Dentacoin Cryptocurrency Now Accepted at Shine Dental
It wasn’t so long ago when we first talked about Dentacoin, the cryptocurrency designed to open up new opportunities for dental practitioners to take a form of payment other than cash and cash equivalents. While there was reason to be skeptical, the coin recently dropped word our way that another dental practice has started taking Dentacoin for payment, and it’s actually a fairly big name as dentistry goes.
More specifically, it’s Shine Dental, and it’s regarded as one of the leading dental practices in Silicon Valley, making it an especially appropriate fit for a cryptocurrency geared toward the payment of dental services.
Shine Dental is currently led by Dr. Swapna Raveendranath, who is regarded as an “award-winning celebrity dentist.” Shine Dental offers a range of services from the emergency to the cosmetic, including dental implants, whitening and bleaching, and more. The practice is also one of several Invisalign dental brace providers throughout the United States. Shine Dental has won awards itself, including the Best of Fremont Reader’s Choice in 2016, which goes well with Raveendranath’s own win as best dentist in the region recently.
Shine Dental is now the 23nd practice that accepts the cryptocurrency, reports note, joining a multinational conglomeration of Dentacoin practices worldwide, including Australia and portions of both Europe and Asia.
Here, however, is the problem. Shine Dental is the 23rd practice to accept Dentacoin. Reports from March say Dentacoin was accepted at 22 practices. Meanwhile, back in mid-January, Dentacoin was accepted at 11 practices. The growth rate is beginning to plateau, and that’s bad news for Dentacoin, particularly at these numbers.
A IBISWorld report suggested there were 187,437 practicing dentists in the United States alone as of 2017. Dentacoin is therefore accepted in fewer than 23 out of 187,437 practices—those 23 dentists are scattered throughout the world—or approximately 0.012 percent. Even if we deliberately weight the numbers as much as possible in Dentacoin’s favor, we can only find 11 dentists in the US alone willing to take Dentacoin,
It would be interesting to see how many practices Dentacoin has approached so far, and what its success rate is, to see how much growth is left in this coin. Tracking growth over the last six months, however, suggests that Dentacoin may fizzle before it really catches on.