New York Preschool Starts Accepting Bitcoin, But Not Credit Cards

New York Preschool Starts Accepting Bitcoin, But Not Credit Cards

If you listen to the Government institutions and mainstream Financial (so called) experts you’d probably be thinking that Bitcoin was a form of exchange used by drug lords and human traffickers, however, this to put it frankly is total nonsense. Bitcoin is a form of exchange that can be used by anyone, there are no restrictions, there are no nationality or age requirements to hold a Bitcoin wallet.

So a useful form of exchange like this you’d expect to be used more and more everywhere you go, well it is, this nursery in New york now accept payment for nursery care of your child, Cointelegraph reports:

In an interview given by Marco Ciocca, the Chairman of The Montessori Schools in Flatiron and SoHo, to Business Insider, he explained that he had a few parents enquiring about the use of Bitcoin as a means to pay the tuition fees.

“We had probably a handful of parents who mentioned, Hey do you accept Bitcoin? I’ve got this Bitcoin. Can we pay tuition in Bitcoin?”

Since Marco had been following the Bitcoin space for the past few years and was aware of the advantages of using Bitcoin, including ease of payment, low fees and quick and speed of the transactions. Together with other members of the administration, Ciocca decided to add Bitcoin as a payment option.

Marco went on to explain how credit cards are not accepted due to their high fees:

The school does not hold Bitcoins and uses a payment processor to receive fiat in their bank accounts. Hence they are not exposed to Bitcoin’s price volatility. While the exchange does charge them a 1% fee to process transactions, this pales in comparison to the fees charged by credit card companies.

Moreover, credit cards can get declined, which leads to additional fees. Therefore, the school does not accept credit card payments. Apart from Bitcoin, the school accepts cash, cheques and electronic wires.

“Yeah, there’s about a 1% transaction fee, which is less than, you know, 2, 3, 4% sometimes with credit cards. A lot of them get declined and then you have more fees and then you have to re-charge them and that’s been kind of, sort of a headache for schools.”

We are seeing more and more adoption of Bitcoin payment everyday, from private house sales to Lamborgini Cars, there is also many companies offering Bitcoin debit cards now, such as Xapo and Cryptopay which allow you to purchase from anywhere that accepts traditional card payments such as Visa.

2017-11-05T18:41:36+00:00

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