JoshCan crypto pay for college? You bet! There’s a growing trend of using cryptocurrencies like Bitcoin and Ethereum for tuition fees.
This post explores how this works, the schools leading this trend, and what crypto payments mean for students and colleges.
Crypto’s Growing Role in Education
The digital world is changing all spheres. From the transformation of simple games such as blackjack crypto at mBit Casino to the realms of education – technology and encryption are growing vastly.
More universities are saying yes to cryptocurrency for tuition, with schools like Bentley University showing how crypto is becoming a big deal in the world’s economy.
More and more colleges now use digital money. Experts believe that by 2028, the crypto market will grow from $910.3 million to $1.9 billion. Schools see the value and usefulness of this new form of currency.
Learning about Blockchain at School
Many of the world’s top schools, like MIT, Harvard, and the University of Zurich, are teaching students about blockchain. They cover a range of subjects, from the basics to how it might change the world of finance and property sales.
Some schools even offer blockchain master’s degrees. Examples include Nanyang Technological University in Singapore and Cornell University in the US.
ETH Zurich and the University of Zurich contribute to blockchain research, too. Their goal? To understand how it can secure people’s privacy and how it might mix economics, technology, and law.
Also, students at Bentley University have formed the Blockchain Association. They aim to educate other students about blockchain and a decentralized finance system.
Charity in the Form of Crypto
Universities are starting to receive donations in the form of crypto coins. There is a new trend of using this digital currency in the field of charity in education.
Imagine these Bitcoin donations to colleges:
- The University of Pennsylvania got a $5 million Bitcoin donation, the biggest one yet, for the Stevens Center for Innovation in Finance at the Wharton School.
- The University of California, Berkeley, got over $50,000 in Bitcoin from the EchoLink Foundation to help their Blockchain Lab.
- The University of Puget Sound got a $10,000 Bitcoin donation.
This shows how crypto giving is impacting colleges.
Colleges Accepting Cryptocurrency Payments
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Crypto isn’t just a local trend. It’s worldwide. Globally, colleges are starting to accept crypto for tuition fees. For example:
- The European School of Management and Technology Berlin in Germany has been accepting Bitcoin since 2016
- Innovation and Entrepreneur Business School in Spain, accepting Bitcoin since 2018
- Financia Business School in France
- Lucian Blaga University in Romania
These schools are on the crypto train, and they’re not getting off.
Even schools outside Europe are catching up. Red & Yellow Creative School of Business in South Africa, Flinders University in Australia, and Universidad Americana in Paraguay accept Bitcoin for tuition.
In Asia, places like FPT University in Vietnam and Lucerne University in Switzerland prove crypto is reaching all corners of higher education.
King’s College in New York
King’s College in New York is the first accredited college in the United States to accept Bitcoin as a tuition payment.
This adoption began in 2014, showcasing the college’s forward-thinking approach to embracing emerging technologies.
To facilitate transactions involving tuition, other expenses, and donations paid in Bitcoin, King’s College partnered with the New York-based payment processor Coin.co.
This strategic partnership allowed the college to accept Bitcoin payments while mitigating the currency risk of receiving digital currency.
University of Nicosia
The University of Nicosia in Cyprus made headlines as the first university worldwide to accept Bitcoin for tuition payments.
This pioneering move began in 2013, setting a precedent for other educational institutions worldwide.
This decision showcased the university’s innovative approach and established it as a leader in integrating cryptocurrency into higher education. The University of Nicosia’s move has paved the way for other universities to consider accepting digital currencies.
Bentley University
Bentley University is another institution that has recently accepted cryptocurrency for tuition payments. Bentley University allows tuition payments using Bitcoin, Ethereum, and USD Coin, expanding the options available to students and parents.
To facilitate the acceptance of cryptocurrencies and accept cryptocurrency payments, Bentley University partnered with the cryptocurrency exchange Coinbase.
This partnership provides the necessary infrastructure for processing payments, further simplifying the payment process for students.
Pros and Cons of Tuition Payment with Digital Coins
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Digital coins are great. They ramp up payment safety and reduce transaction costs. But they could be better. The IRS insists on reporting crypto trades as income using fair market value, creating tax hurdles for schools.
Plus, folks need to be more tricky and rare in transactions, slowing the acceptance of school payments.
Another hurdle? Trust. Schools don’t always trust digital coins, which hampers their acceptance of tuition. And, because you can’t reverse a crypto transaction, schools may face extra work managing cash flow and issuing refunds.
Pluses for Students from Elsewhere
Despite hurdles, digital coins offer many pluses- especially for overseas students. Paying tuition with digital money can cost less for these students by slicing conversion and transaction fees. Crypto transactions are faster than bank transfers, too, aiding in timely tuition payments.
Cryptocurrencies like Bitcoin and Ethereum are decentralized. International students get more control and protection when managing tuition payments from home.
Students in countries with limited or costly banking services benefit the most.
Crypto’s Wobbles and Change Trouble
The bouncing values of cryptocurrencies add a big problem. The back-and-forth swings affect the steadiness of how much tuition costs risk for both students and universities.
The price wobble could make tuition go wild, making it complex to use digital dollars to pay for schooling.
These see-saws in crypto values could mess with converting tuition fees, too. This inconsistency might add hiccups to using digital dollars for tuition. That might make it a yucky choice for some students and their families.
Paying for College with Bitcoin
Students can use different methods to pay for college using Bitcoin. Bitcoin mining with a personal computer may provide earnings over time towards tuition fees.
Platforms such as Swagbucks let students do tasks like taking surveys, watching videos, or surfing the web to earn points. These points can become Bitcoin, thus helping students financially with their education.
About Bitcoin Mining
With Bitcoin mining, a computer’s processing power is used to crack complex math problems and verify blockchain transactions. This method garners Bitcoin rewards. However, mining rewards are set to halve every four years, which can impact long-term earning potential.
Miners need a graphics processing unit (GPU) or an application-specific integrated circuit (ASIC) to mine Bitcoin on personal computers. Miners with limited computing prowess often connect to mining pools to boost their shot at mining rewards.
They do this by pooling their computing power together. Every 2,016 blocks or around every fortnight, the challenge of Bitcoin mining is adjusted to keep a steady 10-minute gap for block creation.
Swagbucks and Similar Platforms
Platforms like Swagbucks are an excellent alternative for those who find Bitcoin mining challenging. These survey platforms usually gift reward cards, which can be used on platforms like Robinhood or eToro to buy Bitcoin or other cryptocurrencies.
This year, Swagbucks rolled out crypto rewards. Now, members can swap their survey earnings for a gift card.
This card buys Bitcoin and other digital money. It’s a novel path for students to earn crypto. They might even use it to cover their college fees.