Over some years back, cryptocurrencies emerged and gained popularity. In fact, the number keeps growing, a trend showing that cryptocurrency is here to stay and shape how our future will be. The rise and growth of cryptocurrency have increased the need for experienced blockchain developers, a career with a great salary margin.
Therefore, if you are a student passionate about tech and want to have a fulfilling career in blockchain, you can get custom coursework help and take your career path in the right direction. Blockchain is the technology base for cryptocurrencies. This guide explains how cryptocurrency impacts education. Keep reading for more useful insights.
What are the benefits of cryptocurrencies in education?
Education being one of the crucial sectors in life, it shapes our future and the generations to come, as far as technology is concerned. That is why cryptocurrency in education has the following benefits:
Payments of tuition fees
At first, it was people who opted to use cryptocurrencies when purchasing goods and services. Currently, most businesses are already into cryptocurrencies by creating a system that accepts cryptocurrency.
Learning centers, too, are now adopting the use of cryptocurrency. For instance, students from Bentley University outside Boston can now pay tuition using USDC, Ethereum, and Bitcoin, which are examples of cryptocurrencies. In fact, some schools accept cryptocurrencies for specified programs.
When you pay tuition via cryptocurrencies, it is easier, faster, and cheaper, especially for international students. With cryptocurrency, there is no transaction fee for international transfers and conversion rates, making it a perfect solution for students across the world.
Besides, the schools receive the payments instantly instead of having to wait for days to complete bank transactions, hence convenient.
Prepare students for the future
Cryptocurrency is a growing technology that keeps advancing. Incorporating cryptocurrency in education prepares students for the future, hence making their life easy, especially in businesses or working environments.
What are the challenges of cryptocurrencies in education?
While cryptocurrencies have a good share of positive impacts in the education sector, the same technology faces some challenges, as highlighted below:
Technical and philosophical constraints
Adopting blockchain technology or the use of cryptocurrencies in education have some tech limitations – institutional trust and this is one major challenge affecting this technology.
The question of showing proof of work is the real deal here. In distributed database management system, there is a ledger that simplifies the verification process, unlike cryptocurrency, which has none.
What’s more, with ledgers, small and growing learning centers can compete effectively with already established education centers, something that is hard when using cryptocurrency.
Therefore, the major aspects affecting the adoption of cryptocurrencies in education include cryptocurrency-mediated monetary transactions, degree certification attestation, and identity authentication.
Lack of financial resources
Even though the use of cryptocurrencies is among the growing solutions for digital problems, it lacks enough financial resources to make the technology successful.
Currently, only a few institutions are adopting the use of cryptocurrencies. What’s more, some courses don’t recommend the use of cryptocurrencies. This makes it hard for cryptocurrencies in education to thrive. Therefore, for this to be effective, more institutions should put in the effort to invest in technology, something that cannot happen within the shortest period.
Lack of awareness
Ideally, some educational institutions may lack adequate knowledge of blockchain or do not know anything to do with cryptocurrencies. It can be hard to convince such institutes to invest their resources and adopt blockchain technology in their system.
Therefore, blockchain stakeholders and educators have a heavy task to ensure that such institutes get to learn about the cryptocurrency benefits in education and make them adopt the technology.
Cryptocurrency, being one of the best digital solutions, is already impacting businesses positively. Incorporating this technology in education has a wide range of benefits to both the students and the institutes at large.