With the rise of crypto as a payment, investment, and banking alternative, it’s no surprise that such a complex technology would attract the younger, more technologically savvy generation. Because of this, cryptocurrency has started to have a major impact on the lives of college students. We’ve compiled a list of ways that cryptocurrency Is currently changing the college experience.
Some Colleges Accept Crypto as Payment
One of the most significant debts associated with college is obviously tuition. Student loans are among the most common forms of debt in the world, and with tuition prices constantly rising, this can become a large source of stress in the lives of many college students.
However, some universities, such as UC Berkeley, University of Pennsylvania, and King’s College have started to accept cryptocurrencies as a payment method for tuition. This allows for those who may have a large amount of cryptocurrency to avoid withdrawal and transaction fees when trying to liquidate their crypto in order to pay for tuition.
In addition to paying for tuition and other expenses, students can also use cryptocurrency to pay for on-campus services, such as meals in the cafeteria or books in the campus bookstore. These colleges even offer their own digital wallets, which makes it easier for students to store and manage their cryptocurrency.
Using cryptocurrency as a payment method also allows for students to avoid high fees associated with traditional forms of payment, such as credit cards. Additionally, using cryptocurrency can be a more secure and convenient way to make payments, as it eliminated the need for students to carry large amounts of cash or to worry about their personal information being stolen.
By accepting cryptocurrency as a form of payment, colleges are showing that they are forward-thinking and willing to embrace new technologies, which can be attractive to potential students.
Students Are Choosing to Study Crypto
Some current students have also chosen cryptocurrencies as a field of study for their majors. Students these days see the massive potential that crypto has to disrupt the current financial norm, which is why a many of them have chosen to pursue it as a career path. A multitude of different colleges across the country offer cryptocurrency-related degrees, courses, and certifications that students can pursue as a part of their college education.
Even if their college does not offer a specific cryptocurrency program, many students have been inspired by cryptocurrencies to pursue degrees in related fields, such as computer science, finance, and economics. Some students are also choosing to study crypto as a part of their extracurricular activities, by joining campus clubs or participating in investing challenges.
There is a growing demand for experts in the field of cryptocurrency, since it is a fairly new technology that doesn’t have as much research done as other fields of study. Many students see studying cryptocurrency as a way to gain a competitive advantage in a job market that may not be very saturated.
Studying crypto gives students valuable knowledge and skills that will help them to understand not only the crypto industry but also other fields, which will make them more attractive to potential employers.
NFTs Are Part of Their Lives
Past generations had a fairly simple experience when it came to art. Only those who were able to see it physically in person were able to purchase it, or even admire it in the first place. Nowadays, NFTs have allowed artists to display their works of art to the entire world, and for them to get paid for it at the same time.
A college student could easily convert their art into NFTs which could greatly improve their exposure as well as allow them to make some income from something that may not have sold to a smaller audience. Students are also using NFTs to build investment portfolios as well as some passive income, since it may be difficult to do so traditionally as a full time student.
Many universities themselves have also gotten into the NFT space, using them to fundraise or give out real life perks. This year UC Berkeley minted an NFT based on the Nobel Prize-winning research of alumni James Allison. The auction for this token raised over $50,000 for immunology research.
BYU and Syracuse have bundled their NFTs with real world perks such as VIP seats for sports games and naming rights for specific parts of their school. Harvard University also gives out an NFT to every graduate, while Duke gives out NFTs as completion certificates for those who pass their blockchain technology course.
Want more information about how to make your artwork into an NFT? Check out our article How to Make an NFT for tips and tricks.
Students Can Receive Bitcoin as Gifts
For some students, gifts from loved ones can become a lifeline during their time in the dorms, as saving money can become tough while being a student. Cryptocurrency is also changing this dynamic, as it is becoming more common for people to receive payments using cryptocurrencies, including college students.
Receiving crypto as a gift can be a great way for college students to get started with cryptocurrency, and it can also help them to learn more about how it works, and the intricacies of receiving and sending it, which can be a valuable skill in today’s economy. The cryptocurrency they receive can also become a great starting-off point for a digital assets portfolio or investment portfolio. Additionally, it can be great for saving money, as it allows students to once again avoid high fees associated with other forms of payment.
Cryptocurrency is having a significant impact on the lives of college students. Along with the benefits listed above, crypto is an ever-evolving industry that could create new uses for itself in an instant. Many current college students see the potential for cryptocurrency to seriously disrupt the way we look at finance.
Students that use cryptocurrency are also gaining valuable knowledge and skills that will help them to succeed in the growing field and will prepare them for the future of financial technology. As cryptocurrency evolves, it will likely continue to play an increasingly important role in the lives of college students.