Coins 4 Clothes: Bitcoin Cash Powered Donation And Charity For Clothing?

What Is Coins 4 Clothes?

One of the first crypto charities in the world has been launched in Canada. The charity only accepts Bitcoin Cash for donations. It offers clothes to those in need and operates out of Toronto, Canada. Coins 4 Clothes wants to introduce the world to BCH and assist the disadvantaged in society. In this way, it achieves two noble objectives in one move.

How Coins 4 Clothes BCH Powered Donation & Charity Works

Crypto charity donations are sent in from around the world and are used to buy clothing for the poor. The clothes will be delivered to charities based in Toronto. This charity only spends and accepts crypto. Each donation is tracked and monitored on its website. The donors that send in their moderately used clothing have a chance to earn some BCH.

Unlike other charities that have a 95% administrative burden, almost 100% of BCH is used in the purchase of clothes for the needy. Another benefit of this charity is that the money is sent to its address almost free. With a centralized charity, most of the money gets lost in the banking system, accounting, and regulatory compliance. This means that only a small fraction of the cash ends up in the hands of those that need it.

Coins 4 Clothes Benefits

Using crypto in the charity world can help eliminate some of the issues that are associated with the centralized method of doing things. For one, the blockchain ensures that there is insulation from corruption and inefficiency. Each transaction is transparent, and funds do not disappear as with most centralized models. The accounting aspect of donations is streamlined, and the capacity for corruption greatly diminishes due to the distributed ledger.

A good example of why the DLT is important is the recent Oxfam scandal. It shows that there are numerous systematic failures in the world of charitable giving. Most of the issues are due to lack of transparency and immutability. International charities could soon become obsolete as small regional charities start to accept donations in crypto. Best of all, these charities do this without all the complex legal, regulatory, and financial overhead.

The Blockchain Will End The Charitable-Industrial Complex

According to Bloomberg, the blockchain is going to turn the Charity industrial complex on its head. Decentralized charities based on the DLT that only accept and spend crypto are the future. Coin 4 Clothes is setting a great example.

Their solution is decentralized and non-interventionist. At the same time, it is having the most impact on the lives of ordinary needy people. The main reason they settled on BCH is that the transaction times and costs are faster and cheaper than those of BTC. Donors can make even tiny donations with BCH without incurring huge transaction costs.

The Coins 4 Clothes Future

Beyond simple donations, numerous other projects want to increase accountability using the blockchain. In some cases, they do not have to be any monetary contribution made. For instance, UNICEF will let you donate to its Australian office by giving up some of your computing power to let it mine crypto.