There has been a long debate regarding the practical use of Bitcoin and other cryptocurrencies. Even though the white paper of Bitcoin suggests that it was made to be a peer-to-peer medium of transaction, as of now, it is viewed more as an investment. There are very few places where one can actually pay using BTC and even fewer states where the government accepts it. But the city of North Dakota is turning heads as one can now pay using Bitcoin for amenities there.
North Dakota accepts Bitcoin for amenities
.The Finance Director of the city announced that they have partnered up with Bitpay, a crypto firm, to start accepting payments in BTC for utilities. BitPay is a very big company, and there are many institutions that have partnered up with them for accepting crypto. Facebook and Microsoft are one of them. So, this step by the North Dakota government to incorporate crypto in the system is much appreciated. Another important thing about this is the fact that North Dakota became the 3rd city in the US to offer such options.
The city has initially planned crypto payments options for only utility bills, and as time progresses, we can expect more bills to be eligible too. There are a lot of things to process when accepting crypto as payments, so the city is taking it slow. The city promised that they are looking at new and efficient payment systems. And the addition of Bitcoin to their list just makes that possible.
Benefits of accepting Bitcoin as a payment method
There are obvious advantages that governments can enjoy by incorporating Bitcoin as a payment method. One of the biggest one of them is the service charge. While Google pay, Apple Pay, and Paypal charge 3% of the payment made, BitPay keeps only 1%. That is a lot of savings for the city. This also means that the government there will encourage users to use Bitcoin as a payment method. Another great thing about this is the fact that Bitcoin is secure and practically not hackable. It is also very convenient to track and manage.
How to pay using Bitcoin?
Talking about North Dakota, if you are a resident there, in order to pay using Bitcoin, you need to go to the city website. You have to link your accounts with BitPay or make an account with them to pay using Bitcoin. The process is easy and is similar to making payments using fiat currencies.
As time passes, there are states that are passing regulations to make miners come to them. We also have states that like to be called the crypto city. Bitcoin is getting popular, and its usage is rising. I feel 2021 will be the year when it will go widely mainstream. What are your thoughts on the same? And will you prefer to pay with BTC or just use fiat and hold your coins? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.