Law Firm In Virginia Accepts Bitcoin - Essay Example

Anderson, Desimone & Green, a law firm in Southwest Virginia, is now accepting payments in bitcoin.

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The company is the first law firm in the area to use bitcoins.

Anderson, Desimone & Green has offices in Roanoke, Moneta and Blacksburg.

There are, of course, concerns about the payment method’s security risks and the currency’s price volatility.

President of the area law firm, Chris Desimone, said that he has full faith that the digital currencies will slowly become a mainstay in the market.

According to Desimone, the relatively new currency has added increased flexibility with transactions for the buyers and merchants. He said, “I know the world is not caught up to digital currency yet, but I do believe it’s the direction it’s going.

We’re not expecting a big boost in business or anything, but I do believe underlying block chain technology is the way of the future.”

Even though none of the 3,000 Anderson, Desimone & Green clients have used bitcoin before, the company wanted to provide the option.

This step could also lower the overall cost of conducting business for the firm. This is because using bitcoins could help avoid the fees of using certain forms of payments.

Desimone added, “It’s just a matter of accessibility and being innovative.”

Desimone informed that the law firm is using Coinbase, the digital wallet and exchange, to sell bitcoins for cash. His firm might even buy directly with the bitcoins it will receive.

Anderson, Desimone & Green does estate planning. This involves ensuring that client assets are properly passed on.

Desimone explained the decision to embrace bitcoin, “It’s really just one more way to expand services.

Sometimes you have to do it with brick and mortar, and sometimes you do it online with digital currency. There are different ways to reach markets. But I’m telling you, this is where it’s going.”

He is aware that there aren’t many other similar companies nearby which accept bitcoin, thus sees a competitive advantage