Coinfomania: Where blockchain and cryptos live.

New York Parents Used Bitcoin to Pay Tuition Fees

The argument that Bitcoin would never be fit for mainstream adoption in the same manner as bullion gold was put to bed by a Business Insider video published July 29.

The subject was whether Bitcoin is inferior to gold since it is somewhat difficult to spend in day-to-day life, even though the latter is not also commonly used as a means of exchange in daily activities.

First, the respondent purchased a 100g of gold bullion from Bullion Trading for $4147 with fees bringing the total value of the purchase to $4268. Notably, that meant an extra $121 or near 3% for the gold bullion.

Next, she purchased Bitcoin (BTC) from Coinbase when the cryptocurrency was trading at $4202, likely in January 2019 and paid a fee of $63 or 1.49%.

But the real difference, although already visible in terms of fees also lied on the possibility of spending the physical gold vs. the digital version.

When the presenter tried to pay a tuition fee in her daughter’s preschool with her gold bullion, the school admin admitted that it was shiny but ‘not accepted’ by the institution.

What about Bitcoin?

Well, the unnamed school based in New York agreed to accept the cryptocurrency, with the admin even admitting that “a handful of parents had paid the entire tuition since last summer in Bitcoin.”

Conclusively, although Gold is currently an internationally proven store of value, it is not a medium of exchange, a role that Bitcoin now fills while also possessing features of gold such as scarcity and the ability to serve as storage of value.

In an earlier update, Coinfomania reported that the $3.58 billion worth of value was transferred on the Bitcoin network within 30 days.

 

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