Bitcoin is believed to be the future’s digital currency. Due to its advantageous features, Bitcoin becomes an ideal mode of payment to various industries online or not. Recently, not only stores, restaurants, and foundations in the UK are accepting BTCs, but also institutions offering legal services.
Sheridans, the London media and IT specialist, is considered the first UK Bitcoin Law Firm. After all, there is no doubt that Bitcoin and Law go hand in hand. They began accepting Bitcoins as payments only last February 2014 because of their clients’ encouragement to accept the digital currency as a payment option. As what Eitan Jankelewitz, a solicitor in the firm’s Technology group affirmed: “This initiative underlines our understanding and acceptance of new technologies and serves to enhance our status as lawyers advising cutting-edge clients.”
It is no secret that the value of Bitcoins fluctuates rapidly from time to time; hence, the firm presented a 15-minute acceptance system for clients to agree on the exchange rate. When a customer decides to make a Bitcoin payment, he/she is given an exchange rate quote from sterling to BTC that is valid for only a quarter of an hour. This price alignment to sterling is made to keep the volatility risk to a minimum.
On the other hand, although the firm was accepting Bitcoin payments, to remain compliant with protocols on clients’ money, they will use it only in relation to settlement of its bills and not payments on account. Also, pounds as well as pence will be accepted in smaller payments and not Bitcoins.
Jankelewitz also added that the Bitcoin Law Firm had considered this move carefully. According to him, the decision wasn’t made overnight and they considered it in-depth, chiefly with the gaining profusion of all sorts of Bitcoin casino scam. They also consulted all the significant members of the partnership.
Definitely, this is good step for more advanced attainment of legal services in the UK. After all, it is undeniable that financial transfers are a huge agony and there is an enormous need for which Bitcoin will fill the gap. It also opens the possibility for more advancement in the Bitcoin gambling industry. Certainly, a country like UK’s Bitcoin casino regulation has a high likelihood of more expansion.