Dr. C. Terence Lee, Medical Physician Accepts Bitcoin for First Bitcoin-Paid Fertility Baby

Dr. C. Terence Lee, Medical Physician Accepts Bitcoin for First Bitcoin-Paid Fertility Baby

Dr_C_Terence_Lee_-_OB-GYN_Bitcoin_PioneerCNN Money announced the first Bitcoin Baby, meaning the fertility services paid to Dr. C. Terence Lee was made with Bitcoin. Below are our notes from listening to Dr. C. Terence Lee’s youtube video from his Bitcoin Conference 2013 presentation. He shares that medicine for the most part is not a free market now, because more 75% of medical third-party middle-man called medical insurance. So, the medical industry may not be widely accepting Bitcoin any time some. However, he shares

3 areas in medicine that has free market field:

  • Cosmetics
  • Vision Correction – Lasik
  • Infertility – Re-productivity OB/GYN

3 main ways I can help:

  1. Find something wrong and advise
  2. Low-tech intervention: insemination -$2,000
  3. High-tech: IVF (Intravenous Fertility) – $15,000

CoinWorker – tedious assignments, for Bitcoin <$2 USD which is equal to working in a 3rd world sweatshop…same thing we’re thinking, so we’re not even looking at those “free ways to earn Bitcoin” websites anymore.

Due to HIPAA rules, in order for Dr. Lee to share his stories, he either has explicit written permission, or he’s masking PHI (protected Health Information) in his stories.

Problem: Bitcoin enthusiasts versus my Infertility patients. Posting on Reddit took few months to get “sperm test guy”. To target overlap of my patient, help them become Bitcoin adopters.

3 Fundamental:

  1. Be proactive in engaging in conversation possibly increase learn about Bitcoin + hopefully have a transaction (appropriate time to bring up Bitcoin) – Active on the Internet? Have you ever heard of Bitcoin? [Hostile "no", some "no...? what's that?]
  2. Provide good incentive to patients who may want to use Bitcoin. Check and credit card. Make it worth their while, incentive of big discount.
  3. Provide and educate good incentive to your staff. Make it worthwhile, 6 girls in my office, after first transaction – went to Bitcoin, and transactions back and forth.

New patients are already in a cautious mode, given the topic of infertility, so he learned introducing the idea of Bitcoin to new patients wasn’t the best way to go.

So, he narrowed his focus to patient who I already long-term relationship. Trusted me, 100% receptive of me. Very motivated to trust me. Generous gesture for them, financial lose, but priceless experience.

My office manager on-board to learning Bitcoin. There’s funny stories shared throughout this informative video.

Practical way to get paid: traditional means. It takes time. Commissions, explanations and work.

$1000 – $3000 on merchant fees for credit card. So, it’d be advantageous to accept Bitcoin.

Most cases did not complete full Bitcoin payment, only partially paid in Bitcoin.

My goal: to generate a positive interaction and experience with Bitcoin and tell friends.

International Patient: Southern CA, egg donors and surrogates, fewer regulations then other countries. phenomenon booming, voluntarily become single parent, financial stable ~40s, divorces or personal life decision. Not biology, good family support, come back the parent and kid is happy. This man was extremely successful, smart business mind with a personal assistant. The goal was to Pay with Bitcoin, which would prevent international wiring funds. However, he ended up paying with a credit card. However, later one, his personal assistant shared that introducing him to Bitcoin was a good thing because he’s entering in a lot of Bitcoin ventures now.

It’s Not a failure to educate others about Bitcoin even though you don’t get the trasaction. It’s about “Planting the seeds for future”.

Milestone: ultrasound paid via Bitcoin, now pregnant with twins…so, hopefully first Bitcoin twins.

“I’m a OB/GYN and support cause of liberty and free-options.”

Transaction – like mom & pop (small number of trasaction) so I make ledger accounted as if its paid as cash. I give my office manager a percentage. It’s about Customer service, “ready-set-send” .001, hear the hesitation of distrust to excitement. I delegated everything to my office manager. Right now, it’s more about the cause, not for $.

For Simplicity he still recommends CoinBase (who we use).

People say there’s “never a stupid question” but we think there are “inappropriate” ones. Anyways, it was great how Dr. Lee answers with there’s a difference between “personal investment” strategies versus “earning Bitcoin”, and we totally feel the same way. Dr. Lee continues to share that

Life is about Happiness,and Happiness is 4 Things:

  1. Doing something with meaning
  2. Having financial security
  3. Quality relationships with family and friends
  4. Health and Happiness

Anything else beyond that is not important.

Dr. Lee has all 4 things regardless if he personally owns Bitcoin or not…and same with us. So, his case study, like ours is about supporting and getting into the Bitcoin market by accepting/earning Bitcoin.

Dr. Lee is obviously watching this video thread because he shared a week ago another “fun” milestone. One of this patients asked after seeing his Bitcoin sign, “Hey, I see you have a sign up. Does it mean what I think it means, that you accept BTC?” Cool, huh?

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Comments

Katae says:

USThe 21 million bitoicns is a hard limit in the protocol. Go ahead and read the source code if you don’t believe it: It’s all there completely transparent. If the source code and hence the protocol changes, it will be a hard fork in the userbase of bitoicns. The protocol cannot be changed without the consent of the user base. It’s democratic that way. @ Page title:Speedy new chips etc will not be a problem for bitcoin. In fact even if all miners are put out of business, that would in fact probably be a good thing. Originally bitcoin was supposed to work like this: every user while using the software also contributes some small amount of computing power to the network. This made the system more democratic. However now with the efficacy of miners, there is no point in using your CPU to mine’. One important question in the future of bitcoin is how to keep the mining power decentralized. Bitcoin needs to be as decentralized as possible. If we have a small collection of core miners controlling too much computing power, they could potentially collude to do a 51% attack, or cause other problems like drop legitimate transactions. Also if the miners go away, the difficulty’ will simply fall until mining (or evfen CPU mining) becomes profitable again. There will always be mining. Miners are not such an integral part of the network. They don’t do anything that any PC in the world cannot do.The bitcoin core developers, on the other hand, are critical. If they lose interest and stop developing bitcoin, fixing bugs etc, and nobody takes their place, then we are in serious trouble. They’re the ones we should be worrying about, not the miners.

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