Posibit is how a number of rec pot shops in WA currently accept credit cards. The gist of it is that you as an individual are buying currency from Posibit, then your currency is transfered to the account of the shop (all off-chain). The shop then sells their BTC (often the moment they receive it) back to Posibit.
Sure but doesn't this still necessitate having a bank to store the cash they sell the BTC for? Or do the pot shops store their cash in their Posabit account?
The storage of cash situation is is a weird one nobody really talks about. It's unclear to me how Posabit gets USD back to the retailer, but my understanding is the funds moving from Posabit to retailers happens as USD.
Due to the fact retailers have to move large sums of cash, and can't store it in a bank easily, they're pretty tight lipped about the situation (pot shops being robbed at the end of the night isn't unheard of).
