LOMOND School Starts Accepting Bitcoin BTC as Tuition Fees

The acceptance of Bitcoin globally has opened opportunities for traditional institutions to explore the skyrocketing digital assets sector

LOMOND School, based in Scotland, will now accept Bitcoin (BTC) for tuition fees, it was announced on Thursday.

The school will begin accepting the cryptocurrency in the Autumn semester of this year, it is adding.

“Bitcoin is available to anyone with the will to learn, making it more democratic and inclusive, especially for people in developing nations who lack access to traditional banking. We at Lomond see Bitcoin as a perfect real-world case study in economics, computing, ethics and innovation,” part of LOMOND School’s statement read.

Institutions that accept crypto for tuition fees

With the growing usage of digital assets, especially after the global pandemic COVID-19, and the onset of online education, there has been an addition to the mainstream trading culture with cryptocurrencies.

Over the years, several institutions and schools have been stepping deeper into the digital currency ecosystem to explore the potential of crypto.

According to reports, the University of Nicosia was one of the first universities to start accepting Bitcoin for tuition fees.

Located in Cyprus, the University of Nicosia has been accepting the apex cryptocurrency for its online and offline courses since 2013. The university started accepting BTC in order to facilitate the process of fee payment for the international students who have to go through a long process of currency conversion.

Further, Bentley University, which is based in Massachusetts, began accepting Bitcoin, Ethereum (ETH), and USD coin for semester fees, in a partnership with Coinbase (NASDAQ:COIN) last year.

It is to be noted that the executive education blockchain and digital assets-based programs offered by the Wharton School, University of Pennsylvania, can also be availed by the students by making payments in cryptocurrencies like Bitcoin, Ethereum, and USD coin.

Institutions, colleges, and schools are increasingly turning to accept cryptocurrencies for tuition fees and other payments. Earlier this year, India’s Birla Institute launched its own on-campus cryptocurrency in a move to create a decentralized ecosystem in the university.

Apart from tuition fees, cryptocurrencies are also increasingly used for donations and other charitable activities. Crypto moguls like Justin Sun, Vitalik Buterin, and the former Chief Executive Officer (CEO) of Binance, Changpeng Zhao, are known for their massive crypto donations.

Most recently, it was reported that the co-founder of Ethereum has donated more than $1 million in crypto to Thailand to help the country recover from the earthquake of magnitude 7 or more.

Crypto market news

At the time of writing, the crypto market cap was $2.64 trillion with a surge of 2.62%, the trading volume was $86.12 billion with a loss of 16.65%, and the crypto fear and greed index stood at 27, showing a mild recovery from the previous day.

Bitcoin was trading at $ 83,685 with an increase of 3.17% in the 24-hour period. Its market cap was $1.66 trillion, which also grew 3.19%, and volume was $37.98 billion with a decrease of 14.75%.

Among the top ten cryptocurrencies, the biggest gainers were ArbiSmart (AB) with a surge of 64.46%, followed by JasmyCoin (MYTOKEN) with 40.98%, and BONK with 34.38%.

Among the top crypto movers, the biggest loser was EOS with a decline of 12.38%, followed by Story with 10.63%, and Walrus with 9.54%.

Among the top gainers in the last seven days, the biggest gainer was Artificial Superintelligence Alliance (AIS) with a surge of 304.36%, followed by Onyxcoin (ONYX) with 232.36%, and Flare (FLR) with 182.53%.

Among the top losers in the last seven days, the biggest loser was Ethena (ENA) with a decline of 41.04%, followed by Theta Network (THETA) with 36.38%, and Pancakeswap (CAKE) with 34.33%.