Bitcoin (BTC) Donations Feeding Thousands in Venezuela

Bitcoin (BTC) Donations Feeding Thousands in Venezuela

Bitcoin (BTC) donations are providing subsistence for thousands of people in Venezuela amid a crippling economic crisis.

Bitcoin Donations Feeding Venezuelas Poor and Hungry

Tweeting on Sunday (September 22, 2019) Bitcoin Venezuela said it had used less than $500 in BTC donations to buy food and other essential items for economically disenfranchised people in Venezuela.

The non-profit organization runs the humanitarian Bitcoin for Venezuela Initiative (BFVI) that looks after thousands of people in the country.

According to the charity organization, about $230 in BTC can provide food for more than 1,200 at its soup kitchen for a week. The organization also provides other essential commodities for the elderly.

Bitcoin Venezuela is also calling for more BTC donations to support its humanitarian efforts in the country.

Bitcoin continues to be a popular option for Venezuelans with its fiat currency being of little worth. Severe hyperinflation has seen the value of the bolivar tank massively.

U.S. sanctions and capital control measures have also made forex almost impossible to obtain. Thus, many Venezuelans have turned to bitcoin and other cryptos like Dash.

This massive crypto adoption hasnt spread to the countrys state-issued cryptocurrency Petro. Despite efforts by the government to drum up utilization of the controversial crypto, Venezuelans have in the main, stuck to bitcoin and dash.

The Maduro administration back in March 2019 announced plans to levy fees on bitcoin remittance. As previously reported by Bitcoinist, Maduros government is now collecting airport taxes in bitcoin as a way of circumventing U.S. sanctions.

The Rise of Crypto-Philanthropy

Bitcoin Venezuelas tweet puts into sharp relief, the vital role cryptocurrencies can play in supporting relief efforts around the world. Cryptos have increasingly become a significant part of donations to charity organizations.

Crypto-philanthropy is hardly a 2019 phenomenon. The Pineapple Fund arguably the most popular crypto-philanthropist to date, gave away $55 million in BTC. Binance Charity supports humanitarian efforts in different countries around the world.

Even mainstream organizations like the United Nations International Childrens Emergency Fund (UNICEF) has joined the crypto adoption train. Back in 2018, UNICEF urged online gamers to contribute their computing power to mine cryptos and donate their earnings in support of children affected by the Syrian conflict.

More recently, crypto owners in France came together to create the Notre Dame des Crypto as a way of encouraging bitcoin donations for the reconstruction of the cathedral after the fire incident of April 15.

Would you like to donate bitcoin to help the poor and needy in Venezuela? Let us know in the comments below.

Images via Bitcoinist Image Library, Twitter: @btcven

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22.09.2019 / 12:40 53
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