Cryptocurrencies have now found a recent use case, which is in crypto donations to Trust Funds, which highlight Buterin’s, founder of Ethereum, donation to India. Last month, Vitalik made a massive charitable gesture of over $1 billion in crypto to the Indian Relief Fund set up by Indian techpreneur, Sandeep Nailwal. This is just one of his many generous deeds to charitable organisations which were likewise made in cryptocurrencies.
In a similar development, non-profit organisation: water commissioned an initiative called Bitcoin Water Initiative Trust with the aim of raising donations of 100 Bitcoin to execute global water endeavours 2025. The Trust hopes to make potable water available to third-world nations. The initiative will last until 2025 so the 100 BTC donations will be used to finance the safe drinking water project in third-world nations.
This is not a novel step as most charitable organisations are also looking to receive cryptocurrencies donations . A similar Trust organisation, Food For Life Global seeking to get rid of hunger world-wide had outlined the cryptocurrencies it was willing to receive trust funds in. According to the data obtained from online sources, it had listed BTC, ETH and many others as cryptos in which donations could be received by them.
Interestingly, a web and mobile app version for donations in crypto to charity organisations has been released by BitDonate. The BitDonate app is the first and only mobile app for crypto trust funds. The company behind the app seeks to relieve charitable organisations of the hassles of receiving donations through their bank accounts. The app receives crypto donations on behalf of charities and converts the crypto into the national currency which the organisations use, then sends it to their bank accounts all at little cost; a percentage fee is charged. The app will function on a fair and transparent system. The app accepts BTC, Ethereum and 17 other cryptos and has a list of Trust organisations you can make donations to. This technology is transforming the mode of donations and protecting charitable organisations against scams or hackers who might gain access to their data.
Water’s Bitcoin Trust to Carry Out Mission in BTC
In a press release by the Trust, it says it will keep the donated funds in bitcoin and execute the water project in BTC. Water received its first donated BTC in 2014, courtesy of Tony Hawk, a professional skateboarder. The dollar worth of the donation had multiplied by over a hundred times. It has received 565 BTC since the one from Tony, all of which it converted to cash before the astronomical rise in Bitcoin’s price. This prompted the organisation to look out ways that Bitcoin could serve as a means to fulfill its prime objective.
“After learning more about bitcoin, watching it price ascend and, even more, becoming captivated by the vast untapped potential of the blockchain technology that powers it, charity: water opened up the Bitcoin Water Trust Initiative in hopes of sparking a paradigm shift in the charitable sector adopting this digital asset,” according to the release.
The organisation intends to accept donations from 100 persons who will be willing to donate a minimum of 1 Bitcoin individually. 50 BTC will be donated by the founders of the exchange, Gemini– The Winklevoss Brothers. Other notable persons donating will be Mike Novogratz, CEO of GIP, Anthony Pompliano and Barry Silbert, CEO, DCG . Tony Hawk expressed excitement at being able to support a good cause.