The thought of cryptocurrency being used in our day-to-day lives is a concept that’s received much debate over the years, but it seems that digital currencies are slowly making their way into standard financial systems.
Organizations, companies and many services all over the world are beginning to use cryptocurrency as an alternate form of payment.
Even governments are slowly recognizing the value of digital currencies, making plans for their assimilation into the daily lives of citizens.
In June 2017, Burger King in Russia announced plans to accept Bitcoin as a method of payment for purchases by the end of the year.
Now, two private preschools in the United States have announced that they are currently accepting Bitcoin, Ethereum and Litecoin as alternate modes of payment for tuition fees.
Montessori Schools located in Manhattan had apparently started using cryptocurrency since June this year to the delight of some parents.
These two schools utilize the Montessori philosophy of teaching, which was developed at the start of the 20th century.
The schools are currently accepting payments by partnering with Coinbase, a cryptocurrency startup.
Coinbase automatically converts cryptocurrencies such as Bitcoin, Ethereum and Litecoin into U.S. dollars.
Currently, tuition fees at these schools go as high as $30,950 per annum.
When converted to a cryptocurrency like Bitcoin, the figure amounts to about 12.3 BTC according to the current prices.
This figure might of course fluctuate as market trends shift.
Marco Ciocca, who is the co-founder and chairman of Montessori Schools, said the decision to accept a cryptocurrency as a mode of payment had actually begun almost a year ago.
It was first made at the behest of parents and as time went by, the requests kept rising.
The schools then decided that they needed to develop an alternate means by which these parents could pay for their children’s tuition fees—and it could in the form of a cryptocurrency.
Ciocca stated he was proud of being part of a forward-thinking administration that accepts cryptocurrency payments, and that they plan on staying ahead of the curve.
He believes cryptocurrency systems like Bitcoin, Ethereum and the likes are here to stay and that with time, their use will only increase.
He also said he wouldn’t be surprised to see cryptocurrency payments on par with traditional payment methods in the near future.
With the way things are going now, it wouldn’t be a surprise indeed.
Following Montessori Schools, other schools have started using Bitcoin as payment for fundraising purposes as well.
The Indian Mountain School in Connecticut is also the first U.S. elementary school to allow cryptocurrency payments.
They believe this new opportunity will help to not only broaden the horizon for newer generations by teaching them about newer technologies but will also be a benefit to parents.
Even universities around the world are slowly recognizing the importance of cryptocurrencies.
Many of them have even started offering courses on Bitcoin and other digital currencies.
Blockchain, which is known for powering Bitcoin, is also a highly-sought-after course in several main universities.
As more and more establishments and services acknowledge the use of digital currencies, they slowly creep towards becoming an official recognized form of mainstream currency.
Their path might have been very slow over the years with many even debunking the notion, but the world seems to be speaking a different language.
Although, there are still many detractors who believe cryptocurrencies such as Bitcoin, Ethereum and Litecoin are just in a bubble phase.
Several financial analysts insist current cryptocurrency trends have been rising just because of speculation.
Aberdeen Asset Management is one such organization that believes a cryptocurrency bubble burst might occur relatively soon.
The financial giant likens these new trends to the Gold Rush of the 1800s.
The value of Bitcoin has tripled in worth, while that of Ethereum has gone up by 40 times.
Will the cryptocurrency bubble break? Or will it exceed expectations and take the world by storm? We’ll simply have to wait and see.
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