Students have started a new club focused on cryptocurrency, aiming to spread awareness about a currency known as bitcoin.
The first meeting of the cryptoasset club took place on Sept. 12.
Eduardo Lima, business senior and current president of the organization, said bitcoin is not an easy thing to define.
“If you asked 100 different people what bitcoin is, you’re likely to get 100 different answers,” Lima said. “To me, first and foremost, bitcoin is a new form of money. And more importantly, it is the best form of money that man has ever seen. I like to call bitcoin the ultimate form of private property.”
Lima said he first discovered bitcoin a few years ago.
“I first learned about bitcoin in 2014. My first thoughts were that it was ‘cool internet funny-money,’” he said.
Lima said bitcoin’s initial intent was as a currency used for darknet sites like the silk road (a shut-down website only accessible via darknet browsers such as Tor). However, bitcoin continued to rise in popularity, becoming more widely used.
Lima said there are several things that make bitcoin unique. First, it is entirely digital; there is no such thing as a physical bitcoin. Bitcoins can only be exchanged via applications on computers and phones referred to as “bitcoin wallets.”
Mackenzi Fox, business administration senior and vice president of the cryptocurrency club, said bitcoin’s value is ensured by limiting the quantity of existing bitcoin.
“What makes them so unique is that only 21 million bitcoins will ever be created, so it is a fixed amount. That’s where it gets its value,” Fox said.
Fox said the United States dollar is a form of fiat currency, meaning its value is determined by a group of people, not a concrete standard. The United States Treasury can print more dollars at any point in time, but there will never be a bitcoin that exists beyond the 21 million planned.
Members of the club said it has three primary goals:
1. Current members intend to spread awareness and offer education on what bitcoin is and how it works.
2. Advocate for policies and laws within the city and state legislatures to support the growth of bitcoin and other cryptocurrencies.
3. Discuss potential investment opportunities regarding bitcoin.
The club does not have any current plans for events outside of their current meeting schedule, but members are looking to grow the membership of the cryptocurrency club in the meantime.
Sonner Mouland, history sophomore, said he is interested in learning more about cryptocurrency.
“There are certain things I’d like to know that I don’t understand,” Mouland said. “How does it gain actual, real-world value? How is it spent?”
Mouland said he would be interested in going to cryptocurrency presentations.
For those interested in learning more about what bitcoin is and how it works, cryptocurrency club officials said students can attend meetings at 6 p.m. biweekly at Sarkeys Science and Math Center.
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