The process by which Bitcoin and other cryptocurrencies have crept out of the digital landscape and into the real world has been a slow one, and there have been times when it has also seemed somewhat arbitrary. Just days ago, Burger King franchises in Russia announced plans to accept cryptocurrency payments. ATMs and debit cards linked to cryptocurrencies of various types are quickly gaining in popularity, although few have actually been released to consumers so far. And now, for some parents in New York City, paying for preschool may be possible using Bitcoin.
Montessori Schools Accept Cryptocurrency Payments
According to Coindesk, Montessori Schools, with locations in the neighborhoods of SoHo and the Flatiron in Manhattan, have started to accept payments via cryptocurrencies for their preschool tuition. Specifically, parents have been able to pay for their students to attend the schools since earlier in June and via Bitcoin, Ether, and Litecoin. The schools have reportedly partnered with digital currency startup Coinbase. Coinbase will act as the intermediary, automatically converting the cryptocurrency payments into U.S. dollars.
Coindesk's report suggests that tuition at the schools may cost as much as $30,950 per year. This breaks down to just over 12 Bitcoin based on current prices.
Parent Requests Guided the Shift
According to Marco Ciocco, co-founder and chairman of the Montessori Schools in New York, the decision to begin accepting digital currency payments began about a year ago and was due to requests from parents. "Parents who were early adopters are now able to take advantage of the appreciation of their digital assets and use them to pay for their children's education, something that will ultimately have a lifetime impact on their families," he explained. Ciocco himself indicated that he had personally followed the cryptocurrency field for many years and that the option has already been a popular one amongst "many" families. He expects that more and more Montessori Schools prents will take advantage of the opportunity to pay with digital currencies in the years to come.
"As a forward-thinking administration, we like to stay ahead of the curve and would not be surprised if the percentage of tuition paid in digital currencies continues to grow every year and becomes a substantial portion of our payments," he said.
Even as more and more payments using Bitcoin and other top digital currencies are making it into the non-digital world, there is persistent concern among some financial analysts that the cryptocurrency space could be a bubble. Aberdeen Asset Management, for instance, recently indicated its opinion that cryptocurrency trends have been fueled by speculation and that a bubble burst is likely to happen at some point in the future. In the meantime, Montessori Schools and many other businesses will likely continue to integrate digital currencies into everyday life.
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Source: Investopedia.com
Image Courtesy of: Bitcoin.org
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