Crypto is the buzzword lately, and gradually it’s setting its foothold in different spheres. Top businesses like Tesla, Microsoft and Gucci have accepted bitcoin and dogecoin as payment. Besides the retail and tech industry, bitcoin found its use in paying college fees. Yes, you read it right. Some universities displayed a positive outlook on cryptocurrencies by allowing students to pay fees with bitcoin.
In most cases, colleges tie up with a crypto exchange so students can easily make hassle-free payments from anywhere across the globe.
Crypto’s market value peaked in 2021 when its value crossed almost $2.6 trillion, which acted as an image builder for this digital asset. The educational sector seems confident that cryptocurrency’s usage in colleges and universities will lead to more development projects in future.
Which universities accept bitcoin for college fees?
The University of Nicosia began accepting bitcoin as part of a program that wanted students to enrol in a course on digital assets. Nicosia became the first university to accept bitcoin as a form of college fee payment. They successfully introduced a digital currency program, for which they gained acclaim worldwide.
Bentley University is a small institution in Waltham, Massachusetts, partnered with CoinBase, a popular crypto exchange platform for accepting crypto payments. In a press release, the university’s president sounded quite optimistic regarding embracing an emerging inventions like digital currency and blockchain.
Let’s consider US’s performance in considering crypto in the educational sector. Kings College is perhaps the first institution to enable pupils to pay with crypto. Well, till now, bitcoin or crypto, in general, hasn’t gained high traction among universities. However, educational institutions gradually realize its relevance as a mode of payment. As per reports, most colleges that include payments in digital currencies are showing considerable support to bitcoin as they find it’s an ideal currency and the best mode of payment after fiat.
List of other colleges accepting fees in crypto:
- American University of Paraguay
- Financial Business School, Paris
- Lucerne University of Applied Sciences, Switzerland
- European School of Management and Technology, Berlin
- University of Cumbria, Carlisle
- FPT University, Vietnam
How is paying college fees in bitcoin a viable option?
The Crypto market is growing in prominence as it widens its network across different sectors; education seems to be one of the emerging sectors to understand the use of crypto payment. Some colleges have already led a path of accepting digital currency by using it for collecting fees. As crypto is generating hype in the market, universities accepting crypto have a fair chance to stand out. Obtaining fees in bitcoin or any other digital currency shows their support for new technologies. You can call it a reputation builder for the universities.
Universities like Wharton School of Business tried embracing crypto assets and blockchain by including courses on digital assets as part of their curriculum, a great way to help youngsters gain insight into the new technical revolutions.
Primarily the driving force behind bitcoin’s use in college payment is its accessibility and quick transfers without involving any third-party vendors. If we try tracing crypto’s use in the educational sector, it was generally used for philanthropic donations. Crypto payments can be directly transferred to an institute that seems impossible in fiat.
Is it risky to use crypto for fee payment?
Despite the increasing popularity of bitcoin, some students find it risky to pay tuition fees. Digital currencies are more like stocks than cash or hard money, which reduces their chance of being used for practical usage.
Volatility is perhaps a significant factor discouraging its full-fledged adoption as the payment recipient risks losing half of the value in case bitcoin drops. Often college fees in specific cases have refund policies, but bitcoin payment requires the university to make another transaction for refunding, which might sometimes be pretty complex.
Furthermore, some countries impose strict regulatory norms on cryptocurrencies due to their usage in illegal activities. Regulations can impact the token’s value, which might prove challenging for colleges that include crypto for tuition fees.
Bitcoin, despite limitations, is emerging as a currency that possesses the capability to compete with centralized currency. Though using bitcoin as a payment medium imposes some risk, no financial asset is safe. When paying in crypto, try following some safety practices.