Crypto donations are double of what the UN promised.
In the past, you need to jump through hoops and have a ton of things to set up before the banks will be willing to let you open an account.
All these even before you actually start receiving a donation.
Today, with a few click of a button, you can set up a crypto wallet and start transacting in a jiffy.
It’s permission-less, frictionless and painless.
It is unfortunate that it took a real tragic war to start seeing the true value of crypto.
But now that we caught a glimpse.
Ain’t that gorgeous?
Bitcoin is valuable: It’s currently the 14th most valuable currency in the world.
Why is that significant?
Because now, more than ever, people are using Bitcoin and other cryptocurrencies for real-life functions.
You can’t just dismiss Bitcoin and say that it is just for scammers and money laundering.
To make donations, to transfer large funds regardless of what currency over national borders and to fight a war.
“The United Nations has announced the allocation of $20 million to meet immediate humanitarian needs in Ukraine.”
The UN has even put out a call to raise $1.7b for humanitarian support for Ukraine and its refugees.
While Ukraine waits patiently for the UN money to arrive, more than $50m worth of cryptocurrencies has already been transferred to their wallet.
That is double of whatever UN is promising and it was raised in a couple of days.
It was contributed by millions of people all over the world, regardless of nationality, race, ethnicity or beliefs.
Gavin Wood, the Co-founder of Polkadot, donated $5.8m of his personal fortune to Ukraine.
The money is literally sitting in Ukraine’s wallet as we speak, ready to be used at anytime.
You can’t beat technology.
You can’t deny that crypto has changed the landscape of finance and remittance forever.
Sure, there are gas fees, unpredictable market fluctuations of the coins and some difficulty in cashing it into real dollars.
But with the alternative of slow-moving, cumbersome fiat, crypto is a much better option.
Just look at the headlines:
“The Ukrainian flag NFT was sold for 2,258 ETH (about US$6.75 million), with all its proceeds headed for Come Back Alive, an organization donating supplies to Ukrainian civilians and military personnel.”
“UkraineDAO had already raised over US$7 million to provide support for Ukrainians.”
No wonder people are calling Russia’s invasion of Ukraine “the world’s first crypto war”.
See how the landscape of donations have been terraformed by crypto.
I will be observing with bated breath for novel models of donations popping up in the future.
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