The cryptocurrency charity organization "Bitcoin Venezuela" funds the Venezuelan people with Bitcoin donations.
The Venezuelan cryptocurrency charity organization Bitcoin Venezuela is using Bitcoin to help the vulnerable populations in the country.
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Bitcoin Venezuela
Under the long-term economic downturn in Venezuela, the continuous high inflation rate of the country's official currency, the "Bolívar," has led people to turn to using Bitcoin.
In addition, the Venezuelan crypto charity organization Bitcoin Venezuela also provides food and other essentials to people in need by accepting Bitcoin donations.
$229.47 USD (~₿0.022547 BTC) bought non-cook pasta for a whole week to help feed ~1200 people who eat in the soup kitchen daily
Another ₿0.022547 BTC bought:
– bleach, laundry powder for the special care center
– fruits, vegetables, ribs, pasta, eggs for elderly women center pic.twitter.com/N5hDWFGdPZ
— Bitcoin Venezuela ⚡️ (@btcven) September 21, 2019
Bitcoin Venezuela is a non-profit organization that operates the humanitarian Bitcoin for Venezuela Initiative (BFVI), which has helped thousands of people in Venezuela.
According to the organization's data, a donation of only about $230 worth of Bitcoin can provide food for over 1,200 people for a week, as well as various essential items.
The charity organization also urges everyone to donate generously to support humanitarian efforts in the country.
Due to severe hyperinflation, Venezuela's fiat currency, the "Bolívar," has seen its inflation rate soar from 929,789.5% in 2018 to the current 10,000,000%.
The country's isolation from the international financial system, due to US trade sanctions and capital controls, has led many Venezuelans to turn to Bitcoin and other cryptocurrencies like Dash.
Despite the government's efforts to promote the state-issued Petro cryptocurrency, people continue to prefer using Bitcoin and Dash.
A report highlights the Dash team's dedication to promoting Dash Pay in the country and launching smartphones integrated with Dash wallets to increase awareness in Venezuela.
The Rise of Crypto Charity
Cryptocurrency has gradually become a mainstream tool for donating to charitable organizations. The well-known charity fund Pineapple Fund has donated $55 million in Bitcoin to various global charities.
UNICEF, the United Nations Children's Fund, launched a project in 2018 that allows online gamers to contribute their computer's processing power for mining and donating to support children affected by the Syrian conflict.
Previously, ABM reports have also highlighted the Rainforest Foundation's project using cryptocurrency and blockchain to combat the rising deforestation rates in the Amazon rainforest.
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