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Thread: Bitcoin donation vs Bank donations

  1. #1 Collapse post

    Bitcoin donation vs Bank donations

    1. After donating a certain amount of money, do you want to know if others are doing the same thing?
    I do. It encourages me to do it again when I see everyone doing the same thing.
    2. Do you want to know much is the collected amount?
    I do.
    3. How about an idea of how much they spent?
    Yes.

  2. #2 Collapse post
    The best feature of Bitcoin is transparency.

    Every transaction is recorded on the internet and can be verified without any issue. Whereas fiat donation is not transparent it is completely hidden and there is no ways to verify it.

  3. #3 Collapse post
    I have no idea. I haven't used banks for a long time.
    I just know there is an account privacy so you will need to have permission from the owner (please correct me if I'm wrong)

  4. #4 Collapse post
    Isn't the very fact that we donated through them, whether it be Bitcoin or Bank, mean that we trust that institution to actually put our donations to good use? I mean, yes, I've doubted banks more than once in a few instances but really, it isn't like we can do much to it when we've donated it already. We can only trust them to actually do something about it. It's difficult to show transparency since sometimes that transparency can just be a simple facade tbh, and we're actually already getting scammed right under our noses.

    Still, Bitcoin donations could be a great option provided its transparency. Although on the other hand, even if there's only a minuscule of a chance of it happening, I think people/Institutions can still find some ways to take advantage of it. Idk how, but really, what we can do is limited by our imagination right?

  5. #5 Collapse post
    People like to donate some of their funds to institutions that needs financial support. Due to the data privacy, it would be impossible for us to know the total amount donated by a certain people.

  6. #6 Collapse post
    Donations are supposed to be public. Transparency is a must in this kind of thing and I believe both Bitcoin and the fiat system is are doing it right.

  7. #7 Collapse post
    Quote Originally Posted by Alexthedefender04 View Post
    1. After donating a certain amount of money, do you want to know if others are doing the same thing?
    I do. It encourages me to do it again when I see everyone doing the same thing.
    2. Do you want to know much is the collected amount?
    I do.
    3. How about an idea of how much they spent?
    Yes.
    These are basic information that we should know (especially the donors). The one who organized the donation drive should announce how much was collected and how it was spent. We wouldn't want our money to go nowhere.

  8. InstaForex
  9. #8 Collapse post
    As far as I know, banks do not have a public ledger in order to protect their client's privacy. Unlike with Bitcoin wherein all transactions can be seen by everyone. Hence, in terms of transparency, it would be better to use bitcoin donations.

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