Bitcoin’s adoption keeps breaking boundaries as houses, expensive art, and now university tuition can be paid with the digital currency. As a sign of general acceptance, this must rank pretty high, as universities are places where the newly educated are learning.
Swiss Bitcoin haven
Switzerland has already shown itself to be a popular choice for Blockchain, digital currencies, and all things crypto as many individuals, as well as the government, embrace the technology.
Now, certain universities are adopting the payment method of Bitcoin for tuition, albeit with a few caveats. The Lucerne University of Applied Sciences and Arts in Switzerland announced the decision to accept Bitcoin payments.
The university has identified that Bitcoin is on the cutting edge of new technologies, and seemingly appreciates the direction in which cryptocurrency is heading.
“Its [Bitcoin’s] ability to disseminate knowledge on cutting-edge technologies such as Blockchain, as well as its desire to gain experience in the practical aspects of this novel area,” the University said.
Considering the type of university that Lucerne is, it makes sense that they would be one of the groundbreakers for Bitcoin. There’s a strong focus on financing and economics, as well as liberal subjects such as music.
Third party payment
The university is not accepting Bitcoin directly as a form of payment, instead they have entrusted their Bitcoin payments to a processing firm called Bitcoin Suisse AG. This is similar to an e-banking portal that allows the school to accept Bitcoin, without actually holding it.
“Bitcoin Suisse AG bears the risk of any exchange rate losses and currency fluctuations,” explains Lucerne.
However, even with this third party system, the additional fees involved are only one percent if using Bitcoin – which are substantially lower than if they were using traditional payment methods.
Not expecting a rush
Much like anything when it comes to Bitcoin adoption, it moves a lot slower than the Bitcoin ecosystem is used to.
The university is not expecting the students to snap up the Bitcoin offer, but they are sure there are plenty of students who are vested in Bitcoin that will make use of the option.
“Those most likely to avail themselves of this opportunity will either be already familiar with the concept of financial services and Blockchain, or interested in pursuing continuing and executive education opportunities in this subject area,” the University added.