> Skip to content
FEATURED:
  • Public Perception of College
Sign In
  • News
  • Advice
  • The Review
  • Topics
    • Data
    • Diversity, Equity, & Inclusion
    • Finance & Operations
    • International
    • Leadership & Governance
    • Teaching & Learning
    • Scholarship & Research
    • Technology
    • The Workplace
    • Data
    • Diversity, Equity, & Inclusion
    • Finance & Operations
    • International
    • Leadership & Governance
    • Teaching & Learning
    • Scholarship & Research
    • Technology
    • The Workplace
  • Current Issue
  • Virtual Events
  • Store
    • Featured Products
    • Reports
    • Data
    • Collections
    • Back Issues
    • Featured Products
    • Reports
    • Data
    • Collections
    • Back Issues
  • Jobs
    • Find a Job
    • Post a Job
    • Career Resources
    • Find a Job
    • Post a Job
    • Career Resources
Sign In
  • News
  • Advice
  • The Review
  • Topics
    • Data
    • Diversity, Equity, & Inclusion
    • Finance & Operations
    • International
    • Leadership & Governance
    • Teaching & Learning
    • Scholarship & Research
    • Technology
    • The Workplace
    • Data
    • Diversity, Equity, & Inclusion
    • Finance & Operations
    • International
    • Leadership & Governance
    • Teaching & Learning
    • Scholarship & Research
    • Technology
    • The Workplace
  • Current Issue
  • Virtual Events
  • Store
    • Featured Products
    • Reports
    • Data
    • Collections
    • Back Issues
    • Featured Products
    • Reports
    • Data
    • Collections
    • Back Issues
  • Jobs
    • Find a Job
    • Post a Job
    • Career Resources
    • Find a Job
    • Post a Job
    • Career Resources
  • News
  • Advice
  • The Review
  • Topics
    • Data
    • Diversity, Equity, & Inclusion
    • Finance & Operations
    • International
    • Leadership & Governance
    • Teaching & Learning
    • Scholarship & Research
    • Technology
    • The Workplace
    • Data
    • Diversity, Equity, & Inclusion
    • Finance & Operations
    • International
    • Leadership & Governance
    • Teaching & Learning
    • Scholarship & Research
    • Technology
    • The Workplace
  • Current Issue
  • Virtual Events
  • Store
    • Featured Products
    • Reports
    • Data
    • Collections
    • Back Issues
    • Featured Products
    • Reports
    • Data
    • Collections
    • Back Issues
  • Jobs
    • Find a Job
    • Post a Job
    • Career Resources
    • Find a Job
    • Post a Job
    • Career Resources
Sign In
ADVERTISEMENT
Wired Campus circle logo

Wired Campus

The latest on tech and education.

  • Twitter
  • LinkedIn
  • Show more sharing options
Share
  • Twitter
  • LinkedIn
  • Facebook
  • Email
  • Copy Link URLCopied!
  • Print

British University to Accept Bitcoin as Payment for Some Courses

By  Megan O’Neil
January 21, 2014

The University of Cumbria, a seven-year-old institution in Britain, said on Tuesday it would accept Bitcoin as payment for some courses, the latest in a growing list of companies and organizations around the world that use the virtual currency.

We're sorry. Something went wrong.

We are unable to fully display the content of this page.

The most likely cause of this is a content blocker on your computer or network.

Please allow access to our site, and then refresh this page. You may then be asked to log in, create an account if you don't already have one, or subscribe.

If you continue to experience issues, please contact us at 202-466-1032 or help@chronicle.com

The University of Cumbria, a seven-year-old institution in Britain, said on Tuesday it would accept Bitcoin as payment for some courses, the latest in a growing list of companies and organizations around the world that use the virtual currency.

The move is an exercise in learning by doing, university officials said in a written statement. Bitcoin, a decentralized currency exchanged on the Internet without an intermediary such as a bank or broker, will be accepted for two certificate programs in Cumbria’s Institute for Leadership and Sustainability that focus on complementary currencies and payment innovation. It is the first public university to use the currency, Cumbria officials said.

