Crypto has no real use cases.

Really?

Crypto for charity.

That is a cool use case.

“The crypto community has raised and pledged more than $11 million — less than 48 hours after a pair of strong earthquakes struck Turkey and Syria, leaving more than 9,400 dead and many more injured.”

I am certain the amount raised is a lot more than what we know.

This is indeed every bit as horrifying as it sounds.

Mother nature is devastatingly powerful and equally fair (or unfair) to everything and everyone.

If we were there too, it hits you, me and everyone else just as hard.

Sometimes, we humans just have no say.

Thankfully, it is 2023 and we have wonderful things like cryptocurrency and social media.

Social media and algorithms proliferates the news of the natural disaster to millions.

People who are interested to help, can donate speedily via cryptocurrencies in just a few clicks.

We saw the power of crypto took over during the Ukraine war.

Banks, institutions, ATM and cash were hard to come by and practically useless in war zone.

Crypto is borderless, ultra-fast, trackable and very transparent.

Anyone can donate from anywhere at anytime, if they wanted.

Ethereum co-founder Vitalik Buterin donated nearly $227K or 149 ETH.

The cost is minimal if compared to the traditional way.

For instance, donating via bank involves hefty fees for cross-border transactions which will add up to a chunk of the donation given.

But with crypto donations, it is a mere fraction of the original amount and the funds are transferred almost immediately.

This makes donations easier and quicker, resulting in more donations being made.

This is also a great way to make donations anonymous since the donor’s name and identity are not disclosed.

Which is also an double-edged sword, to be fair.

There are idiots out there scamming people with fake sites and abusing the crisis for their own gains.

Shame on them.

We do need to talk about transparency here.

Yes, it is on the blockchain.

Yes, we can track the transactions.

But to what end?

Are we all blockchain experts who are familiar with how to track and read the forensics data properly?

Are we able to ascertain that the crypto raised for the charity are off-ramped and used to buy supplies?

Are we sure that the supplies do reach the intended parties?

The adage in web3 is “don’t trust, verify”.

So indeed, how do we confirm or verify all that?

We have to figure out ways to make the donations transparent, traceable and verifiable so that we can ensure that the funds are going where they should be — to those who need it.

This is a challenge that has yet to be solved but it is definitely one worth solving.

The implications of transparency and trust in distributed ledger technology (DLT) can be huge and the need to build reliable systems that are ethical, secure and in compliance with regulations is more important than ever.

It is indeed very difficult and there are challenges.

It is hard to differentiate which DAO or charity is the legitimate one.

Users are bombarded and overwhelmed.

And yes, even after raising crypto, there is still much to do.

They have to off-ramp it into fiat quickly to purchase medical supplies and food.

And then figure out how to get these to the victims speedily.

It is a nightmarish logistical process.

But we gotta try.

We must continue our search for solutions to this problem, so that we can all make sure our donations reach their intended recipients without any question of trust or doubt.

All I know is that if the shoe fits, wear it.

For now, there is a humanitarian crisis in Turkey and Syria.

More than 41,000 (last I checked) lives have been lost.

Crypto or fiat, whatever it takes to help these people, we have to try.

-

Is crypto a good way to do charity?

-

#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #crisis #earthquake #syria #turkey #naturaldisaster #mothernature #charity #cryptocharity

Crypto has no real use cases.

Really?

Crypto for charity.

That is a cool use case.

“The crypto community has raised and pledged more than $11 million — less than 48 hours after a pair of strong earthquakes struck Turkey and Syria, leaving more than 9,400 dead and many more injured.”

I am certain the amount raised is a lot more than what we know.

This is indeed every bit as horrifying as it sounds.

Mother nature is devastatingly powerful and equally fair (or unfair) to everything and everyone.

If we were there too, it hits you, me and everyone else just as hard.

Sometimes, we humans just have no say.

Thankfully, it is 2023 and we have wonderful things like cryptocurrency and social media.

Social media and algorithms proliferates the news of the natural disaster to millions.

People who are interested to help, can donate speedily via cryptocurrencies in just a few clicks.

We saw the power of crypto took over during the Ukraine war.

Banks, institutions, ATM and cash were hard to come by and practically useless in war zone.

Crypto is borderless, ultra-fast, trackable and very transparent.

Anyone can donate from anywhere at anytime, if they wanted.

Ethereum co-founder Vitalik Buterin donated nearly $227K or 149 ETH.

The cost is minimal if compared to the traditional way.

For instance, donating via bank involves hefty fees for cross-border transactions which will add up to a chunk of the donation given.

But with crypto donations, it is a mere fraction of the original amount and the funds are transferred almost immediately.

This makes donations easier and quicker, resulting in more donations being made.

This is also a great way to make donations anonymous since the donor’s name and identity are not disclosed.

Which is also an double-edged sword, to be fair.

There are idiots out there scamming people with fake sites and abusing the crisis for their own gains.

Shame on them.

We do need to talk about transparency here.

Yes, it is on the blockchain.

Yes, we can track the transactions.

But to what end?

Are we all blockchain experts who are familiar with how to track and read the forensics data properly?

Are we able to ascertain that the crypto raised for the charity are off-ramped and used to buy supplies?

Are we sure that the supplies do reach the intended parties?

The adage in web3 is “don’t trust, verify”.

So indeed, how do we confirm or verify all that?

We have to figure out ways to make the donations transparent, traceable and verifiable so that we can ensure that the funds are going where they should be — to those who need it.

This is a challenge that has yet to be solved but it is definitely one worth solving.

The implications of transparency and trust in distributed ledger technology (DLT) can be huge and the need to build reliable systems that are ethical, secure and in compliance with regulations is more important than ever.

It is indeed very difficult and there are challenges.

It is hard to differentiate which DAO or charity is the legitimate one.

Users are bombarded and overwhelmed.

And yes, even after raising crypto, there is still much to do.

They have to off-ramp it into fiat quickly to purchase medical supplies and food.

And then figure out how to get these to the victims speedily.

It is a nightmarish logistical process.

But we gotta try.

We must continue our search for solutions to this problem, so that we can all make sure our donations reach their intended recipients without any question of trust or doubt.

All I know is that if the shoe fits, wear it.

For now, there is a humanitarian crisis in Turkey and Syria.

More than 41,000 (last I checked) lives have been lost.

Crypto or fiat, whatever it takes to help these people, we have to try.

-

Is crypto a good way to do charity?

-

#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #crisis #earthquake #syria #turkey #naturaldisaster #mothernature #charity #cryptocharity