Draper University in San Mateo, CA has recently started accepting Bitcoins as a valid method of payment for tuition fees – plus they’ve already managed to process their first payment using the currency.
The institution is the first to accept the digital currency as a form of payment, which isn’t surprising when they tout themselves as ”an unconventional world class boarding school for the brightest young entrepreneurs from around the world.” The university also accepts other non-traditional forms of payment, including barter, equity, profit sharing, and even advertising tradeouts.
Currently using Coinbase as a way to accept payments in one place – instead of multiple single-use addresses – the school has had no difficulty accepting the currency in place of regular money.
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 move by Draper University to start accepting Bitcoins serves as further proof of the currency’s growing reputation – despite it’s recent volatility. If things continue the way they have been going, there’s no telling what type of business will be the next to accept the currency.