Coin4Clothes – World's first crypto charity

World's first crypto charity has been released, the platform accepts Bitcoin Cash and several other cryptocurrency coins. Coin4Coins, world's first crypto charity supplies clothing for those in need and it is situated in Toronto, Canada. The platform wants to introduce people to Bitcoin Cash along with supporting the needy people. By this, two humanitarian goals are being fulfilled.

How Coin4Clothes works?

Crypto charity donations are being gathered from all around the globe and then these donations are utilized for purchasing clothes for people in the community. Then, all the clothes are being donated to charities located in Toronto. Coin4Clothes only spends and accepts cryptocurrency and all the donations made by users are especially tracked and monitored on the financials page. All the people who have donated their used clothing also get chance to earn BCH.

When compared with various other charities, due to 95% administrative burden, 100% of BCH is spend on the purchase of clothes belonging to the community. One of the amazing feature provided by charity is that money can be sent to the address nearly for free. Due to traditional centralized charity models, money was also being lost in expensive banking systems, accounting methods which simply means that fraction of money only reached to the people who actually need it.

Advantages of DLT in Charity Sector

With the help of cryptocurrency and DLT in the charity sector, some of the issues linked to the centralized model can be resolved. All the transactions are fully transparent and funds are always available. Accounting processes can be made efficient and any chances of corruption can be reduced due to the advantages of distributed ledger technology.

Oxfam scandal is the recent one, out of various system failures occurred at different charity sectors. The main reason behind system failure could be lack of transparency and immutability in the existing charity infrastructure. Various global international charities would be considered outdated because small regional charities take cryptocurrency minus the unnecessary regulatory, legal and any financial overhead.

As per details by Bloomberg, blockchain used for charity is extremely complex. But decentralized models established on DLT and only receiving and spending cryptocurrency can move easily. For example, Coin4Clothes can be taken into consideration. The platform is using a decentralized and non-interventionist solution, hence it will have a large influence on the lives of the people.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
- Advertisement -

Louis Navellier's King of 5G “Turbo Button” Technology: What's the Smart Antenna Hype About?

First, Who Is Louis Navellier? Louis Navellier is a legend in the world of investment, best known for trading stocks,...

How to Earn Bitcoin: 27 Best Ways to Get Paid in Crypto (2020)

Most assume the only way to get bitcoin is to buy it. However, as this guide will show, there is a multitude of ways...

Latest News & Updates

25 Cent Trader Summit with Nomi Prins: February 15th Event Details

The event will take place on February 15th, 2020 at 1PM EDT. While Noni Prins usually charges a high appearance fee, this event...

The Crypto Genius: Auto Cryptocurrency Trading Software Worth It?

Making money in the cryptocurrency industry is all about knowing the patterns of the market and the things to look out for. While some...

Ethereum Code Review: Legit Automated Crypto Trading Bot Software or Scam?

In its most basic sense, Ethereum Code can be thought of as an automated cryptocurrency trading platform with a trading bot that allows investors...

Crypto Revolution: New Cryptocurrency Book by Bryce Paul and Aaron Malone

Since the start of the year, the crypto market has been showcasing extremely bullish signs which have led many to believe that something big...

More Articles Like This

OPM Wealth: Inside Look at Other People's Money Business Plan

OPM Wealth is a high ticket sales program known as a digital franchise system focusing on Other People's Money (OPM) designed to bring you...

How to Earn Bitcoin: 27 Best Ways to Get Paid in Crypto (2020)

Most assume the only way to get bitcoin is to buy it. However, as this guide will show, there is a multitude of ways...

Ingreso Cybernetico: A Look Inside the New Crypto Business

One of our main objectives in this website is to highly all the possible ways one can earn Bitcoin and crypto now days. While trading...

The Investment of the Decade by Teeka Tiwari: What Is It?

Teeka Tiwari's Investment of the Decade is a new special broadcast of his highly popularly, wildly successful Palm Beach Letter newsletter research program. While there...

Will President Trump Buy 5G Companies Nokia and Ericsson in Order to Bring Down Huawei?

US Attorney General William Barr made last week the suggestion that the US acquires Nokia (NASDAK:NOK) and/or Ericsson (NASDAQ: ERIC) in order to compete...

Dr. Mark Skousen's Swiss Army Bio-Knife: Forecasts & Strategies Report

Have you come across Dr. Mark Skousen’s recent presentation regarding the proclaimed, “Swiss Army Bio-Knife?” Shared by the Eagle Financial Publications, it has been...

International Speculator: What is Liquid Electricity Cubes Vanadium Report?

The Casey Research affiliated International Speculator newsletter by Dave Forest has recently been offering a very interesting prospect- buying into their subscription in exchange...

The Crypto Genius: Auto Cryptocurrency Trading Software Worth It?

Making money in the cryptocurrency industry is all about knowing the patterns of the market and the things to look out for. While some...