With the adoption of cryptocurrencies gaining traction globally, more and more institutions and countries are warming up to the idea of incorporating it into everyday life. A report published by Crypto.com estimates that approximately 106 million people use crypto globally, with major companies such as PayPal and MicroStrategy also investing in items such as Ethereum.
The American city of Williston in North Dakota is one such state. The city has announced that it would start accepting payment of utility bills in BitCoin (BTC) and other forms of cryptocurrencies. The finance director of Williston in North Dakota, Hercules Cummings, issued a statement stating the city administration would partner with BitPay – a firm that handles cryptocurrencies like Bitcoin – to facilitate the process.
The city, which has committed to using alternative payment methods, intends to expand the payment options from just utility bills, to other items such as permits and licenses. The city noted that the use of cryptocurrencies has numerous advantages, such as eliminating banking fees and additional charges, lower transaction costs, and accessibility regardless of location.
It also noted that crypto payments offer a much-needed avenue for contactless payment, especially with the Covid 19 pandemic. BitPay, which will be used in this case, charges up to 2 percent less compared to other payment platforms such as PayPal. All that is required is access to a mobile phone and internet connection.