Making giving go further with BitHope
Monday 14 March 2016
This guest post comes courtesy of Technology is Key blogger Angus Leung.
On October 22 2015, BitHope released its Kickstarter-like campaign website to use cryptocurrency alone to raise funds for the platform's various charity campaigns. Several charities around the globe accept bitcoin but prefer fiat currency and generally don’t publicly share their bitcoin addresses for donations. As a result, the BitHope foundation has decided to tackle the challenge of getting charities to adopt bitcoin as readily as if they were accepting PayPal donations.
BitHope's plans themselves are not to be underestimated. BitHope welcomes any charities that support Health, Nature, Development and just about anything that is for the good of everyone. There is also no minimum donation amount so anyone can contribute if they want to. ‘The minimum donation size is determined by the bitcoin protocol. Actually, one can argue that the smallest amount that can be send should not be smaller than the fee that needs to be paid in order for that transaction to be processed,’ comments Vladislav Dramaliev, founder and director of the BitHope Foundation.
BitHope has an emphasis on humanitarian and development charities
The best part about using bitcoin for donations is the capacity to make microtransactions. BitHope realises that the ability to send small amounts of currency can be far more effective than a collector sitting at a table in your favourite store with a donations box. Credit card companies charge a lot for small transactions and others like Western Union or Wire Transfers take weeks, but bitcoin offers fast and versatile exchange of funds - making it a game changer in the charity sector. On his Zapchain AMA, Vlad Dramaliev says, ‘Initiating a bitcoin transaction is quick, easy and can be done at any time of the day. Whether you use a desktop or a mobile bitcoin wallet, sending a donation takes seconds.’
Armed with a TREZOR hardware wallet, BitHope is providing high-level security for all the funds raised to guarantee safe delivery to their charity clients and without the use of BitPay or CoinBase APIs, no extra costs are paid over transaction fees.
How do we know these campaigns are legitimate?
Before they can start a campaign, charities will have to fill in an application form for verification checks on the charity's goals, plans and the usage of the funds raised. If BitHope finds that they pass the test and are an appropriate charity, a contract is signed between the two parties. BitHope are fully registered in accordance of Article 33 of the Law on Nonprofit Legal Entities in Bulgaria.
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