Bitcoin Struggles To Catch on At MIT

Bitcoin is a great tool for students looking to make an extra buck. Given its geeky nature, cryptocurrency can make a significant impact among students and youngsters. MIT is leading the charge in this regard, as two students wanted to give away a lot of money in Bitcoin to boost adoption. But how are things faring ever since?

Bitcoin At MIT Is No Big Draw

When the two students announced the Bitcoin giveaway back in 2014, it didn’t take long to attract unwanted attention. Several people tried to “hack the system”, which ultimately failed. While these types of attempts are not uncommon, it goes to show messing around with Bitcoin is not straightforward. But how is Bitcoin doing over at MIT so far?

Unfortunately, things aren’t looking all that positive for the cryptocurrency. The MIT Bitcoin Project is still around, and actively trying to educate student son cryptocurrency. Most of the students stick to cash or using credit cards whenever they are paying for goods and services. So far, Bitcoin hasn’t made any significant impact.

Being a student in this day and age of digital payments is a blessing and a curse. The sheer number of different payment methods is staggering. Competitors such as Venmo are a bit problem for Bitcoin adoption, even at MIT. Not too many stores around campus have started accepting Bitcoin either, which isn’t helping matters.

As was to be expected, those who receive Bitcoin back in 2014 turned it into fiat currency almost immediately. Many people saw this as an opportunity to score a quick free US$100, without appreciating the thought behind it. But there are some who stuck with Bitcoin, and they used it to buy things online or even went into the world of Bitcoin trading.

There is still a lot of work to be done before Bitcoin becomes a mainstream currency at MIT.  While it was to be expected this process would take some time, many people had hoped for a bit more progress by now. But the future of Bitcoin at MIT is not over just yet, as there is still a big focus on learning more about this ecosystem.

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