The trend of accepting cryptocurrency payments has gone a notch higher in a dramatic fashion following Praxis’ acceptance of Bitcoin Cash as tuition fee payments. Praxis, an intern, apprentice-like institution that acts as practical, resumé building hub for those who loathe university education, made the grand announcement recently.
While responding to questions from New.Bitcoin.com, Derek Magill of this facility expressed their need to offer the best payment options to their clients. Apparently, Praxis started accepting Bitcoin payments way back in 2014 after some of their customers asked. They later discontinued it in 2015 when its rate of usage went down.
“We have recently gotten a ton of interest in accepting it (cryptocurrency) again, though in the form of Bitcoin Cash,” he said.
Why Bitcoin Cash?
Bitcoin Cash is closely related to Bitcoin (BTC) since it emerged out of a hard fork in the Bitcoin network. Its emergence was as a result of BTC users getting bored with it becoming cumbersome with transaction times becoming too long and fees becoming excessive.
Bitcoin Cash was formed in 2017, and it is preferred due to its low transaction fees, quick transaction times and its value. And it is these reasons that Praxis chose it instead of Bitcoin, the original that they had opted for in 2014.
Praxis was launched in 2013 after several individuals expressed their displeasure with the US academic system where a person graduates riddled with debt from student loans. Many of those who supported it said they loathe the university academic system that continuously churns out persons with no real skill and will have to find a job for half a decade with their flat resumes.
Derek Magill who is the institution’s founder dropped from a top-ranked university to start Praxis, a business of his. Right after leaving college, he hosted an event whose attendants included Jeffrey Tucker, a vocal crypto evangelist. The little intrigue inside of him, sadly, died after the bitcoin core’s user experience.
In 2017 when, Mr. Magill, an ardent lover of insightful podcasts, Reddit forums, and YouTube videos, was listening to a Steve Patterson’s Bitcoin Cash podcast interview, the energy inside of him was revived. And that’s where the idea of re-introducing cryptocurrency in his business was born.
The facility essentially offers an experience that’s different from that of the university and prefers to match students’ interests with the corporate world. So far, its impact has been successful as it has managed to link participants with corporates like Bitpay and Seasteading as well as Major League Baseball.
Mr. Magill is, however, adamant that adopting Bitcoin Cash is good for the facility’s short-term and long-term future. He’s confident the coin will allow processing payments at lower fees, what he hopes it will favor the company’s financial fortunes positively. According to his sentiments, Bitcoin Cash will spur their customers to learn more about these coins and hopefully benefit on personal and financial grounds.
Today, the Praxis boss travels a lot, lecturing people about self-initiative, breaking away from the legacy-based style of learning and, of course, Bitcoin Cash. Praxis’ adoption of cryptocurrency payment is another win for its proponents!