Universities accept bitcoin payments to ease the burden on international students
Cryptocurrency is still in the early stage of mass adoption. After Bitcoin broke its own record and rallied at US$63,000 in mid-April, many thought that they have missed the digital currency bus. But somehow, it came down drastically and is maintaining a moderate value. Other cryptocurrencies like Ethereum, Tether, Dogecoin, etc. are also on the victory path. Despite the increasing popularity of the cryptocurrency market as a whole, bitcoin has made a significant spot for itself among crypto investors. As a complement to that, El Salvador has recently made bitcoin a legal tender and Paypal has also integrated it into their payment platform. These drastic moves indicate the importance of bitcoin payments in the decentralized finance system. Moving ahead, universities accepting bitcoin is a less talked about subject. From an early stage, universities realized the cryptocurrency wind and started accepting bitcoin payments for tuition fees. The main reason for this adoption is to stay ahead in the race and sensitize students on the market trends. Another could be to ease the burden on international students who spends extra fees on conversion. Besides, some universities are accepting bitcoin payments as donations. Analytics Insight has listed the top universities and schools accepting bitcoin payments as tuition fees.
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Top Universities Accepting Bitcoin Payments
University of Nicosia, Cyprus
The University of Nicosia became the first accredited university in the world to accept tuition fees in Bitcoin. Initially started in 2013, the University of Nicosia has been accepting bitcoin payments ever since throughout the year for online programs and affiliated schools. Students of UNic are asked to pay their bitcoin fees at the university’s finance office or through an online merchant processing service. Although UNic was okay with accepting bitcoin payments as tuition fees, it immediately converted the digital token to Euro because of its volatility.
King’s College, New York
The United States was one of the many countries that jumped into the cryptocurrency sphere in its initial days. But even to date, the number of colleges accepting bitcoin payments in the country is very few. King’s College, New York became the first US-based accredited university to accept bitcoin payments. By partnering with a bitcoin trading company called ‘Coin.co,’ the college was able to accept bitcoin payments and even donations and dealing with other expenses. The main reason was to sensitize students on the emerging trends and technological developments in the market.
Innovation and Entrepreneur Business School, Spain
The Spain-based college Innovation and Entrepreneur Business School (IEBS) was one of the early accepters of Bitcoin payment. They offer online-only courses for students from across the globe and accept bitcoin as payment for tuition fees. But in order to stop the students from undergoing unwanted stress due to bitcoin’s volatility, the school has offered a fixed rate to its wide array of international students. They don’t have to worry about international exchange rates as well.
European School of Management and Technology, Germany
Based in Berlin, Germany, the European School of Management and Technology (ESTM) started accepting bitcoin payments for any certificate degree and executive education program in 2016. One of the major reasons for its adoption was due to bitcoin’s easy-to-use and transact nature. They grabbed the opportunity to opt for this 10-minute transaction format that eased the burden on management. ESTM is one of the front-running German Universities offering tech-based and management courses.
Financia Business School, France
Being one of the most prestigious colleges in France, Financia Business School offers blockchain-based education degrees. After realizing the importance of bitcoin, the college allowed students to pay bitcoin fees in 2018. Another reason for its bitcoin acceptance is due to the number of international students. Almost one-third of the students in Financia is from abroad, making it hard for them to convert their nation’s currency to Euro. Therefore, the college opted for bitcoin payments to reduce the burden on complicated and costly money transfers. Financia has partnered with Coin Capital, a digital asset and blockchain technology firm, to assist in the bitcoin payment process.
The University of Cumbria, United Kingdom
In 2014, the University of Cumbria became the first public school in the world to accept bitcoin as payment for fees. Initially, the university limited bitcoin payments for two courses on complementary currencies in economic systems. Later, extended it to all the classes. The University is one of the top colleges in the North West for employment or further education. The University of Cumbria has an extended campus at London and Lake the North West.
FPT University, Vietnam
One of Vietnam’s top technology universities, FPT, has started accepting bitcoin for fees in 2017. It came as a surprising move as the country was groping for ways to manage virtual money usage. FPT allowed all foreign students to use bitcoins first if they wish. The move came after the University realized that most of its students from Africa who are transferring to the college face difficulties face money converting issues. Even though the university was thrashed for going against the government and accepting bitcoin payments, many thought it was a good move at a later stage.
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