When BCU goes live, all that will be required to enroll is a user name, email address, and a password. Along with the $20 tuition payment that’s it. Students will then have full access to all of the course material for a year.
For students that opt in to be Mentors (see “BCU Commission Program”), some additional information and steps are required. First they must create a wallet with a reputable exchange like Coinbase (http://www.coinbase.com) by providing their name, email address and password (5 minutes). The exchange will create a “public key” which is the address of their wallet, much like a bank account number. Mentors will then supply BCU with their wallet’s public key where bitcoin commission payments will be sent, their sponsor’s public key so the up-line Mentors can get paid their commission, and a phone number that can receive text messages for commission payment notification (optional) (another 5 minutes).
In addition, Mentors must provide BCU with the following federal form 1099 MISC information:
- Full Name
- Social Security Number or Tax ID Number
This sensitive data will be stored offline in a cold file and only accessed at the end of the year for tax reporting purposes. That is the only reason this information is collected and BCU takes its fiduciary responsibilities seriously.
Students can opt-in to become Mentors at any time during their school year. It's perfectly fine to wait a bit before making up one's mind.
Adam Smith (Scottish moral philosopher and economist), “All money is a matter of belief."