Current Applications of Cryptocurrency in Philanthropy
Cryptocurrencies are transforming philanthropy by leveraging blockchain's transparency and decentralization. Blockchain ensures traceable donations, boosting trust, as seen in Tencent’s 2017 “Philanthropy Chain” for missing persons and Yi Foundation’s blockchain-based donation tracking. Cross-border donations via stablecoins enable aid in regions with limited banking, with $40,000-$100,000 daily crypto transactions tied to humanitarian efforts. Direct P2P donations, like UNICEF’s 2019 Ethereum and Bitcoin fund, reduce intermediaries. Corporate and individual crypto wealth also fuels charity, such as Vitalik Buterin’s longevity research funding. However, price volatility, regulatory hurdles, and public skepticism pose challenges.
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