LOS ANGELES--(BUSINESS WIRE)--Karmacoin.me today announced that its community has raised nearly $2,500 in less than 24 hours in a symbolic fundraiser to ease US-Russian tensions. The community fundraiser, playfully titled “Send Vladimir Putin to Disney World”, benefits the Juhudi Children in Crisis organization in Kenya to provide 400 orphan children with food and education.
Karmacoin, a digital currency similar to Bitcoin, was formed in February 2014 as a way to provide incentives to everyday people for acts of kindness and to promote positive behavior. Karmacoin joins cryptocurrency Dogecoin in raising money for causes.
"The Karmacoin community was able to send lots of small donations in such a short span of time because there are practically no transaction fees. If another method had been used, such as PayPal or credit cards, or even Bitcoin, the overhead costs would have meant that these low-value transactions could not have taken place," said Tony Sorel, Karmacoin.me’s Director.
The Karmacoin technology addresses the cost and complexity problems associated with microtransactions. Like Bitcoin, users have the ability to pay for microcontent and small donations. However, Karmacoin’s transaction fees do not make up a significant portion of a microtransaction’s value.
“Payment methods such as credit cards, bank transfers, checks, PayPal, and even Bitcoin make small transactions too expensive to be of practical use,” said Mr. Sorel. “With regular payment methods, for example, you would need to send 50 cents or more just so the other party can receive 25 cents.”
Karmacoin.me Key Features
- Secure and anonymous transfers
- Funds transacted in seconds and automatically verified in minutes
- Every transaction is recorded on a publicly-accessible ledger
- Credit card-like chargebacks are not possible, protecting merchants and charities
- Transaction costs for transfers essentially free
- Ability to transfer the digital wallet to paper
Founded in 2014, Karmacoin is a P2P digital currency, like Bitcoin. Its system is designed to be used as an incentive and reward mechanism for people, companies, and schools. The Karmacoin mission is to make it easy to send any amount of money to friends, family, co-workers, neighbors, students, employees, charities, and others over the Karmacoin network securely and reliably.