Q&A: How to set up cryptocurrency charity pledges?

Notes from Chris

Episode 1579

A listener wants to create “Kickstarter for crypto.” Is this a side hustle, a billion dollar idea, or a pipe dream?

In this day and age, it could be any of them—or maybe even more than one of them! We are fulfilling that Chinese proverb about living in interesting times. We’ve had meme stocks, NFTs, and hundreds of cryptocurrencies that have debuted in the past year for billions of dollars in market capitalization.

Last month I was going to make a joke and say “I’m making an NFT that explains what NFTs are,” but then I saw that someone actually did that and it sold for $120,000. Clearly I’m in the wrong business!

But to our question: what about a charity component for some of this? That’s what our listener wants to know.

"Hey Chris, this is Tyler and I’ve been a fan since the $100 Start-Up. I'm sure you've seen the news about Bitcoin rising to sky-high levels in the past year. Between that and Ethereum, and Elon Musk tweeting about Dogecoin, I feel like cryptocurrency is finally having its day. I'd like to start something like GoFundMe, but with a twist: all pledges must be made in Bitcoin, or maybe some other digital currencies at some point.

I know this isn't a mainstream idea, it's more for the community that loves crypto. I'll make money by charging a 10% transaction fee on all campaigns. I feel that this is a solid concept, but I'm worried it's more than I can handle on my own. When I think about everything that's involved, I start thinking maybe I'd be better off reselling textbooks and just enjoying the Bitcoin news as a hobby. Am I wrong? Looking forward to what you have to say about this."

Listen to today's episode to learn more...

 

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SEE ALSO:

• Q&A: Should I accept Bitcoin as a payment method?: Today’s listener is wondering about Bitcoin, the world’s best known cryptocurrency—should he accept it as payment for his new app?
• Bitcoin YouTuber Earns Thousands in Affiliate Commissions: A Dutch cryptocurrency enthusiastic takes to YouTube to explain it to his countrymen, earning commissions from tools and resources he endorses.
• Q&A: How to attract a low-tech audience to blockchain?: This listener wants to help a low-tech audience to understand and benefit from the ledger technology known as blockchain. How should she proceed?

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,