Cryptocurrency can actually make a difference by helping people.
With Bitcoin (BTC) breaking above the $50,000 hurdle and the rise of altcoin markets, crypto has never been more tempting to investors. Stacking earnings through trade, on the other hand, is useless unless the money is spent. Fortunately, as the world embraces crypto, charitable organisations are becoming more aware of the prospect of crypto donations.
Wendy O, a blockchain entrepreneur, knew to turn to crypto Twitter for support when a local gym was in risk. The influencer used social media, her YouTube channel, and Tik-Tok to make an appeal to save a business she cares about.
The Self Care Lab is a boxing gym in Pomona, California that serves at-risk and poor adolescents. Nita Watson, the gym's owner, recently learned that the building's ownership had changed hands, and she had only 30 days to depart and find a new home for the community she had spent years building.
Wendy O, thankfully, has been a long-time gym patron and a big proponent of using physical exercise to empower youngsters. Wendy raised cash by tapping into her network of blockchain fans, traders, entrepreneurs, and self-described "degens" to not just relocate but also upgrade different worn-out pieces of equipment.
While the gym's Go Fund Me campaign has not yet met its final target, enough donations in fiat and cryptocurrency have been received to secure a new location. Wendy O, talking to Cointelegraph, said:
“I don't know where I'd be without this gym. It's been such an important part of my life.” It's about self-care and therapy, not just boxing. And many of these children require a positive environment such as this to keep them engaged and away from less useful hobbies. I felt I could count on my friends to step in and make a difference as someone who makes a living in crypto.”
The innovation, however, did not end with the ability to make bitcoin donations. Wendy O successfully released a series of nonfungible tokens (NFTs) on the Theta blockchain to attract the interest of the embryonic blockchain art community, with thousands sold thus far. Two of these NFTs can be exchanged for Wendy O consultation sessions, giving the donations some purpose.
Bridging the gap between speculators and charitable causes is a relatively new phenomenon in the decentralised asset ecosystem, but it is likely to gain traction as more well-known names in the field begin to use crypto for humanitarian reasons. More of each bitcoin gift can be obtained by bypassing payment operators, middlemen, and third-party processors.
The Kessler Foundation and the Dementia Society of America, for example, have long accepted Bitcoin payments. PAWS Animal Rescue in Chicago has recently started accepting Dogecoin donations (DOGE). Despite the fact that PAWS does not use NFTs, the appeal of aiding dogs with such a popular canine-themed token is undeniable.
Most recently, the blockchain industry has backed nonprofits that help with humanitarian initiatives in Afghanistan. Nonprofits are stepping up to help thousands of refugees around the world find new homes. Visualize Value, a consulting firm, recently partnered with CARE to sell NFTs that cover a family's emergency requirements.
As important as these gifts are, it's possible that the simplicity of bitcoin may encourage more people to give money. In general, the traditional method of making an online donation entails filling out a lengthy form, manually entering credit card information, and other processes. Sending BTC or Ether (ETH) is second nature to crypto investors who are experienced with blockchain transactions. Instead than bidding on penguin NFTs, people are assisting a good cause in this case.
A cursory look at some of the Crypto Twitter posts may appear weird. Random shills, various schemes, traders celebrating their winnings, and accounts of people losing enormous sums due to poor trading techniques litter the timelines. While it may appear to outsiders to be a harsh crowd, individuals who can traverse the environment can find altruistic diamonds in the rough.
There is no investment advice or recommendation in this article. Every investing and trading decision involves risk, and readers should do their own due diligence before making a decision.