Bitcoin
Chinko Project Asks Reddit How To Best Spend Bitcoin Donations
Jp Buntinx · @http://twitter.com/jdebunt | Jun 06, 2016 | 03:55
Converting Bitcoin to fiat currency can be a struggle for some individuals, particularly in Africa. Coming up with a way to spend the Bitcoin would be good as well. The Reddit community is coming together with helpful tips and advice on how to use the money as we speak.
This entire story started by one person venting his frustration about automatic Windows 10 updates during a Reddit AMA. As it turns out, he is an anti-poaching pilot in the Central African Bush, and their ULM was lost recently. To replace this missing vital piece of equipment, the person set out to promote a crowdfunding campaign on Reddit, and Bitcoin was among the accepted payment methods.
Reddit Wages In On Bitcoin Conversion Problem
Fast forward to today and the Bitcoin crowdfunding effort has surpassed all expectations. This also brought forth some struggles, as the funds have to be converted to fiat, or a different form of online money that can be used to buy goods and supplies online. That is much easier said than done when living in Central Africa, though.
“Basically, if it’s not possible for us to turn this into donated money. Perhaps we could use it to help buy supplies online. I know I’ll probably be lambasted for not performing the due diligence and research myself.. but things are very hectic around here, and our generators don’t run on Sunday. So the batteries will be losing power soon. If anyone is willing to recommend some online suppliers of tech/gear, that might be suitable for an anti-poaching group. I’d appreciate the input.”
After doing some research into the matter, the bush pilot came back to Reddit and asked for advice on how to use the Bitcoin donations. Converting to fiat currency seems to be a big hurdle, although Coinbase is an option that seems available to them. But the team is also considering getting a Bitcoin debit card, as it would make spending the coins online possible without much friction.
Bitcoin is a very convenient way to move funds around the world, but it remains difficult to cash out cryptocurrency in some areas. Using an online debit card is an option to spend the funds conveniently, but not everything can be purchased online. For real-life expenses requiring cash, an online debit card is no proper solution.
At the same time, this is also an excellent example of how the Bitcoin community works. There is a lot of valid advice being posted on the Reddit thread, although not everything applies to this situation. Through collaboration and open discussion, a solution will be found to help the anti-poacher group out.
What are your thoughts on the Reddit community advice so far? Let us know in the comments below!
Source: Reddit
Images courtesy of Shutterstock, Chinko Project
