Bitcoin Cash Community Creates Grassroots Funding Initiative

Just recently a fundraiser was initiated by a long-time bitcoiner, Paul Wasensteiner, who is very passionate about spreading the benefits of the decentralized cryptocurrency bitcoin cash (BCH). Wasensteiner and others plan to launch a Bitcoin Cash Fund Initiative in hopes to drive progress forward and expand adoption.

Also read: The Curious Case of the New ‘Dragonmint Bitcoin Miner’

Introducing the Bitcoin Cash Fund Initiative

A new BCH funding initiative is in the making, which plans to help market the four-month-old cryptocurrency. Initial plans for the nonprofit, Bitcoin Cash Fund Initiative, will use donation proceeds towards BCH websites, faucets, flyers, and both physical and virtual learning materials. The organizers of the marketing initiative include Paul Wasensteiner, Fitz Michael, and Haipo Yang, the founder of Viabtc. The organization explains that its first steps will be completing a bitcoin cash video and leaflet project alongside constructing the Bitcoin Cash Fund Initiative website to form the nonprofits’ online presence.

Wasensteiner created a crowdfunding plan through Thunderclap, and the team has met 162% of its supported goal. The Thunderclap page states;

The Bitcoin Cash Fund is a non-profit organization, with the mission of distributing funds donated by individuals and sponsors to quality projects that can expand awareness of Bitcoin Cash.

Creating the Nonprofit’s Governance System

Wasensteiner and fellow collaborators have also revealed how the Bitcoin Cash Fund Initiative would work by describing the vision on the blogging site, Yours Network. The fund’s creator says that after he started the Thunderclap page, donations were far larger than expected and he knew there was a need for the fund to employ a governance system. The initiative will operate a board of three members who hold keys to a 2-of-3 multi-signature wallet.

“All board positions would last one year (suggested), and would be opened to a vote after the term,” explains Wasensteiner. “The exact details of this voting mechanism will be hashed out in the coming weeks.”

This governance system is efficient, as I would be able to make leadership decisions effectively, but provides fail-safes to make sure that member (A) does not hold ultimate power over the fund.

A Big Thank You to BCH Supporters

So far, the bitcoin cash community seems excited about this fund and the initiative has received an overwhelming response as far as donations. For now, the team can be found at the Bitcoin Cash Slack Channel for more information about the initiative, and for pitching ideas to the board members. Further, the team is looking for volunteers and people who would like to donate time towards spreading bitcoin cash awareness.

Wasensteiner concludes the first Bitcoin Cash Fund Initiative update by stating, “I’d like to say a big thank you to the bitcoin cash community! It really feels like the early days of bitcoin again when everyone was positive and working towards the future.”

What do you think about the Bitcoin Cash Fund Initiative? Let us know in the comments below.

Images via Shutterstock, the Bitcoin Cash Fund Initiative, and Twitter.

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