallet address. You can view it like your bank account number. For example, if you share your address with someone, they can send you coins.
Where can I find my BitCanna coin (BCNA) balance?
In your Keplr browser extension or the BitCanna web wallet.

Buying Bitcanna (Bcna) Coins

How do I buy BitCanna coins (BCNA)?
To buy BCNA, head to the “Acquire BCNA” guide.
How do I know how many BCNA coins I should buy to pay for my order?
If you select BCNA as your payment method on Zamnesia, the amount of BCNA required for your order will show up.
How high is the transaction fee?
Every transaction made with the BitCanna payment method has a transaction fee. This fee is negligible, and varies based on the occupation of the BitCanna payment network. The transaction fee will be around $ 0.00001 / € 0.00001 per transaction. However, purchasing BitCanna with a credit card has a fixed fee of around €3 to €4 per transaction. This fee is paid to Indacoin and is necessary to allow you to easily pay for your order. Thanks to this, you will not have to go to a cryptocurrency exchange.
I bought more BitCanna coins (BCNA) than I spent on my order, what can I do with them?
If you have remaining BitCanna coins (BCNA), you can store them inside your wallet. In case you would like to make another purchase, please be aware that the value of the coins can fluctuate, meaning you can buy more or less with the same amount of coins.
How long does it take for my BCNA to arrive after I buy them from Coinmerce?
Once you have finished the identification process, your coins will be sent to your BitCanna address within 1 hour.
Why does the value of the BitCanna coin (BCNA) fluctuate?
The BitCanna coin (BCNA) is traded live on cryptocurrency exchanges. This means that supply and demand on the market determine how much a BitCanna coin is worth at a particular moment.
What does this mean for my BitCanna coins?
This means that the value of the BitCanna coin (BCNA) is not continuously stable. If you decide to store BitCanna coins in your wallet, you will sometimes be able to buy more products with your coins, and sometimes less.

Paying For Your Zamnesia Order

Will my bank statement show that I bought cannabis-related products?
No, one of the perks of paying with BCNA is that your bank statement will not show what cannabis-related goods you bought, or where you bought them.
Can I change my BCNA to fiat (euros, dollars, or pounds)?
Yes, this is possible. In order to change your BitCanna coins to fiat, you will have to go to a crypto exchange. This process will take place on an external platform, such as Osmosis or CoinDeal.
Can I send my BitCanna coins (BCNA) to someone else?
Yes, if the recipient has a BitCanna wallet, you can. The only thing you will need in order to send BitCanna coins is the recipient's unique wallet address.

Privacy And Security

How does BitCanna ensure the safety of my coins?
BitCanna takes privacy and security very seriously. For that reason, BitCanna is built upon a technology that guarantees the safety of its users’ financial data. This technology is called the blockchain. This essentially means that BitCanna is not able to access any of your wallets nor the funds inside those wallets.
For this reason, it is very important to safely store your seed phrase and wallet password on an external location, such as a USB drive, so you can always recover your wallets in case you lose access. You are the sole owner of your wallet, and with that comes responsibility.
What should I do if I want to transfer my Keplr wallet to another device?
You will need to instal the Keplr wallet on your new device and choose “Import account” as the login method. Then, you will have to enter your seed phrase to restore your account. Without your seed phrase, you are unable to access your account on other devices.
I lost the recovery phrase for my Keplr wallet. What should I do?
If you still have access to your Keplr wallet but you lost your recovery phrase, you can recover this phrase in the Keplr wallet itself. All you will need is the password used to log in to your wallet. If you lost both your recovery phrase and your password, then you will not be able to recover your funds. This is why we highly recommend storing your recovery phrase in a secure location, such as a text document on a USB drive.