E-Gov Link announced today integration of Bitcoin payments into its popular E-Gov suite of products. Bitcoin, a global digital currency, is gaining in popularity, and provides citizens and municipalities a more cost effective solution for payments.
Local governments who offer online payments can now provide their citizens with another choice of payment method. Integration with a backend payment processor provides the municipality with US Dollars that they expect. And the transaction costs are a fraction of traditional credit card purchases.
E-Gov Link was quick to react to the guidance from the US Department of the Treasury (FinCEN), which came out last week, defining the parameters for using virtual currencies. This guidance clarified the rules, and opened the door allowing municipalities to accept Bitcoin. Government entities accepting Bitcoins is a natural evolution, as Bitcoin becomes more popular.
“Credit card purchases tend to carry high transaction costs due to the middle-man and due to the high costs of fraudulent online purchases,” said Bill Nadler, president of E-Gov Link. “Fraudulent purchases typically aren’t a major issue for municipal services, and so having a payment option that doesn’t carry that heavy transactional cost is definitely a plus. It’s one more option that progressive municipalities will offer their citizens.
Bitcoin, the world’s first decentralized digital currency, has a current market value of approximately $95 per Bitcoin. With nearly 11 Million Bitcoins in circulation, the Bitcoin economy is more than a billion dollars strong. The system uses advanced cryptographic mathematics to protect the money supply and to validate transactions, and peer-to-peer technology to maintain a world-wide common ledger, tracking which accounts contain Bitcoins. This means that users can transfer money world-wide nearly instantly for almost no fee, without trusting a corporation, bank, or other middle-man. It’s truly a revolutionary technology.
E-Gov Link is excited to be the first municipal software provider offering Bitcoin integration for their purchases. “We know the Bitcoin community is passionate about using Bitcoin for payments, and will be demanding it of their local governments,” said Nadler. “We’re happy to be here to answer the call, as municipalities scramble to find partners to help them with Bitcoin.”
E-Gov Link software is used by progressive municipalities in more than 60% of the states. E-Gov Link provides Citizen Request tracking, software to manage parks and recreation services, permitting, and other website products. E-Gov Link is a trade name of Electronic Commerce Link, Inc., of Cincinnati Ohio.
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