“Today you gave enough BTC - totally anonymously - to provide clean, safe water and sanitation facilities to an entire school AND for the monitoring and repair funds to keep it working for years to come,” says a message of appreciation posted on r/bitcoin Reddit page by a user bitcoinh20 on behalf of The Water Project.
The writer refers to the $23,000 worth of bitcoin that was received by the organization to support its cause, stressing that the Bitcoin community has funded more than five projects (some anonymous, some not) over the past couple years.
The post adds: “So... we don't know who you are, but we're grateful. And so, just in case you hang out here, we want to say thanks! We're grateful for every single gift we receive no matter the size! Every BTC provides clean water.”
Launched in 2015 as a new initiative that aims to provide reliable water, The Water Promise wants a broken pump or dried tank fixed regardless of whether a community is resigned to the latest failure.
It is a 501(c)(3) non-profit organization unlocking human potential by providing reliable water projects to communities in sub-Saharan Africa who suffer needlessly from a lack of access to clean water and proper sanitation.
The Project combines high-tech remote monitoring with local repair teams to help ensure that safe water is provided and reliably over time.
With its static Bitcoin wallet: 14xEPWuHC3ybPMfv8iTZZ29UCLTUSoJ8HL, blockchain.info transaction records show that the Project received the $23,000 bitcoin donation from the same address 18nEo5xKvJYaZsUDJwuCSqQcRFapuySYYw. The deposits were made in two separate payments of 30.00059 BTC and 8.238 BTC within half an hour on September 13.
Bitcoinh20 noted on the Reddit page that the deposits are the largest bitcoin gift the Project has received at one time. As with other forum members that share similar views on the edge bitcoin use has over other means of payment for a cause as The Water Project’s, the writer emphasized the cost-saving advantage of accepting donations in bitcoin.
The writer states:
“Unfortunately, today, as our supporter's donations make their way to our partners in Africa, these [financial] exchanges have become far more costly than the benefits organizations and individuals actually receive from these arbiters of trade. From credit card donation processing fees, to domestic banking fees, to the costly overseas transfer of funds with its concomitant dilution through currency trading arbitrage and trade commissions, and finally to the local bank fees in Kenya or Rwanda, a lot of folks take significant "cuts" along the way.
“Most of these fees are obscured and non-negotiable. The bottom line is that less good gets done as a result of all this transactional overhead.
A gift of $10USD today (if not combined with others) would lose somewhere north of 12-15% or more in transit at a minimum under the current system. With BTC, the final cost would be somewhere under 2% by our own calculations.”
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