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Bitcoin donations to the Red Cross for the Coronavirus have been successful
Bitcoin donations to the Red Cross for the Coronavirus have been successful
Bitcoin

Bitcoin donations to the Red Cross for the Coronavirus have been successful

By Marco Cavicchioli - 31 Mar 2020

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A few days ago, the Italian Red Cross launched a fundraiser for the coronavirus emergency

The collection ended successfully, with more than 3 BTC raised in two weeks, amounting to over €20,000

The campaign was organized by the Comitato Colli Albani of the Italian Red Cross, which, thanks to these funds raised, bought the necessary material to set up a new Advanced Medical Post for the pre-triage of COVID-19.

Thanks to the Helperbit platform, it was possible to collect BTC from all over the world in a short time and in a simple way, converting them into euros and turning them into tangible assets, essential for the emergency situation. 

The final commission costs were found to be less than 1%.

The purchased items have already been delivered to the Comitato Colli Albani’s warehouses. 

The process of launching the campaign lasted around 3 days in all, including due diligence, the definition of the project objective, drafting of the description and opening of the multi-signature bitcoin wallet. 

To reach the expected target of €10,000 in BTC, it took another 3 days, whereas to date the total collection is about 3.2 BTC. 

2,91492543 BTC have already been converted into euro thanks to the Tinkl.it platform, for a partial total of €18.551 net, which was then sent via bank transfer to the Committee’s bank account.

The goods were purchased on March 25th, and on March 27th, the main component of the PMA – Posto Medico Avanzato (Advanced Medical Post) was delivered, i.e. a free-standing inflatable tent.

The first installation of the PMA is scheduled for April 5th. 

In total, only 0.00989986 BTC was paid in fees by the donors for on-chain bitcoin transactions, while Helperbit did not charge any commission, as per company policy. 

To these must be added another BTC 0.00492543 as a fee for the on-chain Tinkl.it transaction, which in turn did not charge any exchange commission. 

The cost of bank transfers for the purchase of goods was €3, bringing the total commission paid to 0.55% of the amount collected. 

In total 101 donations were made, of which 97% in bitcoin, and 90% anonymous

The average amount of individual donations was about €192, with an average commission of €1.15 per donation. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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