“Some support Bitcoin due to its speed and cost, others due to the new era of financial freedom it could enable,” said Jem Bendell, the institute’s director. “Others are concerned about it and how it will affect economies and society. Others think that what comes next will be even more important. We think it is essential to become better informed, and analyze it from many different perspectives.”

In November the University of Nicosia, a private institution in Cyprus, became the first university to accept Bitcoin for tuition and fees. Khan Academy, the nonprofit online-education platform, began accepting the currency last August.

Others, particularly providers of massive open online courses, are likely to follow suit, according to Jerry Brito, a senior research fellow at the Mercatus Center at George Mason University and director of its technology-policy program.

ADVERTISEMENT

“You can think about it the same way as PayPal or Visa, but faster and cheaper,” Mr. Brito said. “Plenty of merchants, whether it is retailers or others, are going to be interested in this new payment system. I wouldn’t be surprised if eventually traditional universities accept it too because, as anybody who has tried to pay for college with a credit card knows, there is a hefty fee and that could be lessened with Bitcoin.”

Bitcoin originated with a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” that was published online in 2008 under the name Satoshi Nakamoto, believed to be a pseudonym. Two months later, the first Bitcoins were issued and the first transactions took place.

Use of the currency has spread steadily, spawning an international community of start-up companies dedicated to the mining, securing, and exchange of Bitcoin. Proponents say it is faster and cheaper than other online payment options. It is also considered more resistant to some types of fraud and government interference. Skeptics criticize the currency as unstable and argue that it might be used to launder money from illicit activity such as drug trafficking.

One Bitcoin unit was trading for $964.98 in U.S. dollars at midday on Tuesday, up from about $20 one year ago.

Megan O’Neil
Megan reported on foundations, leadership and management, and digital fundraising for The Chronicle of Philanthropy. She also led a small reporting team and helped shape daily news coverage.
ADVERTISEMENT
ADVERTISEMENT
  • Explore Content
    • Latest News
    • Newsletters
    • Letters
    • Free Reports and Guides
    • Professional Development
    • Virtual Events
    • Chronicle Store
    • Chronicle Intelligence
    • Find a Job
    • Post a Job
    Explore Content
    • Latest News
    • Newsletters
    • Letters
    • Free Reports and Guides
    • Professional Development
    • Virtual Events
    • Chronicle Store
    • Chronicle Intelligence
    • Find a Job
    • Post a Job
  • Know The Chronicle
    • About Us
    • Write for Us
    • Work at The Chronicle
    • Our Reporting Process
    • Advertise With Us
    • Brand Studio
    • DEI Commitment Statement
    • Accessibility Statement
    Know The Chronicle
    • About Us
    • Write for Us
    • Work at The Chronicle
    • Our Reporting Process
    • Advertise With Us
    • Brand Studio
    • DEI Commitment Statement
    • Accessibility Statement
  • Account and Access
    • Manage Your Account
    • Manage Newsletters
    • Individual Subscriptions
    • Institutional Subscriptions
    • Subscription & Account FAQ
    Account and Access
    • Manage Your Account
    • Manage Newsletters
    • Individual Subscriptions
    • Institutional Subscriptions
    • Subscription & Account FAQ
  • Get Support
    • Contact Us
    • Reprints & Permissions
    • User Agreement
    • Terms and Conditions
    • Privacy Policy
    • California Privacy Policy
    • Do Not Sell My Personal Information
    Get Support
    • Contact Us
    • Reprints & Permissions
    • User Agreement
    • Terms and Conditions
    • Privacy Policy
    • California Privacy Policy
    • Do Not Sell My Personal Information
1255 23rd Street, N.W. Washington, D.C. 20037
© 2023 The Chronicle of Higher Education
  • twitter
  • instagram
  • youtube
  • facebook
  • linkedin