Will I eventually be able to pay tuition in Bitcoin?

By Matt Klinger

Bitcoin has been in the news a lot lately.  While the peer-to-peer currency is often associated with dodgy transactions involving contraband items, its use by the mainstream commercial market is expanding, slowly.

Baidu, China's analogue to Google, recently announced that it will accept payments in Bitcoin, and in October a Bitcoin ATM was unveiled in Vancouver.  A recent Senate hearing on Bitcoin indicated the U.S. would not interfere with the currency's use, and Chinese officials have taken a similar stance. 

All this positive press has given such a strong boost to Bitcoin's value that some commentators believe it has developed the hallmarks of a "classic bubble."  Bitcoins traded at less than $15 earlier this year and are now trading at around $1,000.  Many institutions, especially educational ones, will probably see this meteoric rise as simply too-good-to-be-true and not risk swallowing a potential loss on such a novel currency.  

For now, paying tuition with Bitcoins seems a long way off.