New charitable giving communications platform doabitofgood.com announces partnership with crypto-currency developers Givecoin.info to create virtuous cycle of giving through distribution of charity focused Bitcoin alternative.
Saint Paul, MN, May 20, 2014 –(PR.com)– doabitofgood.com the worlds first charitable giving hub based on Bitcoin is pleased to announce its partnership with the Givecoin Foundation (http://givecoin.info) which through its generous donation of 200,000 Givecoins will establish its crypto-currency known simply as “Give” as its preferred transactional coinbase. The company has agreed to literally Give it all away and will be providing all new users who establish a Givecoin account address at doabitofgood.com, 100 Givecoins to donate within the system as they wish.
Do A Bit of Good’s Executive Director said, “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.”
Givecoin is based on the power efficient “X11” hashing suite of functions and is the perfect addition to the doabitofgood.com patent-pending screen-saver that links charitable giving campaigns with supporter’s desktops. When active the screen saver displays user selected photo albums from their chosen charity and mines for crypto-currencies which are in turn donated back to those causes. The system puts crowdfunding on auto-pilot.
“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. He went on to add, “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.”
Duccini believes that using Givecoin can create a virtuous cycle for charitable giving. “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 said.
Corporate underwriting alone accounted for just over $20 billion in 2013 by just the top 100 Fortune 500 companies according to the CECP (http://cecp.co/research/benchmarking-reports/giving-in-numbers.html). “We estimate the actual global charitable giving to be 8-10 times that number excluding NGO’s,” Duccini said. “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.”
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