The University of Nicosia (UNic) in Cyprus is the first educational institution worldwide to accept tuition fees payment in Bitcoins. Speaking exclusively in Euronews, Christos Vlachos, CFO of UNic said transactions in Bitcoins will be available for students from November 22, 2013. Lately, several students, especially from countries where the population either do not have easy access to banks, for example in Kenya, or traditional banking is highly expensive, asked us if they could pay in Bitcoins. We searched information about the electronic currency and found it has quite a few advantages. First, it is much faster than traditional bank transactions. For example, in Africa, there are countries where it can take up to weeks for a bank to transfer money. With Bitcoins, it is just a matter of seconds. Second, the transaction is cheaper. Actually, it costs nothing. Third, it is easier because the process can be done on a 24-hours-per-day, seven-days-a-week basis. Fourth, it is convenient for the user because he can send Bitcoins using his laptop, his mobile or his tablet. Fifth, instead of going to the bank and wait in the queue, the transaction takes place peer to peer. Sixth, it is safer to pay in Bitcoins than register your bank account and credit card number in any other webpage.
Posted on: Sun, 24 Nov 2013 02:53:24 +0000
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