Schools in New York Accepting Bitcoin
A group of preschools in New York decided to accept Bitcoins so that parents who use cryptocurrency wallets may have another option of payment.
Starting from this June 22, The Montessori Schools, one in the Flatiron district and the other in Soho, announced that they would accept Bitcoins as a way for parents to pay tuition fees, which costs $ 30,950 with the full-day program.
The school’s decision to accept Bitcoins in form of payment is largely due to the fact that Marco Ciocca, co-founder and president of Montessori Schools, says that he has been receiving the “accept Bitcoins” question again and again. A question that may also be due to the fact that many of the parents of the children attending the mentioned school work in the Silicon Valley technology companies.
Ciocca points out that with the current value of the crypto currencies compared to $ 880 in January, parents who invested months ago “would essentially pay a reduction in enrollment.”
So the president and his management team decided that the potential benefits of accepting Bitcoin outweighed the cons. Equally, it is only an option, no father is obliged to use it; If you do not convince them, they can simply pay the tuition fees as it was done.
Some Against for payment in Bitcoins
However, the co-founder of the schools reports that a couple of parents said, “How can you do this?”, claiming the risks arising from price fluctuations and condemning their use for illegal purposes on Darkweb.
This was one of the counters that the school considered, since it is a common place among outsiders to associate Bitcoin with illegality; And being a school that works with children, the false criminal reputation of bitcoin is seen as an aggravating factor for the situation. Ciocca is aware that this criptomoneda serves the same purposes as fiduciary money: its use depends on the owner; The Cryptomoneda was not designed for crime
In defense of the decision Ciccoa commented that Big and important companies have adopted this method of payment. What’s more, the school uses a “Merchant Account” in Coinbase, with which for-profit schools instantly convert Bitcoins into fiduciary currency when parents use it for payment, thus avoiding the risk of volatility in the coin.
Montessori preschools are not the only children’s schools that have adopted bitcoin. The Indian Mountain School (IMS), another private school offering pre-school through ninth grade services, began accepting Bitcoins for fundraising initiatives, in order for the community to become familiar with the technology. Perhaps these are the pioneering initiatives that give way to a wave of adoption of crypto payments in educational institutions.
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