Spending Bitcoin in its original form remain pretty difficult these days. Very few service providers and physical retailers accept BTC. In Nebraska, lawyers may soon start experimenting with cryptocurrency payments. The state legal ethics board approved the request from one lawyer to accept Bitcoin. It is expected several others will follow his example over the next few weeks and months.
It is always interesting to explore new use cases for Bitcoin. Paying your lawyer with cryptocurrency may not make much sense at first. However, one lawyer in Nebraska proposed the idea to the state legal ethics board. It appears cryptocurrency is now an accepted payment method for these services in the state. This encompasses direct payments as well as transactions through a third party. A very intriguing development that will undoubtedly shake things up quite a bit in the future.
Nebraska Sets an Intriguing Bitcoin Precedent
There are some other repercussions attached to this approval. Lawyers in Nebraska can now hold cryptocurrency is an escrow or in a trust on behalf of clients. That in itself sets a remarkable precedent, to say the least. It also shows how the local Lawyer’s Advisory Committee is open-minded when it comes to cryptocurrency. Other states across the United States can learn a thing or two from this body.
As of right now, a policy is being drafted to officially accept cryptocurrency payments. However, all transactions will need to be converted to US Dollar immediately. That in itself is not entirely surprising by any means. Given the volatile nature of cryptocurrencies, it would create a lot of additional paperwork otherwise. Moreover, any funds held in escrow need to use multisignature wallets. A smart decision, as one entity shouldn’t control someone’s money by themselves.
In a way, this sends a bullish signal to the Bitcoin world as a whole. While governments may not like cryptocurrency all that much, Nebraska lawyers are going to accept Bitcoin regardless. It remains to be seen how this unique decision will pan out. Dealing with cryptocurrency payments is a “niche” initiative for the time being. No one knows if anyone will even pay their lawyer in Bitcoin to begin with. Now that the precedent has been created, the rest of the world may soon follow suit.