How to Pay With Bitcoin for Psilocybin Mushroom Spores
There was once a time when Bitcoin was difficult to get—you pretty much had to “know a guy who knows a guy,” and the process would often involve meeting up with someone in person. Worse yet, you might have had to take a risk and send cash in the mail to someone from the internet you had never met before.
Well, let us tell you: those days are long gone.
Getting Bitcoin today is easier and faster than ever, and it adds a lot of benefits to your transactions that “traditional” currency just can’t keep up with. As you know, Quality Spores accepts Bitcoin as a form of payment. We hope to encourage more of our customers to start using Bitcoin, since we truly believe it will be the foundation for the payment system of the future.
In this article, you’ll learn the following:
- 3 ways to buy Bitcoin safely, easily, and quickly
- What AML/KYC laws are and why it matters
- Why we believe more and more spore vendors will be using cryptocurrencies now and in the future
Let’s get started:
How to Buy Bitcoin With Cash App
For most readers, this will be the easiest and quickest way to buy Bitcoin, as many of you are likely already using Cash App. From your home screen, it literally only takes six taps to convert your USD into BTC—here’s how to do it:
- Go to the Investing Tab
- Select Bitcoin and press buy
- Select an amount
That’s it! Read the official Cash App instructions here.
Cash App is perhaps the best option for users who only wish to deal in smaller amounts of Bitcoin (e.g., for transactions as necessary), or for those who consider themselves cryptocurrency hobbyists at most. The platform is good, but it doesn’t offer the variety of features or robustness of service that you’ll find at a dedicated cryptocurrency exchange like Coinbase, which we’ll take a look at now:
How to Buy Bitcoin With Coinbase
Coinbase, headquartered in San Francisco, is one of the largest cryptocurrency exchanges in the world. The company acts as a broker for Bitcoin, Ethereum (which we also accept at Quality Spores), and other digital currencies.
Buying Bitcoin with Coinbase is easy. After following the identity verification process and linking your bank account to your Coinbase account, you’ll be able to start purchasing bitcoin immediately. Follow the official Coinbase guide here.
Coinbase is a great choice if you want to use something more feature-packed than Cash App and have access to trading in more cryptocurrencies—Coinbase brokers all of the mainstream coins, including Bitcoin, Ethereum, Monero, Litecoin, Chainlink, and more.
Coinbase also has a great reputation spanning nearly ten years, insured deposits, and a fantastic API (for those of you who might need such a thing). You can even get a Coinbase debit card which allows you to spend Bitcoins and other cryptocurrencies, even with vendors that only accept traditional currencies.
How to Buy Bitcoin With LocalBitcoins
LocalBitcoins, despite the name, is a “peer to peer” (or sometimes “over the counter”) platform that allows you to buy and sell Bitcoins with other people around the world—not just those local to you—with a variety of currencies and transactional platforms, including cash deposits, bank transfers, PayPal, Zelle, Moneygram, Western Union, and dozens of others.
Here’s the official LocalBitcoins guide on buying Bitcoins through the platform. Essentially, once you’ve registered an account and verified your identity, you’ll be able to trade with other users through the platform.
Is it safe to trade with people on LocalBitcoins? Yes, mostly—in fact, you’re likely to have a similar experience as when you buy something on EBay. LocalBitcoins has a user review system, so that you can know who you’re dealing with.
Details such as the users number of confirmed trades, overall feedback score (that is, reviews from other members), and the age of their account along with many other details are available for you to see as a buyer. As a beginner, we suggest only trading with well-established users (100+ confirmed trades and a feedback score of 99% or better).
LocalBitcoins is a great choice for advanced users who want to set up their own wallet and have greater freedom of choice in what platforms and methods they use to purchase their BTC. For users who wish to set up their own Bitcoin wallet, we suggest using Electrum, as trusted by the Tails project.
Understanding KYC/AML Laws – Why Most Bitcoin Transaction Services Require Identity Documentation
The services mentioned here today, and any legitimate platforms you’re likely to find on your own, will all require you to verify your identity. This typically involves providing a copy of your Driver’s License or other official identification (such as a state ID), and sometimes requires you to take a selfie of yourself holding your ID.
The verification process for the three services mentioned here today is typically quite quick, usually taking no more than 24-72 hours to be finalized. It’s a one time process—once you’re done, you’re done.
There are laws in the United States called “Know Your Customer” and “Anti-Money Laundering” (often seen collectively as KYC/AML) which require services like Coinbase, Cash App, and others to gather information about their customers. We understand that if you want to buy psilocybin mushroom spores with Bitcoin that this can be a bit of an inconvenience, but that’s just the way it is.
While there are ways to acquire cryptocurrency anonymously (and within the bounds of the law), they do require a certain level of technical expertise and are far beyond the scope of this article. Well-known exchange Changelly has a good primer on the topic, but as with any financial transaction, please do your homework and proceed with caution.
Why We Predict More Spore Vendors Will Ultimately Switch to Cryptocurrency Exclusively
Much the lament of the amateur microscopy community, it’s not hard to see that there’s a lot of misinformation out there concerning research spores. At the time of this writing, exotic mushroom spores are illegal in three states, and psilocybin itself is illegal throughout almost the entire United States, with the one noteworthy exception being New Mexico.
While much legal progress has been made with decriminalization efforts and regulated Psilocybin assisted therapy—we have many articles about these topics on the Quality Spores blog—the general population still isn’t as well informed about psilocybin and, of particular interest to us as microscopists, the fact that mushroom spores don’t contain psilocybin at all, which is why they’re legal in most of the United States.
Sadly, this leads to complications with payment processors for spore vendors, as companies who facilitate those transactions may not want to work with us. Cryptocurrency, being a decentralized means of transacting, is likely to become much more common among spore vendors. We cannot overstate how much we appreciate our customers sticking with us as we continue to jump through the hoops necessary to get you your microscopy supplies!
If you’d like to start shopping with Bitcoin now, please visit the Quality Spores store to begin browsing a wide variety of exotic mushroom spores.