Trends come and go, but cryptocurrency has a lasting impact. Now the most valuable and well-known, Bitcoin is a hit among traders and institutional investors because it’s a deflationary currency, so its value tends to rise over time. Equally, it leverages encryption to discourage fraud and hacking. You can buy Bitcoin online by using one of the major cryptocurrency exchanges, such as Binance. Cryptocurrency has beneficial effects on society at large. It doesn’t come as a surprise that the most enthusiastic about cryptocurrencies are young people in college. Due to its association with ground-breaking technology, cryptocurrency has an air of mystery and excitement. So, how can students benefit from using cryptocurrency? Well, let’s find out, shall we?
Crypto Can Be a Great Tool for Financial Education
College is the gateway towards adulthood. A big part of independence in college involves taking control of your time and what you choose to do with it. A common saying expresses the idea that freedom and responsibility are inseparable. You have the power to make choices, but you must accept the consequences of those choices and become accountable for your actions. Regrettably, many students are unprepared to navigate the financial challenges of adulthood, as they lack financial literacy. Financial literacy is the ability to understand and exercise various skills and concepts, of which mention can be made of budgeting, investing, managing debt, and planning for the future.
Cryptocurrency can help teach young people about financial literacy, offering them advantages for the rest of their lives. Even if many banking apps these days provide simulation experiences, they don’t teach youngsters how to navigate the decentralized financial system. Discovering and understanding Bitcoin can be an incentive for college students to explore the world of finance. Financially-educated people are more likely to plan to acquire cryptocurrency to diversify their assets, becoming part of the financial revolution. They make informed decisions when it comes to investing and managing their finances.
Higher educational institutions around the world offer courses and academic programs in the field of cryptocurrency. In the state of Kansas, four universities offer courses on blockchain and cryptography, namely the University of Kansas, Kansas State University, Wichita State University, and Ottawa University. The University of Kansas has a Blockchain Institute that focuses on multidisciplinary research, education, and the development of distributed ledger technologies. The aim is to collaborate, publish work, mentor students, and, of course, educate curious minds. As the world of finance keeps on evolving, it’s crucial for individuals to stay informed about the latest breakthroughs.
Students Can Pay Tuition Fees in Crypto
A college education shows prospective employers you can think critically to solve problems, undertake long-term projects, and have the capacity to learn new things. Over the past years, the cost of education has increased for the average student. Each student is charged a fee for the academic year they study, which covers registration, enrollment, supervision, and examination. Higher educational institutions now accept cryptocurrency as payment for tuition fees. To promote their programs, many accept cryptocurrency for tuition payments, converting payments into US dollars. It’s difficult, if not impossible, to speculate about the broader adoption across colleges, so only time will tell.
Students who have large amounts of cryptocurrency can avoid withdrawal and transaction fees when trying to convert their assets into cash. Other benefits include simplicity, privacy, and greater control. The decision to accept cryptocurrency payments is an indicator of colleges’ ability to propagate knowledge about state-of-the-art technology like blockchain and their desire to gain practical experience in this area. It goes without saying that educational institutions don’t handle cryptocurrency transactions themselves. All payments are entrusted to a processing firm, which converts the digital assets when the accumulated amount reaches a certain value.
Colleges have understood that giving students the option to pay with cryptocurrency makes the courses more affordable. They have nothing to lose as tuition remains the same. Students can make gifts and donations in the form of cryptocurrency. Colleges are more than happy to jump through the hoops to make it happen because they avoid paying capital gains tax on the earnings. The University of California received a donation in the cryptocurrency Bitcoin 2017, worth over $50,000. The contribution came from the EchoLink Foundation, an industry co-lead for the Blockchain Lab. The University of Illinois also received several cryptocurrency gifts.
Students Use Crypto to Fund Life at College
As mentioned earlier, a college education is expensive, and students have a good reason to worry about much they need to save. More often than not, the cost of boarding can trump tuition. The choice to live off campus can impact the overall cost of education – parking permits and utilities are almost always expensive. An ever-increasing number of college students are turning to cryptocurrency to fund their lives. Unable to work and with very few savings, young people must look into other means of supplementing their income. Group discussions planted the seeds of interest in cryptocurrency. Unfortunately, even if more students are investing in cryptocurrencies like Bitcoin, not all of them do their homework before investing.
Setting up a cryptocurrency wallet is so easy that anyone can do it. All you need is a smartphone and a dedicated Internet connection, and you’re good to go. Investing means holding crypto assets for a long time to earn profits from price changes. Rather than anticipating a peak or a dip, the investor seeks growth opportunities for a quality project. The money can be exchanged anytime because the cryptocurrency markets work around the clock. Investing in cryptocurrency can be a good idea for college students, but it’s necessary to become aware of the risks involved. Bitcoin, for instance, is volatile, which means there are unexpected changes in the market sentiment.
Wrapping It Up
All in all, cryptocurrency has started to have an impact on students’ lives, and as it continues to evolve, it will continue to play an important role. While more and more students are getting involved, many don’t properly evaluate the risks involved and treat cryptocurrency as a get-rich-quick scheme.