DoABitofGood has partnered up with the new cryptocurrency GiveCoin, in order to be able to donate a massive 200,000 coins to users who signs up and opens a wallet with them. All users have to do is to open a wallet account through doabitofgood.com and they will receive 100 GIVE for their efforts, which they can use to donate to a cause of their choice within the system.
"When I first learned of Givecoin I immediately recognized its value and utility as the Bitcoin of charitable giving," David Duccini said in a press release.
"Unlike most of the other so called 'Alt Coins' Givecoin was designed first and foremost for the benefit of others. Karmically that just feels good.” The Executive Director of DoABitofGood said.
“One of the big problems we’ve solved is offering a fully transparent transaction log that can link donors to donations. Why donate anonymously when donors can not only take credit for their generosity but get a receipt in the process?” Duccini asked and added “With the recent rulings regarding the treatment of Bitcoin as a property in many countries, it is increasingly looking like there will be significant tax advantages for donating crypto currencies like Givecoin. We make the record keeping easy for both parties. Of course people can still elect to donate anonymously if they want to.”
“Donors create coins through the use of the companies custom screen-saver or deposit Bitcoins and other top crypto-currencies such as Litecoin, Dogecoin or Feathercoin and can 'click-to-donate' or convert them instantly to Givecoin. Organizations can elect to withdraw any coin they have on account, convert them through intra-site trades with other users, or we can sell them to underwriters who will in turn use them to make donations back to other charitable causes,” he continued.
“We estimate the actual global charitable giving to be 8-10 times that number excluding NGO's," Duccini said and added "We believe that Givecoin's virtually friction-free ability to instantly do a bit of good anywhere in the world combined with it's limited inventory set at just 500M coins easily puts it within about a $0.40/USD per Givecoin valuation target. That’s a realistic goal assuming just one percent of the worlds charitable giving can be captured using it as its platform."
“That may not seem like much compared to Bitcoin, but considering that many non-profits to this day survive on collecting coins in jars it definitely has the potential to do more than a bit of good.” Duccini finalized.