Georgia Tech To Accept Bitcoin At Shops & Stadium

The virtual Bitcoin currency moves even further into the mainstream as Georgia Tech has reportedly become the first major university to make a deal that will allow the use of Bitcoin for student purchases at dining halls and sporting venues.

According to the Atlanta Journal-Constitution, GT has partnered with virtual money payment processor BitPay to set up the system in which students trade in U.S. currency for Bitcoin. The virtual money can then be used at Bobby Dodd Stadium concession stands or in the school’s dining halls and shops.

(Check out our Bitcoin 101 page for all the basics on this virtual currency.)

While Bitcoin does allow for direct, easy payments from consumers to businesses and saves merchants the sometimes exorbitant fees charged by credit card networks, it’s also been incredibly volatile in recent months.

Not even a year ago, the value of a single Bitcoin soared to more than $1,000, but the current exchange rate is only around $385. Risk-averse consumers may be concerned about converting cash into Bitcoin without a more solid notion of what their virtual money will be worth in a week or a month.