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title: MIT Students To Get Bitcoin Money This Fall | TIME
description: MIT students are getting free money! Well, free digital money. Two undergrads raised $500,000 to provide fellow students with $100 in bitcoin hoping to create a real bitcoin economy in the MIT community.
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# MIT Students To Get Bitcoin Money This Fall

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<!-- video src="https://cdn.jwplayer.com/manifests/04sa07Bp.m3u8" -->
## Video: MIT Students To Get Bitcoin Money This Fall

[Watch (HLS stream): MIT Students To Get Bitcoin Money This Fall](https://cdn.jwplayer.com/manifests/04sa07Bp.m3u8) (1:47)

![MIT Students To Get Bitcoin Money This Fall](https://cdn.jwplayer.com/v2/media/04sa07Bp/poster.jpg?width=720)

_Published 2014-04-30. MIT students are getting free money! Well, free digital money. Two undergrads raised $500,000 to provide fellow students with $100 in bitcoin hoping to create a real bitcoin economy in the MIT community._


---

Jul 27, 2023 4:36 PM UTC

---

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### The Biggest Money Pitfall for College Students

[The Nantucket Project: Bitcoin Might Be the Best Money Civilization Has Ever Seen](/video/Eo26Nm3w/)

### The Nantucket Project: Bitcoin Might Be the Best Money Civilization Has Ever Seen

---


## Transcript

MIT students are getting free money. Well, free digital money. Thanks to these two guys, Dan Elitzer and Jeremy Ruben, every undergrad MIT student, more than 4, 500 college kids, will receive $ 100 worth of Bitcoin this fall to start the school year. But, before we go any further, let's back up. What is Bitcoin? Bitcoin is the first decentralized digital currency. Bitcoins are digital coins you can send through the internet. Bitcoins are transferred directly from person to person via the net without going through a bank or clearinghouse. Within months of the proposal it was being used to buy and sell goods.

Although not always from the most scrupulous of traders. The legacy of Bitcoin around the world is still being determined. While Bitcoin is tolerated in the United States for now, countries like China have restricted Bitcoin exchange for local currency. But the students behind the study are hoping to create a real Bitcoin economy in the MIT community. Jeremy Rubin, an MIT sophomore, told the MIT student newspaper the Tech what I'm hoping is that infrastructure gets sufficiently built around MIT that Bitcoin actually becomes useful commodity to have. According to a press release about the project, the students have raised $ 500, 000 to finance the experiment, with the bulk of the money coming from MIT alums.

And while most businesses in the area do not accept Bitcoin now, Mashable points out thousand of undergrads with about half a million dollars in Bitcoin will likely grab the attention of local merchants. To help introduce MIT students and staff as well as local business owners to the Bitcoin concept, there'll be a Bitcoin Expo where leaders in the national Bitcoin community will explain how it works and how to build a local economy around it. Thanks for watching I'm Jamal Andrews.

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