UTILIZING BITCOIN FOR TUITION PAYMENTS
Bitcoin has been used to purchase houses, and nations like Venezuela and Vietnam are beginning to really embrace the currency. Now, particular universities are embracing the payment technique of bitcoin for tuition, albeit with a few caveats.
The Lucerne University of Applied Sciences and Arts in Switzerland announced the choice to accept bitcoin payments this week, stating it is an indicator of “its ability to share knowledge on advanced technologies such as blockchain, along with its desire to get experience in the useful elements of this novel location.” The university offers courses focused on funding, economics, music, and more, meaning it was truly just a matter of time prior to it welcomed bitcoin inside its walls.
Lucerne doesn’t handle the bitcoin deals, rather delegating all bitcoin payments to processing company Bitcoin Suisse AG. The company will utilize a banking system much like an e-banking website, enabling the school to accept the digital currency without having to maintain possession of it. Bitcoin payments are converted into Swiss francs as soon as a week, or once a day if more than 10,000 Swiss francs are gotten.
The Entire History of Bitcoin in a Single Infographic
Click to View Full Infographic
” Bitcoin Suisse AG bears the danger of any currency exchange rate losses and currency fluctuations,” explains Lucerne.
Students who use bitcoin for tuition will incur a 1% payment fee, which Bitcoin.com notes is much less than standard payment charges. Lucerne does not expect a number of its trainees to pay with bitcoin at first, however believes those who understand the currency will be among the first to make the most of the alternative.
” Those most likely to get themselves of this opportunity will either be currently acquainted with the concept of financial services and blockchain or thinking about pursuing continuing and executive education chances in this discipline,” the university added.
According to Bitcoin.com, Lucerne isn’t the only university that’s started to accept bitcoin. Last December, service school ESMT Berlin became the very first German university to accept the cryptocurrency as payment, calling it “the most well-developed blockchain application.” Even earlier than that, The University of Nicosia in Cyprus announced that it was the first school worldwide to embrace bitcoin in 2013, while King’s College was the first U.S. college to do so in 2014. In spite of these colleges’ efforts, many people are not familiar with cryptocurrencies and how they work. As a society, we’re a long way out of being to utilize them for all of our transactions.
As bitcoin and other cryptocurrencies end up being more popular and extensively accepted, anticipate to see universities worldwide to not just accept them as payment, however likewise introduce courses focused on blockchain innovation. As reported by CoinTelegraph, the financial industry has a big need for people with blockchain knowledge, however the supply currently isn’t really there. Luckily, universities in the United States, Europe, and Russia have integrated such courses, including Duke University, Princeton University, UC Berkeley, the abovementioned University of Nicosia, and the National University of Science and Innovation.