Archer Dental - First Chicago Dentist To Accept Bitcoin
Updated: May 7, 2019
Those of you who already know about virtual currencies may still associate it with tech startups, Silicon Valley or illegal money. All three of these are common misconceptions. As bitcoin continues to make more buzz, some dentists around the U.S. are starting to accept it as payments for dental services. And Archer Dental is not an exception. Yes, you heard it right, Archer Dental now accepts Bitcoin in Chicago.
To our knowledge, Archer Dental is the first dentistry in Chicago to accept Bitcoin. However, some dentists around U.S have already begun to do so, like this Atlanta Dental Spa and this Arizona dentist.
Dr. Tony believes that digital currency is our future. Being an early adopter of Bitcoin doesn’t mean all digital currency believers of Chicago will flock to our doors because of convenience. We certainly would like to contribute to educating people about digital currency and the benefits of using digital currency, as we see the number of bitcoin users around the world grow exponentially. Being the first dentist in Chicago to accept bitcoin is a major step towards this.
If you have made it this far and still scratching your head about what is digital currency, here is a express bitcoin course for you. The IRS defines digital currency and cryptocurrency as "a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value”. Bitcoin can be used like conventional currency and can be exchanged into U.S. dollars, euros or other currencies by using online exchanges. Also it’s worth to note, that virtual currency is treated as property for federal tax purposes, according to the IRS.
Dr Tony says there are multiple benefits of working with virtual currencies. First, accepting Bitcoin means avoiding hefty 3% credit card transaction fees. Bitcoin transactions processed not by a bank, but by a network of servers using a complicated algorithm, so there are no credit card fees involved. On the other hand, bitcoin transactions are not reversible, so payments with bitcoin give us certainty that the payment won’t be reimbursed back by the bank. And lastly, Bitcoin has potential to increase in value, which can also be seen as an asset.