MIT undergrads to get $100 in bitcoin to create a crytocurrency economy

FILE - This April 3, 2013 file photo shows bitcoin tokens in Sandy, Utah. (AP Photo/Rick Bowmer, File)
FILE - This April 3, 2013 file photo shows bitcoin tokens in Sandy, Utah. (AP Photo/Rick Bowmer, File)

A pair of MIT students raised more than $500,000 to distribute $100 in bitcoin to every undergraduate student at the campus this fall.

Sophomore Jeremy Rubin and MBA student Dan Elitzer are spearheading the project to develop a digital currency economy at the school.

The students say this initiative will make the MIT campus the first place in the world with widespread access to bitcoin.

In order to build the infrastructure at the campus, the MIT Bitcoin Project will be working with on-campus merchants to educate them on Bitcoin and set up a process to accept payments.

The project does allow students to opt-out of the program.

While the organizers admit they don’t know how students will use their bitcoin, the goal is to build a physical location where bitcoins are ubiquitous to study crytocurrency on a large scale.

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures. – CNNMoney


Video above is for ‘MIT’s Premier Bitcoin Expo‘ on Saturday, May 3, 2014 from 11:00am – 6:00pm EST

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