Category Archives: GiveCrypto

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Direct Debit vs Blockchain: Breaking the Donation Conundrum

Direct Debit vs Blockchain: Breaking the Donation Conundrum

Blockchain has the potential to deliver what all people want have been asking for over the years: payment environments where donor money can be tracked by all parties, ensuring support arrives at the point of need in its entirety.

Writer Richard Cornfield recently examined the questionable nature of donating to charity in today’s myriad of needy causes. He has examined the long accepted method of charitable donations and measured up against DLT in an attempt to establish if exploitative and ineffectual charities can be taken completely out of the equation.

The old model

Many people make snap decisions to upon request through TV advertising to donate to charities, particularly at this time of year. Those more regular donors set up a direct debit order. Street fundraisers are noted for “selling” this last option, given the unfortunate epithet “street muggers” as a result, according to Cornfield.

The problem is these muggers don’t actually work for the charities they appear to be fundraising for but outsourcing third parties who provide fundraising services for a host of different charities. As a result, they are paid a commission for setting up direct debits and are well trained to deal with all objections or considerations offered by potential donors.

Here lies the problem for the man in the street approached for a donation to Syrian refugees or famine in Sudan; where does the money go?

The street vendor makes his cut, typically EUR 50-100 for a direct debit set up but this does not go to the charity, due to the outsourcing company charging the charity about EUR 100, resulting in the donor, in reality, paying EUR 5 per month for four years or so before making any net contribution to the charity itself.

Once the money finally arrives at the charity, such organizations then allow 35% for admin fees leaving about 65% of the donor’s contribution after vendor and commission fees. Cornfield cites the infamous Red Cross case in Haiti after the devasting earthquakes of 2010 which raised half a billion dollars to rebuild homes. The result: six homes at USD 83 million dollars per house, in one of the poorest countries on earth.

Blockchain

Charities such as GiveCrypto.org, BitGive Foundation, and Alice SI facilitate charitable donations to areas in need via cryptocurrency. The donor in these cases can follow their funds via the public blockchain, in some cases through separate tracking platforms giving the funds complete visibility from source to final location. Administration costs can be completely removed allowing for the same payment at the source of a donation to arrive at the point of need.

The only problem still to be overcome is what happens with the funds on arrival at the point of use and how local complexities can be overcome, often in war-torn zones or famine inflicted areas with numerous NGOs on the ground.

Given the knowledge, this is not a difficult choice for the donor, and answers that burning question: Where does my money actually go? With blockchain, donors can give their support with a greater degree of certainty that they are helping a just cause.

 

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Coinbase CEO: Virtual Reality and Crypto Next Big Combo

Coinbase CEO: Virtual Reality and Crypto Next Big Combo

Coinbase CEO Brian Armstrong has said that cryptocurrency has the potential to turn Virtual Reality into a full-time job.

Armstrong suggests that virtual spaces could create their own currencies or even make use of existing ones such as Bitcoin or Ethereum by integrating the means for users to spend crypto in the same way as they are currently using fiat.

Developers would see more time spent on such games, according to the Coinbase boss, taking it much further into the realms of Sci-fi by suggesting that players could use the virtual world to support themselves in the real world, cashing in their accrued gaming funds for “real” use, such as paying rent. He speculates:

“Perhaps we’ll see virtual bank buildings with pillars, virtual bank vaults that spin when you open them, and virtual tellers with glasses.” The exchange magnate, clearly a follower of the gaming and VR world added, “Ready Player One had a great visual of coins being collected in the game, and spilling out of characters when they were killed (leaving a big pile of loot on the ground).”

Clearly, Armstrong has seen the potential of turning VR ownership into the real thing via some of his own exchange-listed cryptocurrencies. But in reality, there’s still a long way to go – crossing the bridge from virtual into reality.

Armstrong appears to be in touch with the man on the street, if not through gaming and VR, then certainly in terms of what reality actually means for many of the world’s “have-nots” these days. This was shown by his recent personal $1 million giveaway through his charity project called GiveCrypto.

The project is a global enterprise which will give out cryptocurrency donations to worthy recipients, who will then be able to make personal choices in whether to keep their donations as cryptocurrency or exchange them for fiat. GiveCrypto wants to raise USD 10 million by the end of 2018 and grow to a fund of USD 1 billion over two years. Donations will hopefully come from wealthy donors who have amassed wealth through cryptocurrency, passing on their good fortunes to those in need of financial help. Suggested cryptocurrencies for donations are Bitcoin, Ripple, and Zcash.

Ripple’s co-founder Chris Larsen has already put in an undisclosed donation into the Armstrong charity hat. This may not be all that Ripple will be putting into Coinbase’s coffers if recent news that Coinbase plans to list XRP on its exchange becomes reality…. that’s not a virtual one by the way!

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UTRUST Just Made Charitable Donations a Whole Lot Easier as Crypto Flows to Charity

Blockchain-based payment platform, UTRUST and AidCoin will combine forces to enable charitable donations across the world in 23 different cryptocurrencies.

The project is being launched to simplify donations in multiple countries via the UTRUST interface. The new system is set to replace methods whereby a donor transferred and then converted funds into AidCoin tokens or through a donate button allowing donors to transfer UTK from their UTRUST wallet to the AIDChain wallets of various charities.

The new donation system called AIDPay is a widget which allows the donor to use any one of 23 supported cryptocurrencies to pay charities registered with AIDChain online using a fully trackable system including how the money is dispersed and what on.

There’s been a significant rise in the number of charities supported by cryptocurrency donations in the recent years. Some of these include Electronic Frontier Foundation, Multidisciplinary Association for Psychedelic Studies, WikiLeaks, Antiwar.com, Watsi, Water Project, Code to Inspire, BitGive and Epic Change.

In such a scenario, not even a single day passes without the release of another crypto-aid project or a way to make donations and fund utilization more transparent so that NGOs and private charities are more accountable.

Brian Armstrong, the CEO of digital currency service Coinbase, recently announce the launch of a project to help the homeless and other people out of poverty with a personal USD 1 million donation.  GiveCrypto is a global enterprise which will make cryptocurrency donations to worthy recipients, who will then be able to make personal choices in whether to keep their cryptocurrency donations or exchange them for fiat.

Madonna with her Raising Malawi project has built 14 schools in rural Malawi and in partnership with buildOn have educated community members about the importance of girls’ education in that country. Ripple too, was quick to support her project with a dollar for dollar match of donated funds.

Even English Heritage, a UK charity that provides the country with access to over 400 historical sites, buildings, monuments and places, has found a way of making the technology behind Bitcoin play its part in supporting that country’s historical heritage by partnering with charity platform Giftcoin.

UTRUST’s move is another link in the chain allowing cryptocurrency funds to continue flowing towards needy causes — a forgotten fact by dissenters who happily feed the FUD in these volatile times.

Francesco Nazari Fusetti, CEO and Founder of AidCoin commented:

“We’re excited to introduce an opportunity for crypto-holders to donate cryptocurrency straight from their Utrust wallets seamlessly, or when making a payment…This is, of course, a well-established practice in conventional banking and payments solutions, and yet until now, has been an unprecedented case in the crypto world.”

 

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