Bitcoin was previously used in the purchase of houses, and countries like Venezuela and Vietnam began to adopt the currency on a large scale. However ,certain universities are now adopting Bitcoin as a means of paying tuition fees, albeit with some reservations.
Lucerne University of Applied Sciences and Arts in Switzerland announced its decision to accept the payment of its fees in the Bitcoin currency during the week, in a move that was seen as an indicator of its ability to raise awareness about the latest technologies such as blockchain technology, as well as the desire to gain experience in practical concepts of this new field.
The Lucerne University of Applied Sciences and Arts does not transact directly in bitcoins; instead, it has contracted Bitcoin Suisse AG to transact cryptocurrency business on its behalf by means of a payment system that resembles an e-banking portal. This allows the Lucerne University of Applied Sciences and Arts to accept bitcoins without actually having possession of them. The payments are converted into Swiss francs once a week, or daily if a CHF 10,000 threshold is reached. Bitcoin Suisse AG bears the risk of any exchange rate losses and currency fluctuations.
The end customer incurs a payment fee of 1%. This means that the Lucerne University of Applied Sciences and Arts is sheltered from exchange rate losses and currency fluctuations. The Lucerne University of Applied Sciences and Arts is anticipating that few payments will be made in bitcoin – at least to start with. 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.
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