Cyprus University Accepts Bitcoin For Tuition Fee Payments

An anonymous reader writes "The University of Nicosia has begun accepting bitcoins as payment for its courses, as well as launching a Master of Science degree focusing on digital currencies. The announcement is part of a proposal set up by the university to develop the Mediterranean island into a hub for bitcoin trading, processing and banking, as use of the virtual currency continues to gain traction." Warning: Auto-playing ad, with sound.

Re:Good thing I didn't invest.

[SuricouRaven]

It was good advice at the time. The chances of it being so successful were rather slim.

Re:Good thing I didn't invest.

[jythie]

The jury is still out on long term viability. BTC is just barely starting to make the transition from tech elite plaything to something a wider audience finds utility in. There is a lot of hype and a lot of fiat money being poured into BTC right now, but telling if something is ramping up or a bubble is difficult. After all, tulips were a great investment too, till they crashed. On the other hand, things like credit cards, where people were skeptical that they would ever be mainstream and anything other then a passing fad have found a permeant and profitable place in the economy.

So still too soon to tell.

Re: Good thing I didn't invest.

[Anonymous Coward]

Normally I'd respond with snark about tulips and CROX, but Cyprus is a financial post-apocalyptic wasteland where neither the people nor the institutions trust the kleftes, the bankers and the Russians who now run the smoldering remains of the bank. Plus, Cyprus has been in corralito since the meltdown, which effectively means the Cypriot Euro is worth less than the EU Euro, since the two are not functionally interchangeable across the capital control lines. In Cyprus, Bitcoins actually make sense for all parties to a transaction, because nothing else is safe (Cyprus even lost its gold during the meltdown).

When will people accept it's not a real currency?!

[serviscope_minor]

Seriously when will people recognise it's just a ponzi scheme and not a real currency. It's not real because you can't buy things with it (TFA must be a lie because I know bitcoin is not a real currency). I can't pay my taxes with it, just like Euros, and frankly they even sound fake. And it's not recognised by any governments. I don't trust the recent article about the US government and bitcoin because governments lie.

It's not a real currency!!!

Please can we see an end to the "it's not a real currency" posts. It's money and you can buy stuff with it. The end.

When your economy is trash, take what you can get

[Anonymous Coward]

The Cypriot economy has been in the shitter for a while, Not to the same extent as their neighbours in Greece, but worse than most other European countries. They had to be bailed out by the EU earlier this year, and their banks are still in a period of reorganization.
It's not surprising that their university accepts bitcoins. They are probably happy to have an injection of any currency at all, regardless of whether it is universally recognized as such.

Good Luck

[neoform]

Given how unstable this "currency" has been in the recent past, how can anyone set price points without needing hourly updates to make sure they get a consistent payment?

Right now it's valued at $730, 2 weeks ago it was $200 and a few months ago it crashed.

You cannot run a business with currencies this volatile.

Re:When will people accept it's not a real currenc

[MickyTheIdiot]

Neither is a ponzi scheme:

Wikipedia: "A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation."

This is what Madoff did exactly. He got new investors, skimmed money, and paid off other investors to make it look like money was being earned.

Bitcoin (or any national currency) doesn't fit the definition in any way. If you want to argue that Bitcoin is a scam then do it with facts, but arguing that it's a "ponzi" scheme is an attempt to scare with loaded words and it's a fallacy.

Re:Good Luck

[Anonymous Coward]

If you think the value of bitcoin is fluctuating, you should be really worried about the dollar!
A few months ago, the USD was soaring, but then it started it's downward spiral.
Two weeks ago it was on the order of 0.005 BTC, and right now, only two weeks later, it's dropped down to 0.00136986 BTC... that's about 75% loss of value!
Still, somehow there are businesses that manage to run well with such a volatile currency.
Who'd have thought?