“Crypto: A new way of giving”
This November 30th and December 1st Chile will be having its yearly fundraiser called Teletón. This fundraiser is not like others because it manages to unite all media, artists, companies, schools and social organizations on a specific date, all with a common goal to support children and young people with disabilities. The money raised is not only to work in the rehabilitation of them but also to create awareness on this matter.
This year Teletón celebrates 40 years of their fundraising campaigns. I recently found out that cryptocurrency exchange CryptoMKT has taken the initiative to give people the possibility to donate to this charity using crypto. You can choose to donate Bitcoin, Ethereum, EOS or Stellar Lumens, until December 1st. According to CryptoMKT “All contributions received will be automatically converted into Chilean pesos according to the conditions of instant exchange on our platform. The conversion will be made through a sales order that will not be subject to a fee; 100% of the donation will be deposited to the foundation.”
With just three simple steps you can donate crypto to Teletón. First, you must access the webpage CryptoMKT has provided for this; you must scan the QR code of the coin you chose to donate; then you must indicate the amount of your donation. All donations will be registered on their official wallet and will be added to the final sum that is posted online.
Donating through crypto has been gaining popularity not only within the crypto community but known foundations are choosing to work with crypto and its blockchain technology. According to Cointelegraf “These include such well-known organizations as the Red Cross, Save the Children, United Way, and the Electronic Frontier Foundation.”
Last year while bitcoin hit its peak price Fidelity Charity who accepts bitcoin raised over $22 million worth of BTC in 2017. Being able to raise more than all prior years.
So, why are donations through crypto such a big thing?
Many are the reasons why people are choosing to donate through a blockchain based system, along with several startups that saw flaws within many institutions; thus the opportunity to help out the current donation system. Keeping in mind that numerous charities have been linked to money scandals, I believe the most significant reason why charities should use a blockchain system and are reaching out; is the fact that there is more transparency that is given throughout the process. Therefore, a more trusting system where donators can feel more confident about who is receiving what.
Hope you enjoyed it, feel free to comment.