Bitcoin BCH has never been more widely used than it is today, with merchants and consumers alike preferring the convenience and security of bitcoin transactions. But alongside its commercial applications, a number of charities are using the cryptocurrency to help people in need.
Among these groups is a Canadian charity, which is demonstrating how BCH can play a practical role in improving the lives of homeless and disadvantaged people in Toronto, through providing clothing to those in need.
Coins 4 Clothes launched back in February, taking donations to buy clothing wholesale for the benefit of various organisations in Toronto, including those working on the front line of homelessness in the city.
Since its launch, there have been over 3,000 items of clothing provided to people in need through its partner organisations, as well as helping raise the profile of bitcoin and crypto payments.
— Coins 4 Clothes (@Coins4Clothes) October 19, 2018
As well as helping seven different organisations in the city, the project has seen some 42 wholesale clothing companies open BCH wallets for the first time, helping proliferate bitcoin and its benefits, both for private and charitable transactions.
More recently, Coins 4 Clothes has announced partnerships with Dress for Success and Dress Your Best, two organisations which provide disadvantaged candidates with professional clothing ahead of job interviews.
In a statement published by the charity, Coins 4 Clothes remarked that its operations are entirely funded by BCH donations.
“Bitcoin Cash (BCH) allows a person to make donations as small as $1 or even less, and only pay a transaction fee of 1 cent. For instance, our smallest donation was for $0.30, which would be impossible using Legacy Bitcoin (BTC). And because Bitcoin Cash (BCH) can process more transactions per second, your transaction is guaranteed to confirm within the next block,” according to its website.
The project is the latest charitable cause to turn to bitcoin as a more effective model for funding the work they do.
For example, dedicated bitcoin aid charity Eat BCH is using bitcoin to feed families in Venezuela and South Sudan, part of a growing trend for deploying bitcoin for charitable aims.
With another Toronto winter fast approaching, Coins 4 Clothes will continue as a vital lifeline to some of the most disadvantaged groups in the city.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Binance, one of the world’s largest cryptocurrency exchanges, has come under fire for what some have viewed as exorbitant listing fees. It’s more than likely because of this, and not some altruistic vision, that the company announced yesterday that all of the fees it collects for listing new cryptocurrencies will be donated to charity.
The company said that its new policy is effective immediately. It added that it will donate the fees for the “greater good” and also that token developers can now tell the exchange what they would like to pay to have their tokens listed. Binance didn’t indicate that it would automatically accept the requested amount, but specified that there would be no minimum fee required.
According to the announcement, “Binance will continue to use the same high standard for the listing review process. A large donation does not guarantee or in any way influence the outcome of our listing review process.” It further said that the new policy applies to any new applications, as well as those that have already been submitting and which are waiting for approval.
Changpeng Zhao, the exchange’s CEO, said on Twitter, “I think this is a net win for us too. Charity will increase adoption, make the industry bigger, which in turn will benefit $bnb and @binance (and others too). Of course, we sacrifice short term direct gains. But if you keep a long term view, it’s a win-win on multiple fronts.”
This past August, Binance was targeted after a cryptocurrency developer tried to have his coin listed on the exchange. Christopher Franko, who created the blockchain platform Expanse, took to social media to complain that the exchange had asked him to pay 400 Bitcoin Core (BTC) to be listed, an amount that equaled approximately $2.6 million – not a reasonable fee for the majority of the startups in the blockchain space.
Zhao denied the allegation, saying that it was fake news. He asserted, “We don’t list shitcoins even if they pay 400 or 4,000 BTC…[The] question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!”