RooCoin – A number of charities accept digital cryptocurrencies as donations in todays article we will explore advantages of utalising cryptocurrencies for fundraising.
There is no doubt that there has been an increase in the amount of cryptocurrency investment globally. The growth of cryptocurrency has penetrated charity fundraising events. Cryptocurrencies are part of a crypto ecosystem; a collection of elements in which these elements interact with one another and the environment around them to create a unique environment.
There are a growing number of crypto-charity organisations in the world that coordinate cryptocurrency-fuelled humanitarian projects. These projects promote crypto-financial technology directly into the hands of those who need it. Some organisations depend on the generosity of a small group of donors. In contrast, several types of care are provided by very wealthy, single crypto millionaires, who use their wealth to help the community. There is a growing desire among investors to find new ways to support areas where the government cannot supply aid.
The RooCoin ecosystem is designed as a crowdfunding initiative for non-governmental organisations. It is available to all contributors, large and small, who want to track the use of their charitable contributions.
MOST COMMON PROBLEMS CHARITIES FACE!
The last ten years have been turbulent for not-for-profits and charities. Charitable organisations are having a hard time due to increased demand and budget cuts. Because of this, charitable organisations are under greater pressure to innovate to maintain their long-term viability. In this article, we will examine some of the challenges charities and non-profits face:
Too much bureaucracy makes donations slow
It is difficult for charities to grow and develop efficient services for the group they are focused on because of red tape and lack of growth opportunities. The bureaucracy follows a regulatory framework. The result is a lack of efficiency and inadequacy of flexibility. It is often a barrier to charitable work for charities to follow a specific set of guidelines. The complex rules of a bureaucratic system often cause delays. Bureaucracy necessitates a great deal of paperwork because every determination must be documented. All documents must be kept in their original and draft forms. This results in significant time wastage for charities.
Centralised decision making – The process of centralised decision making in cryptocurrency is one in which a small number makes company decisions of people. An organisation with a centralised management structure holds decision-making authority in the main office. Both the donors and the funders find centralised decision-making unacceptable. The following points are discussed in detail:
Unacceptable to Donors: Centralised donations in cryptocurrency result in the trust issue, which donors find unacceptable. Since donors don’t know where real contributions are being spent, they aren’t satisfied with the centralised system. The centralised approach is never free of scams and frauds.
Unacceptable to Fundraisers: A centralised donation approach is unacceptably inconvenient to fundraisers. Fundraisers receive very little donations because of scams involved with centralised approaches.
The recipients receive only 20% on average of donations – It is sometimes difficult to track where the money goes, which makes accountability a challenge. There is a lot of fraud involving centralised approaches. The original receiver gets a percentage of actual donations of 20% on average. This thing creates doubts in the donor’s mind, and all donors will not appreciate these things, which will reduce the amount of donations to charities.
CAN CRYPTOCURRENCY INVESTMENTS IMPROVE CHARITIES?
The use of cryptocurrency can benefit a wide range of organisations, especially charities and non-profits. It gains access to a wide audience of potential donors, allows money to flow more easily across borders, and can make strategic use of an appreciating asset. It would be beneficial for charities if cryptocurrency donations were adopted and more money was being given to organisations that need it most.
Resolve the issue of trust –Transparency regarding donations is an ongoing issue that has caused consternation for charities for years. There can be a loss of trust when funds are not transparent about where they go. The result is a decrease in donations, which charities rely on to assist people and remain operational. However, some non-profit organisations have made use of cryptocurrency as a solution. Cryptocurrencies utilise the blockchain, which is a distributed ledger network that enables you to keep track of records and transactions without requiring a central database.
Donating is more convenient – The change has profound impacts on non-profit organisations: it makes tracing donations easier and provides insight into how cash donations are used.
Getting rid of middlemen charges – Traditionally, more transaction charges have been imposed on transactions because of the high exchange rate and the existence of middlemen. Digital currencies facilitate fast, cheap, and efficient money transfers. In addition, it reduces the expense of middlemen by allowing donations to be made directly.
Furthermore, the money reaches its recipients almost instantly, which means that it is received at the right time. Several well-known non-profit organisations, including Save the Children, UNICEF, and Against Malaria Foundation, accept cryptocurrency donations.
Avoid fiat currency scams – It is simply not possible to have this level of transparency in a fiat currency system. In contrast to this, in cryptocurrency, the transactions cannot be altered or revoked. Documentation of each new transaction is added to participants’ ledgers when it occurs on the blockchain. Transparency is, therefore, one of the key elements.
