on November 7, 2021 at 8:00 a.m.
Bitcoin is getting a bad rap. The fast-growing cryptocurrency is often referred to as seedy, risky, difficult to use, and difficult to understand.
The Utah State University Bitcoin Club hopes to challenge this stereotype.
Before joining the club, Marissa Dotson, the club’s treasurer, was suspicious of Bitcoin.
“It’s really risky,” said Dotson. “It’s something new, something that someone created that no one knows who he is. Okay, why should you trust that? “
After learning more about Bitcoin and joining the club, Marissa now has a different mindset. She still realizes that it has some risk factors, but realized that it can pay off if used carefully.
“Any cryptocurrency, any investment, will always be risky,” Dotson said, “but as long as you do your research and know what you’re getting into, and you don’t spend your entire life saving on it. It’s a good investment opportunity to look at. “
The founder, Edward Pfeiffer, started the club that semester after taking an interest in starting his own club.
As he scrolled through the USU club catalog and looked for ideas, Pfeiffer said he was surprised that USU did not have a Bitcoin club.
The club has grown steadily since it was founded. Only two people came to the first meeting, but now the club has about a dozen with over 40 people on its Discord server – the club’s main form of communication.
“We have new members who come and go and all,” said Kyle Turley, the club’s secretary. “So our club itself is pretty open.”
The club focuses on three main goals: educating the public about Bitcoin, creating a fun environment, and doing philanthropic work.
Yes – philanthropic work. The club makes donations to charities across the community.
“If we can help the people of Cache Valley have better lives and better lives, we should do everything we can,” said Dotson.
Although the club does not use any money raised through Bitcoin to donate to organizations, they run a variety of fundraisers. The club is holding a “Super Smash Bros” tournament on November 11th at 5 pm in the Life Sciences Building. The money will be donated to the Cache Refugee and Immigrant Connection.
The club’s fundraising drives highlight two important aspects of Bitcoin. First, it shows how Bitcoin can be used to help marginalized communities.
Bitcoin doesn’t need a third party owner. Immigrants who have traditionally used companies like Western Union to send money to families in their home countries can use Bitcoin to send money instantly and with no fees.
The club’s philanthropic work also works to break down negative stereotypes about Bitcoin. It helps to see the cryptocurrency in a new light that underlines its positive uses for financial investments, for example.
Bitcoin is a cryptocurrency or form of currency, just like the dollar or the euro. However, cryptocurrencies are decentralized, which means they are not backed by any government or bank. This means that anyone can access it and it cannot be influenced by any company or the government.
Bitcoin was created in 2008 and is considered the first cryptocurrency.
Lots of people make money by investing in Bitcoin. Bitcoin uses the law of supply and demand. Hence, the value of Bitcoin fluctuates over time. People buy bitcoin in hopes of selling it when bitcoin’s US dollar value is higher.
People also mine cryptocurrency. Miners use high-speed computers to independently confirm and verify transactions, essentially creating a common public ledger called the blockchain. After each verification they are paid via Bitcoin.
The club’s secretary Kyle Turley became interested in bitcoin in the spring of 2021 when he started mining bitcoin on his family’s computer. He ended up making about $ 1,000.
The initial payout sparked his interest in the cryptocurrency, and when he came across the club on Discord a few months later, he decided to give it a try.
“I thought you know, hey, this might really be something you should invest your time in,” Turley said. “That’s how it all started.”
The club meets every other week on Thursday. The club also occasionally hosts game nights where members can hang out and play Super Smash Bros. Turley says this is a way to create a fun environment and reduce the stress that can come with talking about a complex topic like Bitcoin.
“It’s just a way for all members to get together and just have fun,” said Turley.
Dotson, the club’s treasurer, describes the club’s dynamic as relaxed, open and fun.
“We’re super relaxed,” she said. “Have fun. You come to the club and we will try to make you as welcome as possible.”
The meetings are usually pretty informative too, and have helped Dotson learn a lot more about Bitcoin in a safe, relaxed environment.
“There’s a lot more to cryptocurrency that I didn’t know about until I started going to these meetings,” said Dotson. “So it’s nice to have an educational point of view on it.”
—Natalie.rust@usu.edu
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