Bitcoin Beirut fund set up to help explosion victims

Bitcoin Beirut fund set up to help explosion victims

A Bitcoin Beirut fund called ‘Crypto Disaster Relief For Beirut Explosion’ is set to bring relief to the victims. The explosion in Beirut has dealt a devastating blow to the country’s economy. Lebanese finances were already frail before the deadly explosion ripped it apart totally. The banking system has suffered massive damages, and people are facing severe challenges to access their funds.

Bitcoiners have risen to the challenge and launched the fund in abid to secure aid for the victims.  Efforts of the crypto community have ensured that Lebanese citizens have access to money in such hard times. The fund has been launched by Europe-based Lebanese ex-pats who are concerned about the severe banking crisis that may cripple the economy further.

Bitcoin Beirut relief fund promises much more than relief

The Bitcoin Beirut fund campaign says that the country’s financial system is corrupt to the core. On their Instagram post, they want to emphasize the benefits of using cryptocurrency transactions in order to bypass the conventional banking system, which is plagued by corruption, inefficiency, and technical flaws.

The fund is empowering people on the ground through trusted over-the-counter traders providing much-needed liquidity to the citizenry. Local non-profits, including Baytna Baytak, are being funded by Bitcoin Beirut fund to help the people locate food, shelter, and safety.

Saifedean Ammous, a Palestinian professor, living in Lebanon, is organizing the fundraising for Lebanese Red Cross and Beit el Baraka. his efforts have borne fruit, and he has collected Bitcoins worth several hundreds of dollars. Another non-profit called ‘Kilna Ya3ne Kilna’ is also using the Bitcoin crowdfunding model to disburse humanitarian aid.

Political and financial crisis grips Lebanon

Lebanon is in the midst of a political and economic crisis. Major leaders have resigned following days of violent protests as people blamed political leaders for the endemic corruption. Armed groups have taken over government offices and buildings across the country.

The country’s economic condition was already in ruins before the unfortunate blast. The decentralized nature of cryptocurrencies and Bitcoin Beirut fund makes them an ideal solution in such unfortunate times. The crisis has shown that the crypto industry can manage financial distress better compared to traditional channels.

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Gurpreet Thind

Written by Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.