A physical bitcoin made by Casascious. I suppose as an attempt to make it easier to use? That coin could be have been worth anywhere between $300 - 1200 USD this past year! (via Casascius)
While bitcoins aren’t backed by a government body or well-known bank, the digital currency is still gaining ground in some communities, who will not let the concept die without a fight.
One community that’s taking a huge risk on the concept is the Massachusetts Institute of Technology. Next fall, MIT will give each student $100 worth of bitcoins to see how the digital currency fairs in a real-world setting. It only makes sense that MIT would sponsor such a project – after all, it does have a Bitcoin Club.
MIT Bitcoin Club President Dan Elitzer and colleague Jeremy Rubin organized the experiment, which includes raising half a million dollars from alumni and other donors to make the project possible. Any leftover money will go to the university to continue to enhance programs for undergraduate and potentially graduate students.
Elitzer hopes the experiment makes MIT the biggest bitcoin-based community on the planet. If the project is a success, it could send the value of bitcoins through the roof, as the value fluctuates based on demand, much like stocks. If you were thinking about getting in on the investment, now would be the time.
But what about security? While there hasn’t been specific word on just how secure use of the currency will be on campus, MIT computer scientists and faculty are working hard on preventing digital hacks, as the currency is not insured and when stolen the owner is simply out of luck.
The students hope that this project is the first step towards making bitcoins a widely-accepted form of currency and compare the concept to the early stages of the internet (let the kids dream), but they aren’t the only ones predicting a bright future for the electronic form of payment. A plethora of bitcoin-based gadgets are also under development, like MEVU’s wearable bitcoin bracelet.
While bitcoins would really have to catch on in order for the product to sell, MEVU created a Bluetooth-powered bracelet that enables users to pay for their purchases with bitcoins by a simple flick of the wrist.
The silicon bracelet is a prototype and some adjustments must be made before it ever reaches stores. For one thing, it’s based on the iOS, but most Apple apps are no longer supporting bitcoins. What is more,, most retail locations are not yet accepting bitcoins, making purchasing the bracelet to shake your band at your computer a hard sell. Nonetheless, it shows forward thinking and a lot of confidence in the technology overall.
Have you invested in bitcoins? It may be time to make the jump.
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