Cryptocurrency

Crypto for Charity: How Charity Tokens Are Changing the World 

“We are not put on this earth for ourselves, but are placed for each other. If you are always there for others, then in time of need, someone will be there for you.” – Jeff Warner

When we consider poverty in other countries, most people express deep sorrow but do nothing to change it. This problem has gone on for far too long, and it’s high time we do something about it. 

If we really want to make a difference, we have to do more than send a long tweet or share posts on our social media feed.

Donating to or volunteering for a charity or non-profit organization does more than give you a feeling of spiritual fulfillment and connection with the less fortunate. You create a positive social impact by helping those in need, setting an example for the younger generation, and reducing poverty. These selfless acts of kindness can go a long way in helping the world recover from decades of misuse and abuse.  

As we continue to move forward with the ongoing Covid-19 pandemic, one thing we’ve learned is: Technology will continue to innovate regardless of the situation. The question is, will you continue to change with it? 

Considering how people have grown accustomed to the post-pandemic changes – working from home; shopping and communicating with others almost exclusively via devices; travel restrictions still making it difficult to go on a vacation – some have chosen to invest the money they save in the emerging field of cryptocurrency.

If your knowledge of this field seems hazy, here’s a rundown of what you should know:

Cryptocurrency is a virtual currency that comes in limited quantities and only exists electronically. This currency is run through a series of blockchains to ensure every transaction is secure and registered. 

The only drawback (or benefit) of this currency is that it’s not controlled by governments or banks, making it a highly volatile asset. What this means is, depending on the law of supply and demand, the ceiling to how high or low one ‘coin’ – or part of one ‘coin’ – can sell for is limitless.  

In this article, we shed light on one of the emerging cryptocurrencies (charity tokens) and how these have made a positive impact on different causes.  

What is a charity token?

Similar to other forms of virtual currencies, charity tokens come in limited quantities and will fluctuate in value at any time. These tokens are used to help charities raise money to support a cause. 

With more people experiencing exponential gains with their cryptocurrency investments, it comes as no surprise that the price of a charity token will only continue to increase moving forward. Why? 

Everyone wants to feel good about themselves and support a good cause. So much so that 71% of consumers would prefer paying more for an item as long as a percentage of the sale went to support a good cause. 

To simplify how charity tokens work, let’s give an example: 

The first thing you need to do is choose a charity to support, say Food For Life Global (FFLG) – a vegan charity dedicated to providing 100% plant-based food to address food insecurity worldwide; the next step is to purchase one of the charity’s supported charity coins, for example purposes, we’ll use Kindly Coin – a charity token that runs on Ethereum Chain and soon the Binance Smart Chain as well, with a supply of 108 million coins. Once you purchase an X amount of their coins, these are then registered on a blockchain. For every coin purchased, a percentage of it will be distributed depending on the charity coin’s ‘tokenomics’. 

In Kindly Coin, 2.5% of the transaction goes to charity, .3% gets auto-locked into liquidity,  0.9% of the transaction goes to ongoing development and marketing, and .3% will go to its holders through redistribution of tokens.

How are charity tokens changing the world? 

People are always finding ways to make their lives easier. Donating to a charity of their choice is no exception. The easy path would be to continue as usual and only accept donations in standard forms – cash, cheques, or bank transfers. Don’t get it twisted, there is nothing wrong about moving forward post pandemic with what worked before, but as a charity, accepting cryptocurrency donations is an avenue that will greatly benefit an organization. Here are a few reasons why:

  • Reach a global audience of potential philanthropists 
  • Be a pioneering charity that accepts cryptocurrency donations
  • Receive higher donations due to reduced fees and taxes
  • Zero waiting time in receiving donations

These coins aren’t just changing the world for consumers, but for businesses as well. 

When your business supports a good cause, it will encourage purchases, increase employee retention, gain trust with customers, improve brand awareness, and educate people about the cause you support.

Having a mission beyond selling products will make customers and employees feel good knowing they’re a part of something that can change the world. 

But is it enough for your business to simply say it’s ‘giving back?’

Consumers want to help, especially millennials. For your voice to be heard in a crowded environment, be genuine with what you support and provide proof of your efforts. This can be through posting content on your website or social media pages relating to recent outreach programs, or showing the amount of money your business has donated.

Lending a helping hand can be done in more ways than by volunteering. Some may feel skeptical about the idea of charity tokens – will they increase in value? Will there really be more donations? The fact is, crypto charity tokens are providing a whole new stream of funding for good causes – which can only be a good thing. 

With the next generation (millennials and gen Z) passionate about the thought of giving back, finding philanthropic hearts is easier today than ever before. 

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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