MIT Students Plan Campus-Wide Bitcoin Distribution
CAMBRIDGE, MA – Two MIT students have raised half a million dollars for a project to distribute $100 in bitcoin to every undergraduate student at MIT this fall.
Jeremy Rubin, a sophomore studying computer science at MIT, and Dan Elitzer, founder and President of the MIT Bitcoin Club and a first-year in the MBA program at MIT Sloan, have undertaken an ambitious project aimed at creating an ecosystem for digital currencies at MIT. Plans for the MIT Bitcoin Project involve a range of activities, including working with professors and researchers across the Institute to study how students use the bitcoin they receive, as well as spurring academic and entrepreneurial activity within the university in this burgeoning field.
Through the MIT Bitcoin Project, Rubin and Elitzer aim to help MIT continue its long tradition as the preeminent educational institution at the forefront of emerging technologies, and establish MIT as a global hub where Bitcoin-related research, ideas, and ventures are studied, discussed, and developed. The bulk of funding for the project is being provided by MIT alumni with significant additional support from within the Bitcoin community. The total of over $500,000 already pledged will cover the distribution of bitcoin to all 4,528 undergraduates, as well as infrastructure and informational activities related to the initiative.
Adafruit is pleased to offer BitCoin as a payment method for Adafruit purchases. We’re using BitPay as our payment processor. BitPay is an electronic payment processing system for the bitcoin currency. BitPay enables online merchants to accept bitcoins, as a form of payment like payments from Visa, Mastercard, Amex, Google Wallet and Paypal.
Here’s a video from BitPay that explains their service. And below is the Bitcoin.org overview of Bitcoin and video.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.