Austin Craig and Beccy Bingham's first three months of marriage will be unlike any other.
While most newlyweds are settling into their new home and getting used to the additional toothbrush in the bathroom, Craig and Bingham will be trying to figure out how they can pay their bills with an alternate currency, called Bitcoin, that is scarcely accepted.
Bitcoin is an electronic peer to peer currency that acts similar to a PayPal account. The only difference is Bitcoin is aiming to be its own currency as opposed to being a facilitator of cash transactions like PayPal.
Craig said he has been studying up on Bitcoin for more than a year and now is ready to take the plunge with his wife and see if they can survive the first 90 days of their marriage on the currency.
"I had been mentioning Bitcoin to her for a couple of months previous to talking to her about this experiment, so she was vaguely familiar with it," Craig explained. "To my surprise and delight she said it sounds kind of crazy but let's give it a shot."
Their quest is more than just a day of seeing if they can buy dinner on the alternate currency somewhere in Provo. Craig says he plans to push the limits and really see how far he and his future wife can stretch themselves. Both of their employers have agreed to pay them in Bitcoin currency, which means all of their money transactions for the three months will be in the new currency.
Craig said it is similar to using gold for a person's money. He said the key is trying to find businesses or individuals who will accept the gold, or Bitcoin, as a form of payment.
"I kind of don't know what to expect," he said.
Craig and Bingham's adventure in ditching the dollar will be documented every day by a film crew. One of Craig's friends thought the project was interesting and agreed to film their experiences as long as they can raise enough money to cover filming costs. Craig has started a Kickstarter page for the filming and the film is about $3,000 away from its goal of $70,000.
The two realize the task to live 90 days on a currency that is not widely accepted has its risks. In a video posted on their Kickstarter website Bingham wondered what she will do when her job needs her but she has no gas in the tank because there isn't a gas station that accepts the currency. She did say she is willing to go without modern conveniences such as electricity and telephones during the 90-day period. Both said they hope they don't lose their apartment during the experiment.
The happy couple plans to start living on Bitcoin the moment they step off the plane from their honeymoon. Craig said he hopes his project will encourage local businesses to look at accepting alternate currencies as a form of payment in the future -- he will need them to if he and his wife are going to survive.
"I think by the end of this there will a fair number of businesses that will accept Bitcoin," he said.