University of Nicosia Receives First Bitcoin Tuition Payment

February 10, 2014 18:00 UTC

In November of 2013, the University of Nicosia (UNic) announced their acceptance of  Bitcoin for all payments as well as their intention to launch a Master’s of Science degree in Digital Currency (MSc in Digital Currency).

The news was widely reported by the likes of Vice and RT given the association between Cyprus and Bitcoin that developed in the first half of the year 2013.  It wasn’t even a month after UNic’s announcement that Francois Rossouw, a South African Bitcoiner,  paid 1 BTC towards his online MBA degree at the University and had these inspirational words to say:

“I am honoured to be a part of this historical occasion. Being able to pay for a world-class tertiary education with bitcoin was a dream of many, but few believed that it would become a reality so soon.”

When I wrote about Francois Rossouw, I knew that I needed to join him in realizing this momentous dream.

I promised my readers that I would apply to the Master’s Degree in Digital Currency and, should I be accepted, that I would pay my tuition using Bitcoin.

The day has come…

Late January, I received my acceptance letter from the University of Nicosia informing me that I had been accepted into their new Master’s of Science Degree in Digital Currency program.  To clarify, I will be attending classes using the University’s distance learning software, even though I suppose I could use Bitcoins to buy my airplane ticket to Cyprus if I really wanted to.

This payment marks a moment in Bitcoin history

In this transaction, made possible by Cyprus’s very own Neo & Bee, I paid 1.68544 BTC for 1,055 Euros worth of fees and a tuition deposit towards my Master’s Degree in Digital Currency.

This marks the first “Bitcoin Tuition Payment” for a Bitcoin-related degree ever.

MSc in Digital Currency Information

The calendar year long programme is split into 3 separate semesters for a total of 9 classes, or 27 credits.  There are 6 required courses and 6 elective courses, of which degree candidates will be able to choose 2 or 3.  Required courses include Cryptographic Systems Security and International Currency Markets, from Unic’s Computer Science and Finance departments, respectively.

The first course in the program, Introduction to Digital Currency, will be made available online and free of charge to all interested Digital Currency enthusiasts.

The University of Nicosia’s Digital Currency Initiative is keeping to their planned Spring 2014 launch of the Master’s Degree in Digital Currency and I was informed that more information would be forthcoming in April.

Last modified: April 20, 2014 18:31 UTC


Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.