Crypto Disaster Relief Fund Set Up To Help Beirut Explosion Victims
A Crypto Relief Fund has been set up to help victims of the Beirut explosion that ripped the crippling economy apart and sent shockwaves around the world.
The Crypto Disaster Relief For Beirut Explosion will show the world how crypto can help charities as they bypass Lebanon’s corrupt financial system and get relief directly and quickly to the victims.
Crypto Used To Bypass Government and Banking Corruption
The explosion in Beirut dealt a devastating blow to the country’s economy, which had already seen the local currency collapse due to the Lebanese government and banking corruption.
The Relief Fund has been set up by Lebanese expats, who say the ‘initiative aims at diversifying the flow of donations coming to Lebanon and at bypassing the corrupt Lebanese conventional financial system: the banks.’
On the 4 August 2750 tonnes of Ammonium Nitrate blew up in the port of Beirut following a fire, giving off the equivalent of an earthquake the size of 3.3 on the Richter Scale.
The blast tore through the city and left many citizens dead, injured and over 300,000 people homeless.
The Relief Fund says beneficiaries will be local non-profits: Baytna Baytak, Minteshreen, Muwatin Lebnene, Embrace, and Baytna Baytak, who will trade all funds through OTC local traders for cash to help get food, shelter and safety to the victims of the terrible disaster.
Prominent Bitcoiner and author of The Bitcoin Standard, Saifedean Ammous, who lives in Lebanon, is also organizing some fundraising for Lebanese Red Cross and Beit el Baraka, and it’s believed Ammous’ efforts have already raised hundreds of thousands of dollars
Political and Financial Corruption Cripples Lebanon
Lebanon is in the midst of a political and economic crisis. The Lebanese pound has collapsed and the economy has been sucked into hyperinflation.
Added with the coronavirus lockdown, businesses have been decimated and living conditions are devoid of any prosperity, and that was before the explosion plunged many of its citizens into destitution.
Armed groups have taken over government offices around the country, as they try to seize control of a system that has been corrupt at the core for as long as one can remember.
Bitcoin and Decentralized Platforms Are The Answer
It’s no surprise the Crypto Disaster Relief For Beirut Explosion is using blockchain to evade the corrupt system that has done nothing but offer abjection for the people they’re supposed to serve.
Bitcoin is decentralized, cheap, and immutable, and the relief can be directed to the people who need it most without going through the government or corrupt charities.
Sending value on Bitcoin is transparent and direct. We can see exactly where it goes, and we know that any corruption or theft will be exposed.
The decentralized nature of Bitcoin makes it an ideal solution for the Beirut Fund and all charities.
This crisis will highlight the value of Bitcoin and an immutable, trustless and decentralized economy. The main obstacle, however, is convincing the corrupt politicians who manipulate and profit from the problems they create.