More than $1 million in BTC donated by Binance to stop fires in Australia

Latest

It has become apparent some years ago that one of the best applications for Bitcoin is represented by the possibility to donate to those in need.
And this is exactly what Binance Charity has done lately by collecting about $1 million in BTC to donate towards assisting the firefight efforts in Australia.
Binance is not a newcomer into the donation space as the major crypto exchange has already been involved in multiple actions and activities that tried to offer financial support to people in need from Africa.
As for Australia, we all know that from the end of December 2019, the southern continent has been ravaged by massive fires that destroyed numerous forests and killed a great number of the local animals that couldn’t escape the raging fire.
According to some of the latest numbers and statistics, more than 6,000 buildings have been put to the ground and more than 25 million acres of land together with the wild fauna there have been burned. It is estimated that the country’s economy has suffered destructions that go beyond $4 million.
Thus, though Australia may be a developed country, many of its citizens lost everything they owned when the wildfires engulfed their homes and the state authorities need to find the best solutions to assist everybody.
With so many people in need, Binance Charity turned on its fundraising engines setting up the Australia Bushfire Donations project and managing to collect an estimated $1 million in Bitcoin.
Binance Charity’s support for Australia comes at a moment when the country needs all the help it can attract. The crypto donations it managed to attract will go towards the Australian authorities showcasing that Bitcoin and blockchain industry can help people when such support is required.
Though it may seem obvious that people can also donate fiat to assist countries affected by natural disasters, cryptocurrencies prove once again the superior nature they carry over traditional currencies as the transfer costs are very much reduced and the transfer speeds are higher.
At the same time, when we have a natural disaster affecting a country as we now have in Australia and people from all over the world want to help, it becomes clear that using a single currency (Bitcoin in our case) improves the overall donation process.

Leave a Reply

Your email address will not be published. Required fields are marked *