Business 28 June 2018

Dennis Wafula

Bitcoin BCH, other cryptos fuel Coinbase’s GiveCrypto charity

For the longest time, cryptocurrencies have been seen as a rich people’s affair, something that people in marginalized sectors cannot afford to engage in. This notion, however, has started to change as different groups and institutions rise up to help those in need to understand and use cryptocurrencies.

Joining the growing list of cryptocurrency-fueled charities is Coinbase, one of the world’s largest cryptocurrency exchanges. On Wednesday, Coinbase founder and CEO Brian Armstrong announced the company’s new charity—GiveCrypto.org.

In a Medium post, Armstrong said GiveCrypto’s goal is “to financially empower people by distributing cryptocurrency globally.”

“We will raise funds from cryptocurrency holders, and distribute small payments to people in need around the world — all using cryptocurrency. Initial recipients will be people living in emerging markets, especially those going through financial crisis,” he wrote.

According to Armstrong, crypto holders can send virtual currency contributions to GiveCrypto, which, in turn, will send the money directly to those in need. Donors can use Bitcoin Cash, BTC, Ethereum, Litecoin, Ripple and Zcash. So far, GiveCrypto has already received $1 million in donations, according to Coinbase.

Aside from helping people in need by sending money to them directly, the charity also aims to “advance real-world usage and benefits of cryptocurrency” as well as “provide universal access to an open financial system.”

Armstrong believes this platform will  provide an avenue to give back to the community for those who have accumulated wealth from cryptocurrency. He also added that instead of buying fancy cars, early crypto investors should use the wealth acquired for the greater good. He added that the image of “bros in Lambos” placed the cryptocurrency market in a bad light.

The new charity will provide employment to people. Armstrong stated that there is a job opening for an executive director to run the organization. He, however, added that he will still be actively involved in the charity as he intends to work closely with the new team.

Coinbase is simply following suit with more entities in the crypto world desiring to positively impact the world.  At the beginning of this year, UNICEF launched a program designed to raise funds to protect children in Syria. The organization created a website where individuals can download mining software and mine cryptocurrencies for the charity. The cryptocurrency mined was converted into fiat currency and used to help vulnerable children around the world.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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