Today, Bitcoins can buy you everything from t-shirts to Chinese herbal medicine. But one story could give birth to a whole new use for the virtual currency.
And we mean that quite literally.
That’s the future suggested in part by the story of Dr. C. Terence Lee, a fertility specialist from California who helped one area couple conceive a baby girl at a 50 percent discount in exchange for receiving his pay in Bitcoin.
Word of the transaction surfaced online this week, with news sources rushing to christen the world’s first “Bitcoin baby,” who went unnamed by Lee. He released a photo of the child, born in late 2012, this week, but did not provide more information per the request of her parents.
Dr. Lee told The Telegraph that he considers this to be a first for the burgeoning payments system. The most newsworthy aspect of the event, though, is that it could point to a bold new future for alternative health care payments.
How Dr. Lee Made History
So, how did the transaction come about? According to Dr. Lee, he was the one who encouraged his clients to conduct the transaction via Bitcoin.
While the couple were unfamiliar with the currency, they were comfortable with Dr. Lee, as he had helped them conceive three children previously. Due to this relationship, and rejections of the offer by other parents, Dr. Lee was able to convince the couple to pay with Bitcoin. In return, they received a 50 percent discount for the services.
“In the beginning, it took a lot of effort on my part because I had to talk to patients about Bitcoin and hold their hand and help them through it,” Dr. Lee told the media outlet.
He says he also helped the prospective parents create an account on CryptoXChange, a now-defunct Bitcoin currency exchange, to initiate the $1,000 conversion.
The Future Of Fertility?
As of yet, couples aren’t lining up across the country to pay for treatment in Bitcoin, but given the fast development of the currency, this future isn’t exactly far-fetched. Lee told The Telegraph that within 24 hours of releasing the photo and commenting on the historical first publically, he had received messages from four other couples who wanted to pursue a similar arrangement.
In addition, Dr. Lee reaped far more than $1,000 for his services: a key point that may encourage more doctors to consider this payment option.
To date, Dr. Lee says the 30 Bitcoins he accepted for the treatment are now worth more than $3,500. If his initial price was $3,000 as suggested, this means that he’s already made a profit.
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