Care Home Launches Cryptocurrency As Means Of Payment

Care Home Launches Cryptocurrency

If there is one thing that tends to worry most people, it’s what kind of help and assistance we can expect when our body starts to fail us. It is, perhaps, our consciences being jogged over the fact that the health care industry for the elderly provides a lot of poorly paid jobs to people who deserve much, much, more.

If you were, however, technologically minded, a care home has provided an interesting means of paying for your care. In a report via the BBC, the home has launched their own cryptocurrency. Yes, you read that correctly. One which residents can use to pay for both their residence, care, and maybe a bit more!

How Does It Work?

Carlauren is what you might call a ‘high-end’ care home. Creating the ‘C-Coin’, it has given its residents a unique means of paying for their care. You might, at this point, be wondering why they would do this? Well, being a tradable currency, the intention is that residents could purchase them not only to pay for their care, but also as an investment. In other words, something to leave to their children. Something that could potentially grow in value.

How Is It Being Received?

Initially, it appears not very well. Admittedly, I would have an exceptionally hard time explaining to my father the pitfalls and benefits of making payment in such a manner. In fact, I’m pretty sure that he’s never touched a PC in his life. It might perhaps be coming to an end, but we do still have a generation alive who don’t entirely trust banks. As such, explaining cryptocurrency would just be a nightmare! In fairness, I’m not entirely certainly I fully understand it!

There are, however, some perks to the currency. For example, with each coin purchasable by residents at £70 each (the cost of one days residence (without care)) the home guarantees to buy them back for a minimum of £63. Not an entirely awful risk if the coin doesn’t become popular.

If you were, however, perhaps paying for the care of your parents or loved one and was a little tech savvy, this could provide some great interest to you. Initial figures, however, show interest is more than a little tepid.

What do you think? – Let us know in the comments!