College Now Accepting Digital Money to Pay for Tuition

June 13, 2014 - 10:30 AM

In the age of all things digital, it's no surprise that money is going that direction-and higher education is taking advantage.  Today, King's College, a private Christian University in New York, announced it has partnered with Coin.co to become the first accredited college in the United States to accept Bitcoin, digital currency, for tuition, other expenses, and donations.

What exactly is Bitcoin?  According to its website, Bitcoin, "uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network." Essentially, it's a digital currency that operates without a central bank.

In regards to the announcement, Dr. Gregory Alan Thornbury, President of the college, stated, "The King's College seeks to transform society by preparing students for careers in which they help to shape and eventually to lead strategic public and private institutions. Allowing Bitcoin to be used to pay for a King's education decreases our costs while simultaneously allowing our students to be a part of this exciting new technology."

King's College is not first university to make use of this latest technology, but follows the University of Nicosia in Cyprus, University of Cumbria in the UK, and Draper University in California (although King's College is counted as the first U.S. college, according to sources since it is a private, older, more prestigious institution).