While the versatile Bitcoin has been making notable strides worldwide as a form of payment for services, ranging from indulging in delicious takeaways to booking air trips, it’s garnered an unusual first in South Africa. A local law firm, notably the first of its kind, has started accepting this popular crypto-currency as payment, opening new avenues for digital transaction in the region.
Thomson Wilks, a law firm boasting a significant presence in South African cities like Johannesburg, Cape Town, and Durban, has recently included Bitcoin as part of its suite of accepted payment methods. Breaking down traditional financial barriers, this initiative comes in a bid to accommodate the growing popularity of digital payment options among clients.
In this venture, Thomson Wilks has collaborated with Voomar, a local company set to handle Bitcoin transactions on the law firm’s behalf. Voomar would either convert the received Bitcoins into local currency or hold onto them as a long-term digital investment, facilitating flexibility in monetary operations.
Expressing his enthusiasm about this digital revolution, Stephen Thomson, a director at Thomson Wilks, shared his perspective with Fin24: “I am captivated by the prospect of Bitcoin as a universally-accepted currency. We are currently the sole law firm accepting Bitcoins in our region, positioning us as the go-to business for those looking to spend their Bitcoins.”
With this innovative step, Thomson Wilks has potentially opened the path for other local businesses to follow suit and tap into the Bitcoin market, thereby creating a captive client base.
The fluctuating value of Bitcoin, soaring past the $1,000 mark before nose-diving below $400, has done little to deter its global adoption. Potential pitfalls, including its controversial use on internet black-market Silk Road to buy drugs and the downfall of Bitcoin exchange Mt. Gox, haven’t hindered its progression.
Its rapid global propagation has gained strong advocates, including top Silicon Valley internet pioneer and co-founder of the Netscape browser, Marc Andreessen. He has previously hailed Bitcoin as the most imperative technology in existence, emphasising its transformative potential.
I am Martin Odinuwe, a logo identity designer, Graphic designer, Video editor and a professional videographer based in Abuja, Nigeria with over five years experience. I am currently a consultant with Reachout Multiservice company ltd a multimedia company in Abuja
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