Blockchain networks are decentralized, meaning that they can be used to make payments without centralized authorities deciding which transactions are allowed. While some argue that such systems can enable fraudulent transactions, blockchain networks use advanced mathematical technologies called consensus mechanisms to prevent this. Thus, blockchains can be used by peers to transact without fear of fraud or censorship. In turn, cryptocurrency enables individuals to easily support the causes that they believe in, even when reaching affected groups through traditional means may be difficult.
While discussing this aspect of cryptocurrency, the idea that cryptocurrency is often used for nefarious purposes is often argued. However, over 99% of cryptocurrency transactions are legitimate. In fact, it is often true that cryptocurrency transactions are used for humanitarian purposes. The Giving Block, a large cryptocurrency philanthropy platform, supports over one thousand nonprofit organizations around the world and is projected to facilitate over USD 1 Billion in donations by the end of 2022. When compared to the USD 100 Million in donations that The Giving Block facilitated last year, this figure suggests that overall cryptocurrency donations are growing alongside adoption.
Because cryptocurrencies are universal, that is they are not tied to individual countries, they make accepting donations from anyone in the world possible during times when global political circumstances make doing so through traditional money transfer methods incredibly difficult. As an example drawn from current events, cryptocurrency is enabling Russian citizens who condemn Vladimir Putin’s invasion of Ukraine to send aid to Ukraine’s government and its people.
Since the first day of combat, the broader cryptocurrency community has stringently supported Ukraine’s independence. Within a month of Russia’s invasion, over USD 63 Billion in various cryptocurrencies had been donated to Ukraine’s official wallet addresses. Since then, donations have only increased; according to tradingplatforms.com, last month’s donations alone topped USD $100 Million. The overwhelming donations being sent by the cryptocurrency community are being used by Ukraine to bolster its defenses and rebuild.
Following their users, countless cryptocurrency projects have jumped on-board in support of Ukraine. Projects of all genres and sizes are participating. For example, projects within the Konstellation…
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