MIT releases latest survey data on free Bitcoin airdrop project

Rage Review : In addition to actively exploring blockchain technology, MIT has always paid close attention to people's attitudes towards the industry. In 2014, a research project was launched on campus. Funds were raised to distribute Bitcoin to students for free, and students' usage and evaluation were studied for a long time afterwards. It was found that early users were more likely to accept Bitcoin as a value storage and transaction method, and paid more attention to the efficiency of using this currency. This research will promote similar research in universities around the world.

Translation: Annie_Xu

In the spring of 2014, the Massachusetts Institute of Technology (MIT) announced an ambitious plan.

Inspired by the active enthusiasts on campus, the prestigious American university raised $500,000 to distribute $100 in Bitcoin to each student. The project was completed in the fall of 2014 and will promote similar pilot projects on campuses around the world.

Despite the hype surrounding the bitcoin “airdrop,” little is known about whether it was successful or what students thought of it. Now, MIT researchers have released details of a study that used the airdrop to study “early adopters,” or individuals who may be the first to use or promote a new technology.

While the study hoped to answer many questions about early technology adopters, it stumbled upon students’ opinions on the airdrop.

For example, a student pointed out that 3,108 undergraduates registered digital wallets, and 89% of them were learning about digital currency for the first time. Among them, 35% were interested in Bitcoin investment, and 20% were interested in Bitcoin online payment.

The study also found that exchanging Bitcoin for traditional cash became a sign of early adopters abandoning Bitcoin technology, meaning it showed that students were more inclined to keep their Bitcoin funds.

The researchers collected data from providers of digital currency wallets for students to track the frequency of bitcoin transactions and found that early adopters were more likely to cash out their bitcoins once the rate at which they acquired digital currency from their peers slowed.

The report authors said:

"The longer they delay, the more likely they are to cash out because their need for cash becomes more urgent."

The study showed that 11% of students sold the Bitcoin within two weeks of receiving it, although the researchers did not rule out the possibility that the funds were transferred to other digital wallets.

The resulting study published the nature of these transactions, suggesting that early adopters were more aware of Bitcoin’s price and that they typically chose not to cash out when prices were higher.