A motion graphic explaining what Bitcoin is and how Bitcoin works. Keith Carter and Ashley M. Williams, USA TODAY Network
Each of the 4,500 undergraduate students at Massachusetts Institute of Technology will receive $100 in Bitcoin this fall.
Two MIT students, Jeremy Rubin and Dan Elitzer, have led the effort to raise $500,000 to create what they describe as a Bitcoin ecosystem.
In addition to giving away the digital currency, the project will study how students use Bitcoin and educate on-campus merchants about the currency.
'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 in an interview with USA TODAY Network.
For example, Rubin said he envisions students building apps for a decentralized Kickstarter campaign or a decentralized stock exchange. Students could also address how to securely store Bitcoin wallets, he said.
The half a million dollars came from 25 donors in the MIT alumni and the Bitcoin communities, Rubin said.
Rubin said he doesn't know how students will use Bitcoin, but said, 'Something we build has to be a little more compelling than just cashing out.'
He added, 'No matter what happens, we'll learn something about Bitcoin.'
Started in 2009, Bitcoin has exceeded $1.5 billion as of the end of August 2013, according to the Bitcoin website.
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Posted by Unknown on Wednesday, April 30, 2014 - Rating: 4.5
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