How GoFundMe provides a direct use case for Causevest

Legacy giving platforms like GoFundMe provide direct use cases for decentralised networks like Causevest Coin

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In February of 2022 GoFundMe decided to freeze the funds of a campaign that had raised capital on its platform. The reasons behind this fund freeze where divisive, with political opposition to the cause that was being supported leading to the operators of the GoFundMe platform into making this decision.

In Summary this post highlights

  • The importance of altruistic anonymity in digital giving - You thought you had nothing to hide?
  • Both causes and charities need a platform of support - A donation is personal to you and should not to be defined by others
  • If its not crypto you have no control over your funds
  • Once you go crypto you won’t go back in fact you might not be able to*
  • Causevest is tailor made for making donations to Cause and Charities

To make things clear this post will not go into or debate the political aspect of the parties involved. Our focus is purely on the individuals, their assets and the institutions in control of those assets.

As with the creation of bitcoin it is clear that dependence on a third party or intermediary will always lead to dissatisfaction for the parties involved. In this case the donors and the cause operators found that outside forces intervened with their funds going to where they intended.

The importance of Anonymity in digital giving - You thought you had nothing to hide?

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Imagine you made a donation a cause, but the next day your bank accounts are frozen. You’re unable to make mortgage payments, pay bills, buy food, buy petrol: the list goes on and on. Only in the most extreme circumstances should this power be used. For these, people it has been used regardless of if this was justified or not. This result leads you to a few conclusions.

This would not have happened if they donated anonymously
This is only possible because governments have too much power

The inability to separate their personal identity from payments put them at the mercy of the good will of third party institutions - a goodwill that did not exist.

  1. Causes not just charities - A donation is personal to you, not to be defined by others

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Sometimes a cause you want to support is not always a vetted and verified charity. In this case, for those donors GoFundMe didn’t offer the service that they demanded - it still took and held onto their funds. We believe the power should always be in the hands of the users. Another firm GiveSendGo attempted to step in, but found itself with similar issues.

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3. If its not crypto, you have no control over your funds

There are limits to what legacy banking systems can do. I have written and spoken about this over the years, but crypto is just more valuable then fiat on a like for like basis. You must have control of your money.

We have focused on ensuring that users retain control over their assets by introducing new features on our blockchain: one of which includes on chain reversible vaults.

Vaults allow users to make payments just like the GofundMe donors did, but reverse those transactions within a limited time period. So if GoFundMe decided to stop payouts, they could have simply reversed their transactions out of GoFundMe accounts and back to theirs.

Once you go crypto you won’t go back, you might not be able to - Now YOU SEE!

I did a talk in 2014 explaining how the emotional turmoil of having your bank account frozen would force you to see that crypto was the future.

You see when people move from traditional banking into crypto, they weaken the traditional banking sector. I like to think of it like a small ant taking a grain of sand out of the stone. When people no longer trust these third party institutions who ultimately create money (fiat) it could lead to large scale systematic risk … for anyone who doesn’t own crypto.

It’s scary to think that a little read post I made in 2020 out of frustration for repeating the same message every year since 2014 is still so relevant today in 2022

  1. Causevest is tailor made for making donations to Cause and Charities

Thanks for reading! We hope that in the future all donations will be registered on the Causevest Blockchain.

We are focused on charitable giving having made sustainable donations to numerous Causes from charities, artists, musicians to natural disasters. All while focusing on allowing users to passively help good causes without lifting a finger.

So far with products in the final stages of launch we need your support to get our technology off the ground. You can suggest causes for us to support, audit data, vote and help us grow by buying and owning (Causevest Coin) xcv at xcvesting.io

Why not say hello to us on telegram at Telegram: Join Group Chat or come visit us at a live product testing event in London at https://www.meetup.com/Causevest-Crypto-Bootcamp-and-Investment-Club/