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$410,000 Worth Crypto Donation Raised In 7 Days – Bitcoin Donation’s Globally Accepted

Today, it is possible for any bitcoin owner siting anywhere to send financial help to a cause – immediately and without any hurdles which were abundant previously like high transaction costs and complicated formalities.

Receiving donations in bitcoin seems to get popular in these days. According to a previous report, donors contributed nearly $70 million in bitcoin and other cryptocurrencies to charitable causes last year through Fidelity Charitable, soaring 10x times in 2017.

Last December, the big news about an anonymous benefactor known as Pine giving away 5,057 bitcoins (valued at $86 million in December 2017) to charitable causes attracted much attention. According to its website, its Pineapple Fund has given 5,104 BTC – over $55m in donations – to 60 charities worldwide.

Binance, the largest crypto exchange by trade volume, has recently initiated a crypto donation, 50,000,000 JPY worth of crypto will be donated to two areas hit hardest by floods in Japan. Shortly in the last 7 days, roughly $410,000 donations has been raised, making the total donation valued at US$1,410,000 which consists of ETH and 30 different types of ERC20 tokens.

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Apart from areas hit by natural disasters, bitcoin also helps a lot in countries suffering from poverty, hyperinflation and riots, such as Venezuela and Argentina.

A team called Bitcoin Venezuela aiming to help with bitcoin adoption in Venezuela has currently raised over 24 billion VEF ($7,346), which is claimed to be used for humanitarian aid and educate people there to use bitcoin against the hyperinflation.

Many more such cases are happening and will come. Permissionless donations and sponsorship are becoming a popular and important use-case for bitcoin for its properties.

  • Censorship resistant. Nobody can stop or seize transactions being sent or received of any amount.
  • Anonymous/pseudonymous. No real life ID is required to use bitcoin. When used correctly, donations can be sent and received with complete privacy. In contrast with PayPal where both parties can see each other’s full name and address.
  • Accessible worldwide. Anybody can use bitcoin as long as they have access to the internet, including people who don’t have bank accounts or otherwise have access to financial infrastructure.
  • Potentially transparent. If set up this way, all donations can be publicly seen, which may be useful for accountability. Donations can also be completely private if desired.
  • Division of control. Bitcoin’s Multisignature feature allows several people can be custodians together. This could potentially make it harder for one person to embezzle funds.
  • Good uptimes. Bitcoin works 24 hours a day.
  • Quick setup. You can start accepting bitcoins instantaneously, without setting up merchant accounts, buying credit card processing hardware, etc, because bitcoin wallets are software that you simply download and install.

Though bitcoin-like cryptocurrencies are easily used for dirty works like money laundering, they are also helping organizations get donations seamlessly from bitcoin philanthropists across the world, and for this, it is doing good and will be globally accepted.

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