It might be difficult to believe, but there was a time when cryptocurrency was associated as much with being generous as it was with hackers and drug dealers. Or, more relevantly in today’s context, as much as instant millionaires and wealthy technologists.
Some early Bitcoin developers like Amir Taaki (a cypherpunk, yet another thing people don’t remember crypto was associated with) firmly believed that it wasn’t that you could pay for coffee or pizza with crypto that made Bitcoin famous, but dark market use.
But there was something else that pushed cryptocurrency into the headlines all those years ago: charity.
Trawl the Internet and you’ll find how:
- Dogecoin, through its Doge4Water campaign helped raise $50,000 for a Kenyan water crisis in 2014, and helped fund a Jamaican bobsled team in the Winter Olympics in the same year.
- an anonymous early Bitcoin adopter set up the $86 million Pineapple Fund for charity.
- hundreds of early crypto users built faucets and gave away crypto worth millions of dollars, simply to promote their idea of a decentralized financial system.
In fact, research is showing that more and more people are donating to charity using cryptocurrency, such as this report from Fidelity, which recorded $7 million in donations from Americans using crypto in 2016, growing annually since they began tracking.
And there is little reason to think that that the world’s new wealthy elite produced by cryptocurrency will not be seeking out more ways to engage in philanthropy.
Giftcoin — charity, the blockchain way
Giving and charity are arguably some of the earliest instinctive notions that we encounter as human beings. But charity — as a sector in itself — hasn’t been having the best times recently, with plenty of media scorn poured on scandals, resulting in all-time lows of public trust and confidence in charities.
Our partner, Giftcoin, demonstrates a perfect example that shows how charity is a natural target for blockchain and cryptocurrency disruption — where the very features of transparency and decentralization would appeal to those concerned with the lack of these specific aspects in charities.
The gist of it the Giftcoin cryptocurrency is this:
1. Users conduct their daily financial transactions as normal, allowing the Giftcoin service to round up purchases, payments and spends, converting the extra into Giftcoin.
2. All that change adds up! Once users have accumulated enough Giftcoin, they can choose from a wide selection of charitable and non-profit organizations to donate it to on the Giftcoin platform.
3. Once donated, Giftcoin lets users see when and how that donation is spent.
And that’s how giving should work, the way blockchain was designed: to allow users to track, trace and openly see how their donations make their way to their causes. And because of the direct payment to charities, users can feel more closely connected, instead of relying on an intermediary, hoping and trusting that their money goes to those who really need it.
We all comprehend the immense potential for blockchain tech and crypto to “change the world”, bringing people and needs closer together with decentralization. But it is especially in philanthropy, where trust is such a delicate issue, that a trustless system of charity donations can do much to effect social change.
Keen to learn a little bit more about how Giftcoin works?
The Giftcoin pre-sale is now ongoing, running up to the general sale that launches on March 10th, 2018, which requires a pre-registration process.
Curious about what AmaZix can do for you?
We’re always on the lookout for another exciting project to work on. If you’re working in the crypto space and planning an ICO, or just want help managing your communities, we’d love to hear from you.
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Exported from Medium on January 30, 2020.