In a world with more payment options than ever, a dentist in North Carolina is among the first dentists in the nation to accept Bitcoin. They said they hope that this may set an example and encourage other dentists to take chances and try new technologies and payment options.
Even though Bitcoin is still very much a niche payment option, they figured that there's no harm in experimenting and becoming an early adopter of alternative payments such as virtual currency. While Dentists and other health care practioners will never completely move away from traditional forms of payment like credit cards, checks, and cash, bitcoins offers another option to increase their business amongst those who choose to pay via bitcoin.
Virtual currency is likely on a slow path to gain popularity amongst dentists and others in the medical community due to how new the virtual currency program is. Most dentist will be reluctant to accept bitcoin as payment until there is widespread acceptance on the viability and unknown risks associated with virtual currency. Read on to find out more of what bitcoin is and the benefits and risks.
What is Bitcoin?
Bitcoin is a new, international digital currency that exists apart from traditional currencies like Dollars, Pounds, and Euros. Unlike traditional currency, Bitcoin is not managed by any government. Since there are no financial institutions or governments involved in trading BTC, there are no fees or transaction waiting periods. Currently, the network of Bitcoin users comprises a small (but growing) community of enthusiasts, but there is reason to believe that Bitcoin may one day be a mainstream form of currency.
It's also important to understand that while Bitcoin is secure (arguably more secure than some of the world's national currencies), it is a new currency, so its value is more volatile than that of well-established fiat currency like US dollars. And, unlike payments made with your credit card or peer-to-peer trading services like PayPal, payments made through Bitcoin cannot be reversed except by the recipient. (Of course, at Better Dental, we pride ourselves on customer service and satisfaction. Our patients would never be forced to pay for a service that did not meet or exceed their expectations.)
Should I Be Using Bitcoin and How to Get Started?
Many people are already enjoying the benefits of Bitcoin. If you'd like to join the community of Bitcoin users, and dabble into this new world of digital currency, you can get started by setting up your digital wallet online. (The "digital wallet" refers to the secure online portal that contains your bitcoins). Once you've set up your wallet, you can use your bank account or credit card to add any amount of Bitcoin to your wallet via one of the many Bitcoin exchange sites.
Once you've funded your wallet with Bitcoin, you can begin using them to pay for your dental services, or spend them at any of the local restaurants and stores who accept Bitcoin. For that matter, you might even decide to begin accepting Bitcoin in your own business! And, of course you can always "cash out" your Bitcoins at the current bitcoin-to-dollars exchange rate. Overtime, you may find that your Bitcoins have become worth more (or less) than you originally paid for them.