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Want $100 Worth of Bitcoin? Join MIT!

It is common knowledge that MIT is one off the most sought after universities in the world. Well guess what, MIT has just gotten even better! How? It all started with a tiny question; a question that asks “how would Bitcoin be used if everyone had it?” This question popped up in the heads of two MIT students.

To come up with an answer to this question these two students embarked on an ambitious project. An experiment where every single undergraduate student at MIT campus, yes all 4528, get $100 worth of Bitcoin.

The experiment will begin this fall and the amazing thing is that Dan Elitzer and Jeremy Rubin have already raised more than $500,000 for the experiment. The funds, according to them, have been donated by MIT alumni and the Bitcoin community.

In a statement, Jeremy Rubin said that “Giving students access to cryptocurrencies is analogous to providing them with Internet access at the dawn of the Internet era,”. He added that “When the distribution happens this fall, it will make the MIT campus the first place in the world where it will be possible to assume widespread access to Bitcoin.”

The Goal

The objective of this experiment is to understand what will happen when an ecosystem for digital currencies is created.

The experiment does not just end with distribution of the Bitcoins. Dan and Jeremy will also assist businesses around campus to gear up to accept Bitcoin payments. In addition to this, the experiment will include a study into how students will use bitcoins and try and stimulate academic and entrepreneurial activity with the project.

Elitzer also stated “We want to issue a challenge to some of the brightest technical minds of a generation: ‘When you step onto campus this fall, all of your classmates are going to have access to bitcoin; what are you going to build to give them interesting ways to use it?'”

Bitcoin Ecosystem

It has been a difficult year for the Bitcoin with multiple highs and lows. It surged then went into free fall, regulators were appreciative at first then disregarded it, trading exchanges popped up everywhere and then burst like a bubble.

Currently Bitcoin is nowhere near its prime which it achieved around the beginning of the year and runs the danger of fading away into obscurity. Although there is still life left in the Bitcoin, whether this experiment will give a better insight of a true cryptocurrency ecosystem and end up rejuvenating the Bitcoin remains to be seen.

 

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