In South Africa traffic fines can be paid by bitcoins

In South Africa traffic fines can be paid by bitcoins

Company for the payment of fines for traffic violations in South Africa has provided its customers with the ability to pay fines bitcoins.

The decision of Cornelia van Niekerk caused by the recent mass promotion of bitcoin, prompted many companies to adopt this cryptocurrency.

However, her company Fines4U does not accept bitcoin in the traditional sense, like Japan. There is no system POS or straight QR-payments; it is rather an attempt of the company to accumulate bitcoins without direct investment.

The company of Mrs. van Niekerk represents a new wave of private adoption, when users are exploring new directions, to become part of the crypto-currency inflows with the hope to keep up.

Fixing fine

Fines4U acts as a mediator who helps companies and individuals to pay penalties. She accepts money in payment of a fine and makes a payment to the relevant public authority. According to van Niekerk, her company’s traffic fines to approximately 500 companies and 8,000 people.

After a personal entry into the market of bitcoin van Niekerk decided to try to raise rates to accumulate more bitcoins. This was implemented the possibility to pay in bitcoins for services her company.

A different kind of adoption

At a certain time bitcoin was closer to digital currency and its acceptance entailed the integration of point-of-sale systems companies and merchants. Over time, however, the situation has changed, because the currency becomes an asset.

Now, thanks to the hype and in the Wake of the individual making those who had dabbled in digital currency, ready to take more drastic step. Plan van Niekerk is the following: to accept bitcoin, store them as an asset, and the penalties to pay in local currency, received from companies.

She will determine the unpaid amount of fines customers show them the amount of bitcoin, which is valid for a limited period.

Then it will receive payments through the own wallet Luno fines and Fiat money on behalf of the client.

Growing demand

According to van Niekerk, after its announcement was followed by a startling response. But she was not in the flow of payments in bitcoin, and in the thirst for knowledge from customers.

“I work with many clients on a daily basis. Many of them are large companies. And suddenly everyone wanted to know more about bitcoin,” said van Niekerk.

A similar case was with a doctor in South Africa who took bitcoins for their services and then invested their own money in the business. He’s not very actively promoted this method of payment, so for all time, only four or five clients have paid him bitcoins.

Bitcoin is dying as a means of payment

More and more people want to get bitcoin and make every effort to do so. But despite this, according to Werner van Royen with the South African exchange Luno, using bitcoin for payment is reduced.

“Most people attribute it to the asset class. And if you consider him an asset and think the value will rise in the future, you don’t want to get rid of it”, – he explained.

According to him, another reason for the relative decline in the number of payments in bitcoin is that “the network of bitcoin is now more transactions than it can process, so the cost of sending bitcoins and making payments has become more slow and expensive to level, when it is not expedient to pay him for a Cup of coffee.”

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