Bitcoin loses out to old-fashioned cash, credit at MIT – The Boston …

NEW YORK — When two MIT students announced in 2014 that they would give away $500,000 in Bitcoin to undergraduates as a grand experiment of the renegade cryptocurrency, this being MIT, the usual thing happened: a college prankster tried to hack the system and grab all the money.

The hacker failed. But it may have also been the peak demand for Bitcoin on the Cambridge campus, according to results presented at an MIT Sloan School of Management financial technology conference on Friday in New York.


Two years after the MIT Bitcoin Project grabbed headlines across the globe with the goal of bringing the fringe currency into the mainstream, college students there are still sticking with cash and credit when they want to buy coffee, hit the bars, or pay their bills.

In the end, it turns out there are just too many other easy ways for students to pay, including cash, plastic, and mobile applications, such as Venmo, that can split bills among friends, said Christian Catalini, an assistant professor

Read more ... source: TheBitcoinNews

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