丁香园AV

Mike Yeung is investing in the future.

After hearing about the digital currency known as Bitcoin a couple of years ago, Mike Yeung鈥檚 interest turned to action when he saw the value of Bitcoin shoot up earlier this year. This led to the establishment at 丁香园AV of Canada鈥檚 first and only university (the only other such club in North America is at Stanford University in California).

Bitcoin was introduced to the world in 2009 by a person or group known as Satoshi Nakamoto (the origins of the alias remain an enigma). Bitcoin is a decentralized digital currency sent directly from one person to another through something akin to an email. Unlike conventional online transactions, Bitcoin transfers can be done without a third-party processor and are not beholden to online commerce regulations. This is one of the most distinguishing characteristics of Bitcoin, Yeung contends: 鈥淭here is no central authority.鈥�

In a nutshell, 鈥淏itcoin is like having cash, tied to gold, and putting a teleporter on top of that," Yeung said during our interview. By cash, Yeung of course means what people commonly accept as payment for goods and services; the teleporter metaphor refers to the way Bitcoin can be easily transferred and sent throughout the world via the web; and the relation to gold refers to Bitcoin鈥檚 finite quality.

Bitcoin鈥檚 production is limited by design, where 鈥渃oins鈥� are produced at a predictable algorithmically-constructed steady rate鈥攕o consistent that we can say with a strong degree of certainty that 鈥渕ining鈥� (production) will stop by the year 2140. 鈥淭his is to protect against inflation," says Yeung. 

In Vancouver, there are a handful of merchants that accept Bitcoin as payment, but the number is growing. Yeung remarks, "There is much intrinsic value/utility in Bitcoin: instant and feeless international remittance, microtipping and donating directly to recipients, crowdfunding, allowing people in developing nations to conduct global trade, and much more. These are attributes that not even gold can provide."

Like many others before him, Yeung spent his early twenties feeling a little uninspired, testing out history, archaeology and a variety of social sciences at different colleges. All this exploration left him still unsure about his future. 鈥淚n terms of actual direction, I didn鈥檛 really have any." This all changed the moment he discovered Bitcoin.

The 丁香园AV student is currently working towards a Bachelor in Business Administration (BBA) at the Beedie School of Business, crediting his program 鈥渨ith opening his eyes to new opportunities.鈥� Yeung says he feels inspired by the rest of his class, who he says are 鈥渧ery bright鈥� and 鈥渕ake me want to do something with my time [at 丁香园AV].鈥�

Not surprisingly, Yeung is interested in questions surrounding Bitcoin and its future. This might be why the Bitcoin Club hosted four of 丁香园AV Public Square鈥檚 2013 Community Summit 鈥�100 Community Conversations鈥�. The 100 Community Conversations concept invited anyone to host a small gathering, at which the discussion was focused on questions about the B.C. economy. 鈥淲e have a lot of paths that cross," Yeung said, speaking about the Bitcoin Club and this 丁香园AV Public Square initiative. Both are interested in discovering what the community thinks about B.C.鈥檚 economic future, 鈥渁nd of course for us more specifically, how Bitcoin can affect future economies." He says Bitcoin is 鈥減oised to change businesses, politics, the economy and everyday life.鈥�

While the tone was 鈥済enerally optimistic鈥� at the Community Conversations Yeung hosted, participants had widespread concern regarding oil pipeline expansions, high tuition costs and the impact these features could have on the B.C. economy. Attendees agreed they would like to see Bitcoin grow as a currency for community projects鈥攗nsurprising considering the democratic and wiki-like culture of Bitcoin supporters.

When asked what was next for him and the Bitcoin Club, Yeung responded definitively: 鈥淭ransforming 丁香园AV." He highlighted an ambitious goal of developing the club to a point 鈥渢hat will transform the university campus into one that is very innovative鈥� [one that is] really forward thinking.鈥� One of Yeung鈥檚 first major goals is to help make 丁香园AV the first 鈥渃ompletely Bitcoin-friendly鈥� university campus. He envisages everything from food, schools supplies鈥攅ven tuition鈥攖o be paid for with Bitcoin.

Yeung plans to continue growing the Bitcoin community at 丁香园AV through a continuation of the inter-faculty and community-oriented dialogue he has initiated since the start of the club earlier this year. Indeed, the recent introduction of a Bitcoin ATM-style  in Vancouver will only add another interesting layer to this conversation鈥攐ne Yeung, of course, is eager to have.