The digital currency is reaching campuses now. The King’s College, located in New York City has announced that it will be accepting Bitcoin in tuition fees. The college announced that it has signed with New York’s Coin.co to become the first accredited college in the United States to accept Bitcoin. Now, students can pay for tuition, other expenses in Bitcoin.
Even donations will now be accepted in Bitcoin by the college. Thus, becoming the first institution of its kind to accept Bitcoin, the King’s College is aiming to influence various other similar institutions. This may lead to competition among institutes to accept Bitcoin. Some Bitcoin enthusiasts go to the extent to claim that the decision may trigger a new wave among colleges to accept Bitcoin.
Nonetheless, the decision to accept Bitcoin is not simply for technology companies but for bars, law firms, taxi companies, hotels, etc. as well. In fact, even Cyprus’ University of Nicosia started accepting Bitcoin from November last year. A similar step was taken by the UK’s University of Cumbria in January this year.
Some other universities as well started accepting Bitcoin; one of them was the University of Puget Sound that started accepting the digital currency in donation. It accepted an alumnus’ $10,000 donation via Bitcoin in February. Following the footsteps of these institutions – King’s College too have started accepting Bitcoin.
No Transaction Fees for Students Paying in Bitcoin
According to the announcement, currently, a semester’s tuition at King’s College costs about 28 Bitcoin. Thus, becoming the first accredited US College to accept Bitcoin, the college will allow the use of the digital currency to pay tuition, submit donations and deal with other expenses and expects that the students will show interest in it.
According to the press release from the college it hopes the decision on the part of administration will immerse students in new technology. The people responsible for the decision realize that as Bitcoin has become increasingly popular over the past year, it is the right time for it to accept it.
Additionally, accepting Bitcoin will solve several other problems; for instance, it will also eliminate the 2-3% transaction fees charged to the college when students pay tuition via credit card. According to the college representative Coin.co has agreed that it won’t be charging any transaction fees.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org