A Clarkson-based Southdown Dental in Mississauga has become the first medical office to accept cryptocurrency in Canada. The clinic has decided to offer patients more payment options, including the technology that is being embraced globally.
Cryptocurrency can be used to pay for goods and services through secure online transactions. However, digital currency is highly volatile and its value keeps fluctuating. Furthermore, it is different from the currency issued by the government.
Dr. Kal Khaled of the Southdown Dental says that the clinic is responding to patient needs. He added that in the 30 years of the existence, the clinic has tried to stay ahead of the technology curve by adapting to the latest trends.
Dr. Bob Vavaroutsos run the clinic alongside Dr. Khaled says that not long ago, credit cards were considered too advanced. Now, everyone used them to pay for items.
Since not all dental procedures are covered by government or insurance plans, Vavaroutsos believe that allowing people to pay using the most convenient method eases the burden of making payment, especially when traditional means are unavailable.
Many young people delight in using digital technology and don’t use the traditional banking system. Given that cryptocurrencies charge no transaction fee, it bypasses other third parties transaction systems.
Dr. Khaled admits the volatility risk for accepting cryptocurrency for payment since its value is driven by speculations. However, it can easily be converted to cash immediately hence avoiding a market meltdown. Southdown Dental will first accept Bitcoin and Ethereum for payment. Dr. Khaled, however, doesn’t rule out expanding to other cryptocurrencies.