Attending MIT this fall? Good news! You’re getting a bit of a tuition rebate, in the form of a $100 Bitcoin credit.

It’s all part of the MIT Bitcoin Project which is unsurprisingly being spearheaded by the MIT Bitcoin Club. They’ve raised more than $500,000 to find out what happens when the university population has access to the cryptocurrency and places nearby to spend it.

Why announce the project now, just ahead of summer vacation? According to Bitcoin Club president Dan Elitzer, it’s to give MIT students plenty of time to come up with cool Bitcoin-powered ideas. “When you step onto campus this fall, all of your classmates are going to have access to Bitcoin;” Elitzer said, adding “what are YOU going to build to give them interesting ways to use it?”

What could possibly go wrong? $100 in mostly untraceable cryptocurrency passed out to thousands of university students? $452,800 is a lot of cash. More than enough to pay for a campus-wide rager of epic proportions fueled by provisions purchased from anonymous online markets like Silk Road 2.0.

Then again, Bitcoin is accepted by some pretty big-name online retailers like Overstock.com. You can pay for a game of pool ortickets to a Sacramento Kings game. Granted, those take place a long, long way from MIT, but you could also buy yourself a Isaiah Thomas jersey and get it shipped. Heck, you could even pop your $100 worth onto a Bitcoin debit card and spend it anywhere you like — not just at whatever on-campus outposts the MIT research team sets up… see more

source: Geek