Newsletters
News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
This ad will display for the next 20 seconds. Click for more information, or
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
Cloud Computing
Tame your scariest paperwork. Find Out How
Average Rating:
Rate this article:  
MIT Students Look To Jumpstart Bitcoin Economy
MIT Students Look To Jumpstart Bitcoin Economy

By Seth Fitzgerald
April 30, 2014 12:03PM

    Bookmark and Share
By announcing their plan to develop a bitcoin economy at MIT months ahead of time, students Jeremy Rubin and Daniel Elitzer are hoping that businesses located near MIT will begin to implement bitcoin payment systems. Additionally, MIT students now have a few months to design innovative applications for bitcoin.
 



Two students at the Massachusetts Institute of Technology (MIT) have announced a plan that will hopefully create a small bitcoin economy around the school. Recently, Jeremy Rubin and Daniel Elitzer, who are involved with the university's bitcoin club, began to raise money for their cause. To date they've amassed more than $500,000.

With the money they've collected, Rubin and Elitzer have decided to give each of MIT's 4,500 undergraduates $100 worth of bitcoin in the fall. The pair hope that by doing this, the students will not only become interested in the cryptocurrency but that some of them will create businesses centered around it.

The Donor List

According to Rubin, just 25 donors were involved in the process and half of the $500,000 came from Alexander Morcos, an MIT alum who co-founded the New York-based high-frequency trading firm Hudson River Trading.

It took just a matter of weeks for Rubin and Elitzer to court the 25 donors and raise the money necessary to jumpstart what could end up being a bitcoin economy. If it takes off, the economy could encompass MIT and the many surrounding businesses that frequently interact with the university's students.

Getting People Involved

Bitcoin has only been around for five years, but for much of its life the cryptocurrency was only used among small groups of individuals. However, a lot has changed over the past two years, and now even large businesses like Overstock.com accept bitcoin as a valid form of payment.

Though some companies are getting on board with digital currencies like bitcoin, it is still rare for a business to accept it and even more so for someone to actually use bitcoin to pay for something. Bringing bitcoin into the mainstream seems to be the primary goal of Rubin and Elitzer.

By announcing their plan months ahead of time, the pair hope that businesses located near MIT will begin to implement bitcoin payment systems. Additionally, students will have a few months to design innovative applications for bitcoin.

Handing out units of a cryptocurrency for free is not as crazy as it sounds and it has happened in the past. Last year, someone known as the Bitcoin Billionare decided to give away $13,000 worth of the currency on Reddit. More recently, alternatives to bitcoin that are not worth as much have been used to "tip" people.

Whether it is the $500,000 that will be handed out at MIT or the small tips given to people on Reddit, the goal is the same. Enthusiasts in the cryptocurrency community have continued to find that if people are enticed into using bitcoin with the help of donations, more people will become interested in alternatives to fiat currency.
 

Tell Us What You Think
Comment:

Name:





 Cloud Computing
1.   Microsoft, IBM Cloud Catching AWS
2.   Yammer Moved to Office 365
3.   IBM, California Partner in the Cloud
4.   Dropbox for Business Boosts Security
5.   Avaya Pressing Hard on Cloud-Based UC


advertisement
Amazon Intros Zocalo Storage Service
Online storage and sharing for business.
Average Rating:
Avaya Pressing Hard on Cloud-Based UC
Provides easier, faster provisioning.
Average Rating:
Cisco Woos More Devs with DevNet
To create new network-aware apps.
Average Rating:
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Researchers Working To Fix Tor Security Exploit
Developers for the Tor privacy browser are scrambling to fix a bug revealed Monday that researchers say could allow hackers, or government surveillance agencies, to track users online.
 
Wall Street Journal Hacked Again
Hacked again. That’s the story at the Wall Street Journal this week as the newspaper reports that the computer systems housing some of its news graphics were breached. Customers not affected -- yet.
 
Dropbox for Business Beefs Up Security
Dropbox is upping its game for business users. The cloud-based storage and sharing company has rolled out new security, search and other features to boost its appeal for businesses.
 

Enterprise Hardware Spotlight
Watson Gets His First Customer Service Gig
Since appearing on Jeopardy, IBM's Watson supercomputer has been making a living using his super-intelligent knowledge base for business verticals. Now, Watson's been hired for his first customer service job.
 
Tablet Giants Apple and Samsung Feel the Heat
When a company saturates its home market with a once-hot product, expect it to pump up efforts elsewhere. Apple, for its part, is now pushing iPads to big corporations and the enterprise market.
 
Microsoft Makes Design Central to Its Future
Over the last four years, Microsoft has doubled the number of designers it employs, putting a priority on fashioning devices that work around people's lives -- and that are attractive and cool.
 

Mobile Technology Spotlight
T-Mobile Calls 'BS' on AT&T's New Promotion
While Verizon Wireless is moving to throttle bandwidth hogs, a scrappy T-Mobile is taking on the giants with a limited-time promotion it hopes will drive up the churn rates of its wireless rivals.
 
Microsoft Update to Windows Phone 8.1 Already Coming
An update to Windows Phone 8.1 is on the way just weeks after the release of the product itself. Microsoft has begun detailing some of the update features to phone manufacturers.
 
Stanford Researchers Report Battery Breakthrough
Stanford researchers have found a way to use lithium in a battery's anode, a breakthrough that could triple capacity and has been described as the "holy grail of battery science."
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | Data Storage | CRM Systems | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech
Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.