Jul 16, 2018 at 12:50
Jul 16, 2018 at 12:50 UTC
Coin 4 Clothes: World’s First Crypto Charity
BTC Wires: Interesting news is floating into the international blockchain from Toronto Canada, where news about the world’s first crypto charity donations is keeping the ecosystem abuzz. The newly founded Coin 4 Clothes accepts Bitcoin Cash and donations in other cryptocurrencies as well. The initiative is targeting to help people in need and simultaneously introduce people to bitcoin cash. By doing so, the initiates is hitting two birds with one stone.
These donations are accepted from any part of the world, thus opening it to anyone who wishes to show their generosity. The donations are then used for buying clothes for the less privileged. Hence, the initiative is nurturing Toronto based charities that are trying to help the helpless. Additionally, the programme also provides opportunities for people who donate their clothes to earn BCH in the process.
The charity not only lessens the administrative burden by 95%, but also returns 100% of the BCH to purchase clothing for people who actually need them, thus solving a real time problem. Another amazing factor about crypto is that it saves all the money that would otherwise be lost in the bank procedures that centralised charity models work by.
It has been observed that making use of DLT and cryptocurrency can eliminate a number of problems related to the centralised model of that often ends up breeding corruption even in noble causes like these. Due to the transparency of the whole process, the chances of any sort of money related fraud are dismissed. The Oxfam scandal is a fine example of how the charity sector can find itself caught in systemic failures.
Bloomberg suggests that blockchain has begun its disruptive operations with regards to the charity industrial complex. It will achieve its aim through charity models that have been developed on DLT and accepts only cryptocurrency.