Cryptocurrencies have made headlines recently for their use in aid efforts following the recent earthquake in Syria and Turkey. This disaster has sparked a new conversation about the potential of cryptocurrencies in charitable giving and disaster relief. While cryptocurrencies have traditionally been associated with speculative investment and financial gain, their decentralized and transparent nature make them well-suited for humanitarian purposes.
One of the biggest advantages of using cryptocurrencies for disaster relief is that they bypass traditional financial institutions. After a disaster, these institutions can be slow to respond or simply not available due to damaged infrastructure. Cryptocurrencies, on the other hand, can be sent and received instantly and securely, which means aid can reach those who need it quickly. This is especially important in conflict zones, where traditional financial systems might be unreliable or unavailable.
Another benefit of using cryptocurrencies is that they increase transparency in aid efforts. Transactions on a blockchain are public and verifiable, which helps keep everyone accountable and track where the aid is going. This makes sure resources are being used effectively and reaching the people who need them the most. Plus, cryptocurrencies can cut down on the administrative costs of traditional charity donations, so more money goes directly to those in need.
These are tweets from various cryptocurrency exchanges declaring support for the earthquake disaster in Syria and Turkey.
Cryptocurrency transactions can be made from anywhere in the world, as long as both the donor and recipient have internet access. This means people can donate from remote areas or countries that don’t have a direct aid relationship with the affected region. And, since cryptocurrencies aren’t subject to the same currency restrictions as traditional financial systems, they make it easier to send funds to other countries.
We’ll be donating BUSD to humanitarian NGOs working on the frontline of the disaster zone, both in Turkey and Syria. 100% of all the funds raised will go directly to our NGO partners to provide emergency supplies including medical resources, shelter, food and blankets.
– Binance Charity
If you would like to support Binance Charity, you may click on this link: Donate to Turkey and Syria. As of writing, they have raised a total of 2.66 BTC or based on current conversion: 58,000 US Dollars.
