The Bitcoin Foundation Appeals for Donations on #GivingTuesday

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The Bitcoin Foundation Appeals for Donations on #GivingTuesday

The Bitcoin Foundation has always been at the forefront of generating awareness about Bitcoin; however, the organization has often played its role as a responsible entity to help humanity. Now, in collaboration with BitGive Foundation and Bitcoin Black Friday, it is raising awareness and provide a way for people to give 100%.

In an announcement the Bitcoin Foundation says that no matter how small the amount, to the causes they care most about; therefore, everyone should participate in this year’s #GivingTuesday and give 100%. Any donor can visit the official website of the GivingTueseday on December 2, 2014 for a listing of all charities and nonprofits that accept Bitcoin.

According to the blog posted on the official website of the Bitcoin Foundation, one of the nonprofits is The Water Project, a 501(c)3 that has been providing sustainable water projects throughout sub-Saharan Africa for seven years. Donations are being accepted by this organization for its work in African.

Peter Chasse, President and Founder of The Water Project says that as their supporter’s donations make their way to their partners in Africa, these exchanges have become far more costly than the benefits organizations and individuals actually receive from these arbiters of trade. He admits that Bitcoin donation is far better than credit card donation.

Every Bit of Bitcoin Donations Reach to the Target People

According to Mr. Chasse from credit card donation processing fees, to domestic banking fees, to the costly overseas transfer of funds with its concomitant dilution through currency trading arbitrage and trade commissions, and finally to the local bank fees in Kenya or Rwanda, a lot of folks take significant “cuts” along the way.

Thus, Mr. Chasse believes that most of these fees are obscured and non-negotiable, and for that reason they are told the process is difficult, cumbersome and expensive; however, he says since they can’t see it they remain unconvinced. Nonetheless, Bitcoin for him is the solution as it cannot be manipulated and does not favor one population or the other.

He says, “When you look at the disadvantages the poor so often face in traditional banking, this one potential benefit becomes central to cryptocurrency’s appeal for me, especially in emerging economies.” Nonetheless, Bitcoin can be a great donation on #GivingTuesday as even a small amount will go directly to the people who need assistance anywhere in the world.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com