Georgia Tech to allow shopping, dining payments with bitcoins

Georgia Tech will become the first university to allow bitcoin payments for stadium concessions, student dining and shopping, the university and virtual money payment processor BitPay announced Wednesday.

Silver coins with the Bitcoin logo on them are displayed at a Bitcoin conference on in New York City in April. In actuality, bitcoins are virtula money that is exchanged online.(Andrew Burton/Getty Images)

Silver coins with the bitcoin logo on them are displayed at a bitcoin conference on in New York City in April. A bitcoin is actually virtual money exchanged online with the help of an app. (Andrew Burton/Getty Images)

After purchasing bitcoins with real money, consumers store the virtual money in an online wallet and transfer an amount to a seller’s virtual wallet to pay for products and services.

As a result, bitcoin users cut out the middleman (banks and credit card processors) and pay sellers directly. A computer or smartphone app transfers ownership of the bitcoins from the buyer to the seller.

(Check out this premium AJC Bitcoin 101 report)

BitPay says it will place point-of-sale devices in the student section of Bobby Dodd Stadium, and the Barnes & Noble store in Tech Square will have a bitcoin terminal for student credit BuzzCards.

“At Georgia Tech, we are always looking to lead in innovative ways, and this partnership with BitPay gives us an opportunity to do so by integrating this new technology at a sports venue and in the daily lives of our students,” said Georgia Tech Athletic Director Mike Bobinski.

The popularity of bitcoins is growing despite the volatile nature of their value and inherent risk since they lack federal monetary protections.

This week PayPal recently began allowing merchants to start accepting bitcoin payments after striking payment-processing deals with BitPay, Coinbase and GoCoin, which turn the coins into dollars for merchants for a percentage of the transaction. Merchants like the virtual transactions because don’t have to pay higher fees to banks and credit card processors.

How comfortable are you with using virtual currencies such as bitcoins?

Reader Comments 0

9 comments
GREYGHOST
GREYGHOST

Im'a still watching...............


What fractional/decimal parts are used in Bitcoin ?

TheDoobieMan
TheDoobieMan

Some computer science nerd will hack the system and steal everyones money. 

BizBeat
BizBeat

AtlantaMom, bitcoin supporters would argue virtual money is safer than carrying around cash. Some bitcoin merchants won't even accept credit cards.

AtlantaMom
AtlantaMom

"As a result, bitcoin users cut out the middleman (banks and credit card processors) and pay sellers directly."

Uh, doesn't cash accomplish the same thing?

NLC1128
NLC1128

@AtlantaMom "Your" cash is controlled by banks, human people with interests.$1000 in the bank is only a representation of what the bank "owes" you. A $10,000 limit is a calculated risk of what a bank or credit service will loan you. With Bitcoin, it's yours. You are not relying on any middle man lest speculators and deflation to establish its market value.

Which is going to be established as soon as NY makes a disposition of its use in the financial eco-system this month.

Times are a changing.

Numbers_R_Us
Numbers_R_Us

@NLC1128 I would say that "your" bitcoins are controlled by human people, taking the form of a sort of max headroom, with interests and that your bitcoins are nothing more than a representation of what max headroom "owes" you... the only difference being that your bank deposit is FDIC insured.

SayShenanigans1MoreTime
SayShenanigans1MoreTime

I like that the Federal Reserve cannot manipulate the value of a bitcoin... Free market at it's best.

Claver
Claver

I'm fine using it for something small like snacks.  But, I would not put any money into it that, at the end of the day, I was not prepare to lose.

Numbers_R_Us
Numbers_R_Us

@Claver I agree.  I would be willing to place $50, for example, at risk in exchange for the convenience and safety aspects of bitcoins.