Simon Fraser University is making another leap into the digital currency frontier by accepting Bitcoin for the purchase of textbooks.
The university made the announcement on Monday that Bitcoin can be used for the payment of textbooks and other retail goods at the university’s bookstores located in the Burnaby, Surrey and Vancouver campuses.
To support the payment system, automated Bitcoin vending machines have been installed at the bookstore locations to allow customers to convert their cash into the digital currency.
“The only way to have an opinion about digital currencies is to learn about it, and we are providing a first-hand experience in that regard,” says Mark McLaughlin, SFU’s executive director of ancillary services, in a statement.
“SFU has one of North America’s most prominent Bitcoin student clubs and they have asked us to help introduce Bitcoin to the SFU community.”
Bitcoin is a purely digital and completely decentralized currency. Like the bulk of major currencies, it exists as data and its value is derived from the perception of it. Where it differs is that the fact that Bitcoin has a limited quantity due to the increasing complexity of the algorithms and with no central body it is essentially open-source.
Bitcoin transaction capability at the SFU bookstores begin May 26. The university already accepts bitcoin for donations.