Why MIT Students are Receiving $100 Worth of Bitcoins

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4,500 MIT undergraduate students are being awarded with a $100 worth of bitcoins in an effort to create a “bitcoin ecosystem.”

Two students from MIT, Jeremy Rubin and Dan Elitzer are leading the project on the virtual currency, offering students the chance to use bitcoins and educate merchants and the public on how they are used.

“Really, it’s like the early days of the Internet, where the sky’s the limit, and there are so many things that could be built,” Rubin said. “Something we build has to be a little more compelling than just cashing out.”

Some of the projects underway with the bitcoins include apps, kickstarter campaigns, secure bitcoin wallet systems and a decentralized stock exchange.

Over half a million in bitcoins was donated by MIT alumni and Bitcoin communities for the project, all with the hope that bitcoins can become a main form of payment in the not to distant future.

According to the statistics, at the end of August 2013, bitcoins had exceeded $1.5 billion despite only being in circulation since 2009.

“No matter what happens, we’ll learn something about Bitcoin.” concluded Rubin.

 

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