Bitcoin, a digital currency system, has spread from being accepted at small businesses, such as Portland's Whiffy's Fried Pies, to educational institutions, such as King's College in New York, which announced June 13 that it would become the first accredited U.S. college to accept the digital currency.

Bitcoin, a digital currency system, has spread from being accepted at small businesses, such as Portland’s Whiffy’s Fried Pies, to educational institutions, such as King’s College in New York, which announced June 13 that it would become the first accredited U.S. college to accept the digital currency. Creative Commons image by Francis Storr


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(RNS) The King’s College, a Christian liberal arts school in New York City, announced on Friday (June 13) that it has entered into an agreement with Coin.co, making it the first accredited college in the United States to accept Bitcoin for tuition, other expenses, and donations.

The college’s president, Gregory Alan Thornbury, said in a statement, “Allowing Bitcoin to be used to pay for a King’s education decreases our costs while simultaneously allowing our students to be a part of this exciting new technology.”

Coin.co, unlike most credit card companies, does not charge a transaction fee, so using the emerging payment technology could be a money saver. The college’s website lists a cost of $15,950 for 12-18 credit hours.

Two other institutions — the University of Nicosia in Cyprus and England’s University of Cumbria — already accept Bitcoin for tuition.

According to a Time story, a semester at King¹s will cost the average student about 28 Bitcoin.

(Patrick Foster writes for USA Today.)

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