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Bitcoin [BTC] used for charity effort in Venezuela: 500 children benefit from open and sound money

Anirudh VK

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Bitcoin [BTC] used for charity effort in Venezuela: 500 children benefit from open and sound money
Source: Unsplash

Venezuela, a country undergoing deep-rooted problems in its monetary supply due to hyperinflation, has been pegged by many as the country where cryptocurrencies would come to prominence. The country is also suffering under economic pressure from the United States of America due to sanctions and is knee-deep in debt.

The government of Venezuela recently launched a cryptocurrency known as the Petro, which is a fork of Dash [DASH]. However, this was dismissed by many as another way for the President of Venezuela, Nicolas Maduro, to make money off the population and continue to cheat them out of the value of their efforts.

From this fire of adversity, various citizens of the country have begun using the permissionless, trustless and decentralized nature of cryptocurrencies and blockchain technology in order to get by. One of them seems to have taken the initiative to try and make a difference in the poverty-struck country through the use of cryptocurrency.

A user known as Crypto For Venuzuela recently posted a video detailing charity efforts made in the country with the help of Bitcoin [BTC]. They purchased around $260 worth of clothing and school supplies for underprivileged children in the country and paid for it using Bitcoin sourced from a round of charity from Reddit. This effort reached 500 children, with volunteers handing out the gifts dressed as Santa Claus.

The supplies were bought at Traki, a department store in Venezuela that accepts cryptocurrencies. Other activities conducted by the individual also include creating an Ethereum [ETH] faucet for use by the public in Venezuela and rebuilding a school farm using donations in ETH.

The user also accepts donations in Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], XRP and Tron [TRX]. This shows that the world is yet to adopt this revolutionary technology, which can be used for outreach in remote areas or as an economic tool in underprivileged economies.

User meadowpoe on Reddit said:

“This is a really nice and selfless gesture, but what is not good whatsoever is going to the bcash subreddit later on and bash bitcoin about tx fees and surrender to all the stupid comments those subnormals made in your videos there… All comments you got in your video when you posted in that stupid sub was a comparison about btc bcash. They dont even give a f about what u r doing. Edit:/ and no, getting donations in bcash wont make your life any easier.”



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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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