Techno-News Blog

June 18, 2013

Draper University Now Accepting Bitcoins for Tuition

Filed under: Uncategorized — admin @ 12:15 am

By David Nagel, Campus Technology

Draper University in San Mateo, CA has started accepting bitcoins for tuition and recently processed its first bitcoin payment for its summer program, which starts later this month. According to information released by Draper U, the educational institution has become the first to accept bitcoin for tuition. Draper, which bills itself as “an unconventional world class boarding school for the brightest young entrepreneurs from around the world,” also accepts other non-traditional forms of payment, including barter, equity, profit sharing, and even advertising tradeouts. Bitcoin is one of several cryptographic currencies generated by end users (“miners”) who tap their CPUs, GPUs, and other processing hardware to solve hash algorithms, resulting in newly minted virtual coins. Bitcoin, which has a fixed ceiling of 21 million coins, is currently by far the most valuable and popular of the cryptocurrencies, trading at a little more than $100 per coin as of this writing. (The currency can be highly volatile and has reached more than $200 per coin in the past.) Similar cryptographic currencies include litecoin, namecoin, and novacoin, to name just a few.

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