Last week, New York City councilman Mark Levine proposed the introduction of bitcoin into the city’s payment options for fines. Levine introduced a bill that would integrate bitcoin on Thursday, saying that cryptocurrency
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Bitcoin Would Save On Transaction Fees
In an interview with CoinDesk, Levine said the initial reason he supported the idea of bitcoin payments was the anticipated savings on transaction fees. Credit card fees take up a significant portion of the city’s revenue from parking tickets and other fines, but bitcoin payments would eliminate that problem. His concerns about transaction fees echo that of several major companies who have chosen to integrate cryptocurrency payments. Since bitcoin eliminates the need for a third-party, transaction fees are non-existent.Bitcoin Integration Gives NY A Leg Up In Attracting Startups
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.