University in Cyprus becomes world's first to accept Bitcoin payments

  1. The University of Nicosia, which is the largest private university in Cyprus, has announced today that it will accept Bitcoins for payment of tuition and other fees. With the announcement, the Cypriot university has become the first accredited university in...

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  2. Adhmuz

    Adhmuz TechSpot Paladin Posts: 893   +98

    "The initiative to accept Bitcoins is meant to "ease transmission difficulties for certain students"" I wish they elaborated how exactly accepting Bitcoins eases any difficulty for any one student? Was it becoming too much to ask to have your students pay with cash, check or credit. Because you know, exchanging your cash, checks or credit into Bitcoins just makes paying for university sooo much easier. There has to be some ulterior motive behind the move, something about them wanting to become a hub for Bticoins must mean they see a way to make profit. Probably just going to stock pile them as the value rises, Bitcoins, something that doesn't physically exist, but is worth more than Gold.
  3. davislane1

    davislane1 TechSpot Guru Posts: 1,194   +445

    If Bitcoins don't physically exist, data doesn't physically exist. And if data doesn't physically exist, this entire thread is an illusion.
  4. cliffordcooley

    cliffordcooley TechSpot Paladin Posts: 5,773   +1,429

    Physical or Virtual, that is the question!

    Nothing virtual can ever be physical without first going through an exchange. But yet physical objects are needed to maintain a virtual object. This does not mean the virtual object is a physical object.

    Edit: A printed piece of paper. The paper and ink is physical, but the words and images are the illusion.
  5. mailpup

    mailpup TS Special Forces Posts: 8,389   +205

    Send me that paper with those useless illusions on them and I'll send you back paper free of those bothersome words and images. You will be glad you unburdened yourself. :)
  6. Chazz

    Chazz TechSpot Enthusiast Posts: 627   +58


    Whoa, dude.
  7. bobcat

    bobcat TechSpot Paladin Posts: 688   +67

    Yet, nobody has given a satisfactory explanation why BitCoins work, given that they're not backed by any government, big bank, gold reserves etc, or even performance of any useful services, other than doing computer calculation of no use to anybody.

    My conclusion is that they have value because they have value. In other words, they're accepted by someone as payment because he knows they'll be accepted by others.

    And though this kind of logic beats my scientific background, it works in practice, so it's not an illusion. Or, as someone said, "Reality is an illusion, albeit a persistent one".
  8. davislane1

    davislane1 TechSpot Guru Posts: 1,194   +445

    This is the correct way to look at it. No commodity or currency has inherent value, gov't backed paper and rare metals included. Any "thing" only becomes an economic good or acquires value when someone decides to assign it such. Ergo, Bitcoins are "real" currency and have real value because people have decided that they do (significant differences being that Bitcoins have more inherent risk and have value in a smaller market than traditional currencies).


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