Bitcoin adaptation is continually growing. Other than being used to buy homes, there are a handful of universities that are accepting them to be used to pay tuition fees under certain conditions.
One of the universities that have authorized the use of bitcoin to pay for tuition is Lucerne University of Applied Sciences and Arts in Switzerland. The institution stated that accepting this cryptocurrency is a way of transferring knowledge and Review Crypto Signals—blockchain for instance. It added that it is a way of gaining experience in the cryptocurrencies area since the school offers finance-related courses such as economics, finance, and many others.
The university doesn’t handle bitcoin transactions. They have entrusted all their transaction processing with Bitcoin Suisse AG firm. The firm utilizes a banking platform which is similar to an e-banking that enables schools to accept digital currencies without necessarily having to maintain its possession. The Bitcoin Suisse AG firm converts the bitcoin payments made in Swiss francs once in a week. The company shoulders all the losses that may occur as a result of price fluctuation or exchange rate losses. The students who pay tuition using bitcoin are charged a transaction fee of one percent which is a lower rate as compared to other traditional methods of paying for tuition.
Lucerne University is not the only institution that is paying tuition using bitcoin. There are many others such as business ESMT Berlin which became the initial German university to accept cryptocurrency to pay for tuition. This university has hailed bitcoin as the far most developed blockchain application. The other two that are renowned for using bitcoin to pay for tuition include the University of Nicosia in Cyprus and Kings College in the United States, which is said to be the first university to accept this cryptocurrency in the year 2014. The only challenge that hinders the use in other schools is lack of knowledge about the nature of cryptocurrency and how it all works. It will take time for the whole society to embrace this cryptocurrency.
In the nearby future, there is a high probability that more schools and other institutions are going to use cryptocurrencies to pay for tuition. Universities worldwide are on the verge of introducing courses that focus on blockchain technology. There is high demand for a workforce with expertise in relevant matters like Bitmex trading, hence the need to introduce the course. Most of the universities in the United States, Europe and Russia have introduced this course.
The blockchain courses will equip students with new technology skills since bitcoins are becoming more popular at an alarming rate. Using bitcoins to pay for tuition will eliminate the excessive fee that is charged when using other traditional methods to pay for tuition fee.
Universities are renowned groups to be pushing for the growth of crypto trading. Simon Fraser University (SFU) has formed clubs and societies that advocate the growth of bitcoin. It has gone an extra mile in launching bitcoin pilot project in its dining services. Further, the school has introduced bitcoin ATMs in its bookstores. We can only expect that, in no time, bitcoin adaptation in schools will become a trend far and wide.