The markets are down today. The debate over the value of Bitcoin rages hard, as some experts predict its demise and others celebrate its impending ascent. Its true value may be a highly debated topic among investors and traders, but to some people across the globe, Bitcoin is a lifeline to a better future.
The #BuiltWithBitcoin initiative is an example of Bitcoin being used as more than a speculative instrument or a safe haven asset for the wealthy – one that has nothing to do with price, and everything to do with value.
Ray Youssef, the CEO of Paxful, believes the #BuiltWithBitcoin initiative is a testament to the usefulness of cryptocurrency. The company’s initiative began in 2017 to show charity and philanthropy within the crypto industry. Zam Zam Water, a humanitarian organization, is a partner of the initiative and has assisted Paxful in the construction of a new Bitcoin-funded school for Rwandan students.
The new school will be supplementing Paxful’s first school in Rwanda and is expected to be twice its size by the end of construction. The estimated cost will be $100,000 to be collected through donations to an online crowdfunding campaign. Paxful has vowed to match all community donations until the goal has been reached.
As many as 300 Rwandan students between the ages of six and fifteen will be taught within the school, which will feature a cafeteria, a 35,000-liter potable water well, solar panels, and other resources to ensure the students have the necessary tools for their education. Youssef’s belief in bitcoin and cryptocurrency is in programs like the #BuiltWithBitcoin initiative, but there are other crypto projects contributing to the world.
What Do You Know About BitGive?
The BitGive Foundation has utilized bitcoin and blockchain technology to revolutionize philanthropy across the globe since 2013. Its mission has been to leverage the power of those industries to make improvements in the environment and public health.
For instance, Medic Mobile is a nonprofit organization specializing in mHealth. The program assists health workers to register every pregnancy, keep stock of medical supplies, and inform emergencies and outbreaks more quickly. Following the earthquake in Nepal three years ago, BitGive supported Medic Mobile’s team in their efforts to rebuild the country. Bitcoin’s community raised 14.84 BTC and supplied 644 mobile phones.
That same year, the Bitcoin Charity 2.0 initiative was announced with GiveTrack as its flagship project. The latter is a platform to provide transparency and accountability to donors by sharing financial information in real time. The organization is currently funding wildlife protection against the poaching of elephants, rhinos, and other animals in South Africa.
Bitcoin and Cryptocurrency Aren’t Just About Making Money
In 2017, an anonymous donor used the crypto bubble to turn 5104 BTC into $55M for charities that simply became known as “The Pineapple Fund.” The fund’s goal gave away a fortune to 13 organizations, including the Electronic Frontier Foundation and the Water Project.
The price of Bitcoin may rise and fall but it will continue to be used to bring about positive change outside of the crypto market.
The author is not invested in any digital asset mentioned here.