Already being accepted at over 60,000 retailers worldwide for goods and services, it was only a matter of time before a US University would see the benefit of accepting it for tuition and donations.
The King’s College, based in New York City’s financial district, is a private Christian Liberal Arts College that made a precedent being the first 4 year accredited institution to accept Bitcoin. This is another huge setup in the development of alternative currencies opening the gateway for other Universities and Colleges to follow. Bitcoin’s model allows King’s College to accept Bitcoin through coin.co in order to circumvent credit fees of 3%. Since all transactions are processed peer-to-peer, all fees charged by various lenders are non existent making it a better option for accepting payments.
“As the first institution of its kind to make this move and accept digital currency, The King’s College will signal to other US institutions that Bitcoin acceptance is not simply for technology companies,” Tyler Vawser, director of marketing at King’s, wrote for the school. “Much like the first universities or businesses to obtain email addresses, The King’s College is standing at the forefront of change.” Even Gregory Alan Thornbury, President made this statement about using Bitcoin for transactions. It “decreases our costs while simultaneously allowing our students to be a part of this exciting new technology.”
Since the news last year that University of Nicosia in Cyprus made headlines worldwide for being the first School to accept Bitcoin, it’s looking bright for the Bitcoin world and Coin.co’s CEO Brendan Diaz has stated that they are making efforts to help other colleges and US Universities get involved with Bitcoin at a low risk.