No credit cards, just Bitcoin for two Pre-schools in New York.
Two Montessori schools in New York have announced that they will be accepting Bitcoin but not credit cards, a strong statement to the school’s “forward-thinking” attitude – a strong appeal to families from tech and finance backgrounds.
The move came as a response to the increasing number of parents asking that the option to use digital currency as payment be opened to them after a number of universities in London and Greece had implemented it as well. The Montessori is the first pre-kindergarten school to start using Bitcoin as a form of payment.
So far, about 10 parents have chosen to pay through Bitcoin and it this number is expected to increase in time. The school’s proximity to “Silicon Alley” (Google and Facebook are just a few blocks away) means that many parents working in technology companies are open to forward-looking change.
The popularity of Bitcoin stems from its each of transaction and security and is easier to process compared to other forms of payment, including credit cards.
The blockchain-based Bitcoin was first used in 2010 and has doubled in value (from US880 in Januart to US$2,700 today), with early investors in the currency benefitting greatly from the currency’s appreciation.
The investment gains made from Bitcoin is helping these parents pay for the school’s expensive tuition fees, which comes up to $31,000 (S$42,702).
However, Marco Cioca, co-founder and chairman of the Montessori Schools in Flatiron & Soho, said that the school will not invest in Bitcoin and all payments received in the digital currency will be converted to cash immediately.
Some parents expressed concerns regarding regulation of the digital currency and its legality, but Marco Cioca assures them that many Fortune 500 companies were already using it and that it’s a “misconception” that it was being used illegally.
He added that it was to be clear that his school was going to be part of this digital currency revolution.
Nevertheless, parents who still had misgivings about it are free to pay through traditional means should they choose to. In a statement to Town & Country, “It’s just really another payment option. If you don’t want to use it then by all means pay with a check – no harm, no foul.”