How BTC is Used in Schools
Kings College in the US took the very first step to accept their tuition fees in crypto back in 2014, and that’s when various educational entities followed.
For a couple of reasons, institutions are becoming more accepting of BTC and other cryptos. Not only because it makes it easier and cheaper to take payments in BTC then exchange them, but also because of the chance of exposure students have to new technologies. As of now, BTC is highly expected to be a payment method in more firms and institutions.
For example, under contractual terms, Lucerne University of Applied Sciences does not deal with BTC payments from their side, they let it happen through a BTC firm called BTC Suisse.
Their contractual relationship ensures that once the BTC with Suisse is worth 10 thousand Swiss Francs, the amount gets transferred to their bank account automatically. They are flexible with daily or weekly transactions.
BTC payments in the educational field also offer much more value as the students are only incurred a 1% extra fee for exchange. This is a legendary rate compared to how much banks would normally charge. Which is why Marco Ciocca, who happens to be the chairman of The Montessori Schools in Soho, had his firm sign up for a merchant account with a reputable crypto exchange in the US.
Like most of the other institutions introducing BTC payments, they just have the Bitcoins converted into other currency once they reach a certain amount, avoiding the chaos of fluctuations. This approach has made BTC payments much more convenient.
BTC is still expanding, the institutional field is just beginning and on top of education, multiple institutions are starting to allow BTC as a payment method, including airline companies, for instance. There is no doubt this is just a beginning to a future full of BTC or other crypto transactions.