A new crypto project claims buying their coin could help the homeless.
As wannabe financial wizards around the world seek to make their fortune in cryptocurrency, the Help the Homeless (HTH) coin claims it is driven by more selfless goals.
Each HTHcoin (https://hthcoin.world/index.php) is worth around $0.000080 at the moment, with a market cap of $42,544, but the people behind the project have big aspirations.
Their website states that 15% from block reward goes to charitable funds for the homeless, and 10% goes to development funds.
Founders
The founders of HTHcoin are from all over the world and come from financial, charity, and also homeless backgrounds.
One of them is Stian, who says the aim of HTHcoin is to become a worldwide organisation helping the homeless.
In 2005, the United Nations attempted the last global survey of homelessness, and estimated approximately 100 million people were homeless.
In context, that would be more than the population of the UK and Poland combined. The report also found as many as 1.6 billion people lacked adequate housing.
In terms of Bitcoin users, a study by the University of Cambridge said there were up to six million active users.
Stian said: “We started out in the US since laws there apply broadly, and in many cases, they are also stricter than other countries.”
“Complying to US laws first makes it easier to roll out to other countries too, with respective non-profit organisations.”
“We rely on our community members in cooperation with us to start up in their respective countries.”
“One of our dreams is to be able to quickly provide direct funding to partners in areas of need, like after natural disasters, war, or economic crisis.”
“One of our first charity partners is The Salvation Army of Greece.”
Fundraising
HTHcoin believe more traditional methods of fundraising for charities suffer from a lot of the donation being siphoned off to cover administration and other costs before reaching the intended target.
Stian said: “By using a blockchain, we can provide a safe tracking of funds all the way, and our future code is planned to also provide more automatic means of fund distribution to needed areas.”
“We donate a masternode to our charity partners to provide a steady flow of funds to their organisations, and also to give them first-hand experience with crypto.”
“Our current price level doesn’t provide much, but I hope this will change when people see we actually do what we say.”
“We have been met with many questions about our legitimacy, and many may have thought this was yet another pump and dump coin, or an exit scam. Given how much we have invested in this, the latter would be rather foolish though.”
Those wishing to set up donations can do so with HTHcoin or BTC through https://hthcoin.world/charity.php, and later this month, Stian said a charity website would be launched whereby more traditional forms of donation could be accepted.
First-hand experience of being homeless
Stian, one of around 10 founders, said some of his partners had experienced homelessness first hand, which gave them a unique insight into the issue.
He said fundraising via HTHcoin may also help limit the damage ‘on-the-street-donations’ can do by enabling someone to buy alcohol or a substance, which only compounds their problems.
He said: “We don’t provide hard cash directly to the homeless, but rather enable local charities to provide them with what they need.”
“For a start, this may be as small as hygienic articles, food, and warm clothes – all of which mean a lot when you have nothing.”
“Bitcoin and crypto attract many who may not have been engaged in charitable causes earlier, and it makes for safer, easier, and faster means of fundraising.”
“Crypto also allows for pinpointing funds directly to more specific purposes, and crossing borders which may be restricted for fiat transfers.”
Stian said the aim of raising money through HTHcoin was to eventually be able to construct permanent shelters in the future.
He said: “Strategic partners and powerful donators will be needed here, and it is a pleasure to say we have already been approached by some regarding this goal.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.