Welcome to The CITE -- a blog on Course materials, Innovation, and Technology in Education, created by Mark Nelson and now part of the Publications Department of the National Association of College Stores. CITE is a pun with multiple meanings - referring to cite as in citation, something people reference; site as in location, website, or place people go to; and sight as in foresight or looking ahead to what is coming. Comments, discussion, feedback and ideas are welcome.

Tuesday, June 24, 2014

Bitcoins Find Their Way onto Campus

Bitcoins, a virtual currency that uses cryptography to control the creation and transfer of money, is working its way onto campuses. King’s College, an evangelical school in Lower Manhattan, plans to allow students to pay their tuition with it this fall, while the British Columbia Institute of Technology will soon install a bitcoin ATM on its Burnaby, Canada, campus.

The ATM will charge users a transaction fee of 3%, with one percentage point of the fee going to the BCIT Student Association (BCITSA).

“It is very exciting to see the advancements BCITSA is able to provide our student population,” said Tyra Bermudez, vice president of external affairs for BCITSA. “Having a bitcoin machine is one of the many ways we are able to provide students with up-to-date industry and business trends.”

While there are not a lot of bitcoin ATM machines in North America, the number is growing. The BCIT machine is the first in a college building, but there are already machines near universities in Edmonton and Montreal.

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