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

By on November 21, 2013, 3:45 PM
bitcoin, university, digital currency, cyprus

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 the world to accept the popular digital currency.

The university also said it's launching the first MSc degree in digital currency next spring. The program, which will be offered both online and on-campus, is designed to provide better understanding of the technicalities of digital currency. Introduction to Digital Currency, the first class of the degree, will be available for free to everyone.

The initiative to accept Bitcoins is meant to "ease transmission difficulties for certain students" and to build practical knowledge about the field, a university spokesperson told GeekWire. Additionally, they also want the Cyprus government to consider its policy framework for developing the Mediterranean island country into a hub for Bitcoin trading, processing and banking.

For those who are unaware, Bitcoin is a decentralized virtual currency that is not controlled by any central authority. It has been in the news a lot recently, mainly due to its value, which increased drastically after the US government held discussions about the legitimacy of digital currencies earlier this week.

Many outlets have now started accepting Bitcoins for payments and the virtual currency now has a dedicated ATM in Vancouver.




User Comments: 7

Got something to say? Post a comment
Adhmuz Adhmuz, TechSpot Paladin, said:

"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.

davislane1 davislane1 said:

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

cliffordcooley cliffordcooley, TechSpot Paladin, said:

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.

mailpup mailpup said:

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.

Chazz said:

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

Whoa, dude.

bobcat bobcat, TechSpot Paladin, said:

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".

davislane1 davislane1 said:

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".

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).

Load all comments...

Add New Comment

TechSpot Members
Login or sign up for free,
it takes about 30 seconds.
You may also...
Get complete access to the TechSpot community. Join thousands of technology enthusiasts that contribute and share knowledge in our forum. Get a private inbox, upload your own photo gallery and more.