Sunday, August 25, 2019

Crypto Donations to Increase During Holidays Despite Winter Bears

A new survey conducted by a mobile platform, Pollfish in conjunction with prominent crowd-funding platform, WeTrust, has revealed the majority of crypto holders would still enjoy giving away monetary donations in the Christmas spirit, despite the downtrend of the cryptocurrency market.

WeTrust, in the promotion of Giving Tuesday—its latest platform—published and commissioned its interesting survey with Pollfish this week Tuesday. The company is known as one of the few companies employing the use of blockchain technology to facilitate charitable endeavors, providing crypto-holders a platform to donate Ethereum (ETH) to a non-profit organization.

The poll which was strengthened by Pollfish’s versatile machine learning algorithms revealed some rather curious results. Considering the late plunge of the cryptocurrency market in 2018, many crypto holders and investors have found themselves losing more than they would have expected earlier this year. Coupled with the coming festive season, one would have expected holidays to turn sour in some quarters, but polls have proved otherwise: there might be more angels in the crypto-space than kitty lovers.

Paw in the Results

One of the queer highlights of the result is the fact that 79 percent of crypto owners would rather donate their virtual assets than purchase a beautiful crypto kitty. (And if you’re still wondering what the heck a crypto kitty is, you definitely need some brush-up!) When a loving kitty-saver spent $140,000 on an adorable kitty earlier in March, eyebrows were raised; and it got even the tongue of The New York Times wagging. Cryptokitties, a popular game built on the Ethereum blockchain has got real-time Ethereum traders groaning for a long time over a considerable amount of Ethereum’s block size being spent on a video-game craze and consequently slowing transactions. It would be a relief to many that there are more rational crypto owners than ‘renegades’ after all. Although it is important to point out that a crypto kitty bought is still more or less a charitable donation—albeit indirectly.

Related Article:  Cross-Blockchain Protocol Tested By Developers for ERC20-Bitcoin Transfer

 

Why is there an Increase in Crypto Donations?

The results, as revealed by WeTrust, shows a steady increase in the amount donated to charities in America since 1977, even with factors such as inflation put into consideration. A significant boost from $142 billion to $410 billion in 2017 more than paints the commendable picture of Americans’ generous spirit; Although, regardless of the improvement, the number of individuals and families involved in charities has dropped from 68.5% in 2002 to 55.5% in 2014. Despite this drop, crypto donors continue to increase, with the survey showing that 77 percent of American crypto holders are willing to donate to a cause that interests them.

The increase could be down to many reasons, and the fact that there is no delay or mistrust of third-party mediators more than contributes to the ease at which crypto donations are made. Long-term crypto holders have likewise seen their fortunes increase over the years; this could be a significant influencer also.

Whatever the reasons are, the festive mood of crypto owners is sure not going down with the market. Whether Rock bottom or not.

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