Crypto currencies are still on the rise, progress seems hard to slow down. Both Montessori schools in New York and Icelandic musician Björk are now officially accepting Bitcoins as a means of payment.
In an interview with Business Insider, the Montessori school chair in Flatiron and SoHo said that some parents had asked if Bitcoins could be accepted as a tuition fee. Due to the ease of the transactions, the high speeds and the low fees, the chairman together with the other members of the administration decided to accept the crypto currency as a payment method.
However, in addition to Bitcoin, the school also accepts traditional payment methods such as cash and checks. The schools, however, do not hold Bitcoin; they use crypto-exchanges to eventually cash out the money in the form of fiat currencies. All they have to do is pay a 1% transaction fee to avoid the volatility of Bitcoin. This is an advantage over credit cards, where the transaction fees are sometimes five times higher.
Other continent, same progress
While the New Yorkers can now pay their school fees with the cryptocurrency, the musician Björk drives the spread of Bitcoin on another level. Their new album Utopia is only available for purchase by crypto-currency. The artist accepts Bitcoin, Litecoin, DASH and Audiocoin. With Fiat currency you can not buy the album.
What initially appears to be a marketing strategy is driving forward the proliferation of cryptocurrencies. It seems very likely that more and more musicians and institutions will follow the example, further bringing Bitcoin, Blockchain & Co. into the mainstream. Greater public acceptance can eventually lead to new solutions based on blockchain technology. As wider circles of interest emerge, so do the areas of application of technology. So there are blockchain solutions not only in the financial sector, but also in the judiciary, in the sharing economy or in software development.
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Categories: Crypto Currency