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Oct 26, 2016 11:48 AM EDT

Bitcoin Might Soon Replace Physical Currency to Pay For College

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Many people used to distrust the use of Bitcoin as a form of currency but as counterfeit currency becomes prevalent, more and more institutions are considering it. There are two reasons why Bitcoin has established its reputation: first, it's borderless and second, it cannot be counterfeited. Now, educational institutions are also considering using it to pay for college tuition.

The first university to adopt the use of Bitcoin is the University of Nicosia in Cyprus. It started accepting Bitcoin as a mode of payment as part of their marketing strategy in promoting a new degree program, Master of Science in Digital Currency. One of the program's subjects tackle the use of Bitcoin and it is just apt to allow its student to use it in paying for their tuition. The publicity stunt worked and attracted international media. Since then, more and more universities are following suit.

Meanwhile, the first public university to accept Bitcoin as a form of tuition payment. They opened this possibility in 2014 to those students who want to enroll in two programs they are offering which tackled cryptocurrencies and complementary currencies. Those who completed the programs receive either a certificate in sustainable exchange or a post-grad certificate in sustainable leadership.

Another forward-thinking university that accepts Bitcoin as a payment is the King's College in New York City, a private college known for its degrees in liberal arts. Founded in 1938, the university explained that their decision to accept Bitcoin as a payment was influenced by the U.S. Bill of Rights and the Constitution which support the empowerment of individuals. By doing so, students will have more avenues to use thus, easing the debt problems which a lot of students have been facing.

With more and more universities opening their doors in accepting cryptocurrencies, it won't be long before others will follow suit. For those who are planning to take a master's degree program, it will also help if you check if there are other universities accepting Bitcoin and other similar cryptocurrencies.

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