Here’s what you need to know:
1. One of the reasons Dr. Carr began accepting Bitcoin was to eliminate bank fees. He noted patients can pay for services with a single tap.
2. Dr. Carr can then convert the Bitcoin and other cryptocurrencies to cash immediately. However, the dentist noted he is holding out for a larger payout in the future.
3. As more practices begin to accept cryptocurrencies, the cryptocurrency market has slumped. At the end of 2017, Bitcoin was trading for nearly $20,000; however, today its value is almost half of its highest trading value.
4. The American Dental Association contacted Dr. Carr to educate other dentists on the opportunities and risks with cryptocurrency.
More articles on benchmarking:
Tooth fairy faces economic burden – price per tooth drops to $4.13
10 reasons people avoid the dentist
Dental conditions total $1B in emergency department spending – How dental inequality is expanding
