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  • Jelena Woehr
  • Liz Dwyer

What if You Could Pay For College With BitCoin?

Liz Dwyer

Now that some businesses accept BitCoin and there are BitCoin ATMs, how long till colleges and universities let students pay for school with the cryptocurrency? The University of Puget Sound recently received a donation in the form of BitCoin, leading the school to ask, "By accepting bitcoin, is there some association with criminal activity?" and, ultimately, how can schools "avoid the currency volatility?”

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  • Tom Maybrier

    You know, this is a really cool idea. It really opens up my thinking about value. I think a big problem is the volatility of bitcoin, however.

    Converting US dollars is really the only feasible way for the average person to obtain bitcoin. The "mining" process is extremely difficult and would require a capital investment many times that of even the most expensive of private university tuitions.

    Right now bitcoin is still susceptible to spikes and crashes in value caused by major news events or debacles like the 2+ million theft of bitcoins on the darknet marketplace Sheep Marketplace or the exchange Mt. Gox filing for bankruptcy.

    It's hard to envision a situation in the immediate future where paying for tuition in bitcoin would be reasonable or practical.