With Christmas drawing ever closer and the blockchain industry still dealing with negative media coverage, we are reminded through the work of many crypto businesses that the way forward is not always to “HODL”, but to "BUIDL" instead.
We should be using our cryptocurrencies to build, network and do our best to make the world a better place overall. There are already some excellent developments underway in the blockchain space, just last week Blockstream leased their fifth satellite, allowing greater access to the Bitcoin network worldwide!
Since we are fortunate enough to be living through the emergence of such a revolutionary technolgy, we should ask ourselves:
What can I do to advance the nature of blockchain tech?
Well, lots! The foundational message beneath all of the hype surrounding Blockchain and cryptocurrency is to lay the infrastructure for a future of sharing and greater equity. The key to ushering in this new world is to actually use your digital currencies for a purpose beyond a store of value or gains. The holiday season is meant to be a time of coming together with family and friends and giving back to the communities around you.
We have three ideas for how cryptocurrencies and tokenization can change the way that people interact and give at Christmas time.
Scrooge McDuck, the OG hodler.
Cryptocurrencies, at their root, are an all new form of money, digital, self-sovereign and frictionless. The initial goal of the “crypto revolution” was to decentralize money and give control back to the people. However, the public conceived image of crypto "hodlers" may be one of greed and hoarding. As investors in cryptocurrencies look to maximize gains as tokens go to the moon, one can't help but conjure up an image of Scrooge on Christmas eve.
Cryptocurrencies can be moved seamlessly across borders and bypass any middlemen who would seek to misappropriate or misuse them, which makes Bitcoin and other digital currencies a perfect fit for charitable givings. Unfortunately, charities have long been plagued by corruption, scandals, and greed. For example, during the 2010 Haitian Earthquake, billions of dollars were raised for relief efforts. Both private citizens and governmental bodies provided donations, yet years later the question was being asked whether or not the funds were properly allocated to best benefit the victims.
Utilizing cryptocurrencies in charities would lead to faster, less bureaucratic, and traceable transactions. Ensuring that the funds donated to a cause are delivered in a timely manner has been a goal that has not always been achieved by charities. Dealing with large amounts of money, often cross-border, has its challenges, however cryptos have core functionalities built to deal with these exact problems. Also, by removing the middle-men (fundraising websites such as Indiegogo or GoFundMe), recipients can have money donated directly into their cryptocurrency wallets, allowing them full control over the money right away. Lastly, and most importantly, is the traceability that tokens provide. Any watchdog groups would now have the tool they would need to ensure that the intended beneficiaries receive the money that was intended for them.
Some top crypto charities you can use today:
Avocados, the hottest children's toy this Christmas season.
To many users spending digital currencies is a sacrilegious idea. The reason that many initially gained interest in digital currencies was as a means of speculating on a hyper-volatile market. Indeed it is the case that many crypto investors have never actually spent or used their cryptocurrencies in any way. They will often be content with moving their digital assets on a ledger and storing them away, waiting for them to gain more value.
The utility and benefits that can be gained from using cryptocurrencies in commerce is multifold. Firstly, the 3% fee charged by PayPal can be completely bypassed, which is great for merchants on the internet. Fear of fraudulent transactions? Worry no more, as digital payment from Bitcoin can be fully confirmed on-chain in 10 minutes. Spender benefits exist as well, no longer will you be hit with hidden fees by your credit card provider when shopping, and say goodbye to fears of losing your credit card information to an untrustworthy payment processor.
The holiday season is notoriously costly for those last minute shoppers who need to fulfill the wishlists of their friends and family. Rather than dent your wallet, or add debt to your credit card, why not use digital currency instead? Share with your family how you purchased their gifts and perhaps the conversation around crypto this Christmas dinner will shift from “how can I make money with this stuff” to “how can I use this stuff”.
Community outreach during the Holiday season has always been an important activity, whether just spreading holiday cheer or volunteering at your local community organizations, the idea of “paying it forward” is one that resonates with many people during this time of the year.
Use the opportunity to inform your friends and family about the hard work being done by various projects in blockchain space to empower and improve the lives of those not living in 1st world countries. Share with them the efforts of the Stellar Organization, powering cross-border payments, fill them in about the efforts underway by DASH and other digital currencies in countries like Venezuela, where hyperinflation has left the savings of its citizens practically worthless. Providing financial control and freedom back to people was one of the early visions given to the world by blockchain and its efforts in doing so shouldn't go unmentioned.
The goal of blockchain technology, once all the hype is boiled away, is to create a more equitable world through the implementation of trustless technology. Unfortunately not enough of the public knows this, so going out of your way to spread the “good word” about what blockchain is doing could go a long way in shifting the public’s opinion on what crypto really is about.
And what happened then? Well, in Decentraland they say, that the hodlers small hearts grew three sizes that day.
Embrace your holiday spirit! Get out there and use your digital currencies for good, help those who need it, give to others, and spread the word that crypto isn’t just a get rich quick scheme for some lucky early adopters.
Blockchain technology can change the world, but only with a proper foundation, built by a community that supports it.
Coinaccord is a Canadian Blockchain Venture Studio that strives to create entirely new and decentralized models on a global scale. As a company run by humans, we want to know if we’ve made a mistake. Do we need to make a correction or do you have a different point of view on the topic? Let us know in our Medium comments.
We also do not own the rights to the images used above.