Transaction security – Security is improving day by day for cryptocurrencies. Cryptocurrency donors will be even more assured of their contribution when deciding to donate.
Donate anonymously – You can donate anonymously, which gives more donors a chance to donate. Anyone hesitant to donate at this time may feel more comfortable contributing with cryptocurrency.
Donations from abroad are more easily accepted – You can accept donations from all over the world without incurring exchange fees or banking delays. Similarly, if you don’t have agencies resolving cryptocurrency circulation issues, the monies are analysed concurrently.
The world will benefit from cryptocurrency to a great extent, as it will create wealth for the poorest. Donors using cryptocurrency systems can see exactly what their money goes towards and who it ultimately benefits. The increased trust of the public results in increased support for charities. With RooCoin, the ecosystem works to provide better access to cryptocurrency donors.
WHAT IS THE ROOCOIN ECOSYSTEM?
The RooCoin ecosystem is developing so that charities can be served quickly and easily through cryptocurrencies. The RooCoin project offers solutions to the technical constraints that currently govern the cryptocurrency market. It is an important source of funding for our charitable endeavours. Furthermore, as part of our community’s RooCoin ecosystem, we provide them with the necessary tools to embrace change, realise their potential, support one another, and participate in community-driven decision-making. The RooCoin ecosystem offers the following services to its investors:
Roocoin – Decentralised Exchange (Cross-chain Exchange)
RooSwap is a cross-chain decentralised exchange created on the Binance Smart Chain but with Ethereum and BTC support scheduled in the future.
NFT Marketplace
RooNFT will be a P2P (peer-to-peer) marketplace to purchase and sell the in-game assets, NFT art, and the NFT music collectables.
Wallet Application
The first passive staking NFT wallet allows you to earn tokens in return for storing your NFTs with us.
Decentralised Charity Voting
A web 3.0 app that allows members to engage with communities and people in real-time. They make it simple to find and donate to communities and individuals.
HOW DOES ROOCOIN SOLVE CHARITY PROBLEMS?
The conversion of aid into digital assets and the building of trust in charitable organisations have all been made possible by cryptocurrency. Charities can now use cryptocurrency tokens to incentivise donations, allowing donors to track the effectiveness of their contributions. The creation of RooCoin is intended to transform charitable organisations. Here’s how RooCoin aids charitable organisations in overcoming obstacles.
RooCoin – Decentralised voting submission and voting process for our holders – They raised $25,000 for local charities within the first 24 hours of being in the market. The Roo website will enable users to validate their Roo holdings to vote. Additionally, it will display the current amount in a charity wallet. The users will also be able to access the disclosure directory to view the causes to which the donated money was sent and why they were necessary. The temporary voting system can be accessed from the website.
RooCoin – 100% of the funds reach the recipients – RooCoin places a premium on honesty and transparency. Whenever a user donates via the charity wallet, the transaction is recorded and inserted into their online directory. As a result, their owners can monitor every transaction and know where their funds are going. Moreover, it will allow anyone to see how far the community has come.
1% tax initially on trading – In the past, all token operations incurred a 1% transaction fee that was automatically transferred into a secure charity wallet. RooCoin trading will no longer incur the 1% transaction fee once the platforms go live. Then, transaction fees from our products will be taxed to create charity funds.
In growing in strength, RooCoin becomes more valuable as their community decides where donations should be directed. To build and inspire a strong community, their team continuously co-creates with their holders. Its mission is to motivate people to embrace change, optimise their potential, collaborate with their peers, and participate in community-based positive decision-making.
ROOCOIN – CONCLUSION
Charitable coins were created out of a desire to develop native currency focused on specific efforts, such as clean drinking water. In addition to offering peace of mind, these projects use a public ledger that enables donations to be monitored, as well as a currency specifically designed for charitable giving. Although it was not demonstrated how well they work on a large scale or even a small one, they are more exploratory than the other crypto-charity efforts.
The mission of RooCoin is to solve two problems. They are the very first in the charity space to create a transparent/ decentralised process that addresses issues in a prevailing charity infrastructure. The second was to provide tools that do not currently exist in the crypto space in a singular platform, thereby minimising the requirement to use different platforms. As a result, we appeal to a much larger audience than most cryptocurrency projects.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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