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Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

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On Sunday, Feb. 10, the creators of the charitable organization Eatbch, a nonprofit food drive powered by bitcoin cash, celebrated its one-year anniversary. Eatbch has come along way since its inception feeding Venezuelans thousands of meals alongside branching out to other less fortunate regions like South Sudan.

Also read: BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

Eatbch Celebrates One Year of Helping People in Need

This week the nonprofit Eatbch is celebrating its one-year anniversary after two individuals started the charity with just a $5 donation. With this small fraction of bitcoin cash, the organization managed to give 40 arepas (a type of food made of ground maize dough or cooked flour) in just one location and the group realized the potential of this type of charity.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

“After a few months, we were giving thousands of meals each week in 23 locations in 6 states of the country,” explained José the cofounder of Eatbch Venezuela. Even though the funds have helped Venezuelans a great deal, José detailed that the economic situation in the country has not improved.

“A few days ago, the Venezuelan-Colombian crossing was blocked to avoid tons of aid from entering to the country — And the Venezuelan people highly need this. Inflation has skyrocketed to unseen levels, as high as 2,500,000 percent,” José emphasized while discussing the one-year anniversary.

The Eatbch cofounder added:

According to many economists worldwide, it will reach 10,000,000 percent at the end of the year and the level of uncertainty and fear we feel right now is unimaginable — For most of the people who receive hot meals each week, we are their only guaranteed meal that they can count on.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

Crypto’s Utility Phase Emerging

In addition to helping people in Venezuela, the operation also branched off into South Sudan back in the summer of 2018. The region also has one of the highest inflation rates in the world and the citizens of South Sudan have been dealing with economic turmoil and a lack of daily nourishment.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

“[Eatbch South Sudan] has been doing an amazing job providing meals for thousands for people who have been escaping the ongoing war,” José remarked. Last year, the group also caught the attention of the CEO of Coinbase, Brian Armstrong, who believes cryptocurrencies can give people in need economic freedom.

“In terms of crypto helping people (the utility phase emerging) this is pretty awesome,” Armstrong stated at the time.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

José further detailed how the cofounders first started the nonprofit and debated on how Eatbch would operate. Many people asked the group to accept several different cryptocurrencies but the charity decided to accept just one. “Bitcoin Cash was and still is, the best cryptocurrency for us — It has the lowest fees, ensuring that we won’t lose your donations because of transaction costs,” José’s anniversary blog post emphasized.

The cofounder noted:

[Bitcoin cash] has widespread exchange support and it’s also easy to use, so we could convince merchants to accept BCH.

After finishing a year of good deeds, the Eatbch team said they are very thankful for the BCH community and all the volunteers who have helped them. Because of this growth and excitement, José said the nonprofit has gained attention from the mainstream press. The cofounder concluded that this attention is of no surprise to him because the community has impacted the lives of thousands of Venezuelans. “I thank you all deeply from the bottom of my heart for all your help and support,” the charity’s creator finished.

What do you think about the nonprofit Eatbch and its one-year anniversary? Do you think cryptocurrencies can empower global citizens suffering from economic turmoil? Let us know what you think about this subject in the comments section below.


Image credits: Eatbch, Shutterstock, and Pixabay. 


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In the Daily: BCH Charity Anniversary, Lighting Wholesaler Takes Crypto, Atomicpay Vanity URLs

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In this edition of The Daily we feature the first yearly anniversary of Bitcoin Cash (BCH) charity Eatbch, a move by American lighting wholesaler H&M Distributors to accept cryptocurrency payments, and an update about vanity URLs from Atomicpay.

Also Read: In the Daily: Regulatory Developments in Italy, Mauritius, Malta

Eatbch Charity Marks First Anniversary

The bitcoin cash-powered nonprofit organization Eatbch has now marked its first anniversary. The young charity group already has operations in both Venezuela and South Sudan, where it is utilizing BCH donations to feed people in need.

José from Eatbch shared on Honest.Cash, “Exactly one year ago, my brother Gabriel and I created this initiative/project to help Venezuelans in dire need and it has been quite a ride! We started with just a 5$ donation thanks to silver-blood and we used that first donation to give 40 arepas in just one location. After a few months, we were giving thousands of meals each week in 23 locations in 6 states of the country! I know it’s cliché to say it, but I really wasn’t expecting this project to grow as it did. Not only because the amazing support we have received from the BCH community, but because the situation in the country; a situation that has been overwhelming for all of us.”

In the Daily: BCH Charity Anniversary, Lighting Wholesaler Takes Crypto, Atomicpay Vanity URLs
Empty supermarket shelves in Caracas. Due to the economic crisis and hyperinflation in Venezuela there is a large shortage of food and medicine

The charity’s founder also added that “Sadly, the price crash has affected our funds and we only have enough to help for a couple weeks. It is in this special occasion, that I ask you to please consider donating to help all who have been suffering from bad economic policies and to show that cryptocurrencies are a superior form of money.”

H&M Distributors to Accept Cryptocurrency Payments

H&M Distributors, Inc., a U.S.-based wholesaler of lighting supplies, announced that it has decided to accept payments from its business clients using cryptocurrency. This will be done through a new partnership with crypto e-commerce platform Chimpion, which supports payments with bitcoin cash (BCH), bitcoin diamond (BCD), bitcoin core (BTC), dash (DASH), ethereum (ETH), litecoin (LTC), zcoin (XZC), and more. The move is meant to allow retailers from around the world to purchase products from the American wholesaler with faster transactions, reduced transaction fees and no currency conversion fees compared to traditional fiat payment methods.

In the Daily: BCH Charity Anniversary, Lighting Wholesaler Takes Crypto, Atomicpay Vanity URLs

“After more than 20 years in the business, we consider ourselves experts in specialty lighting,” said H&M Distributors CEO Herb Needham. “Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”

New Vanity URL Service by Atomicpay

Atomicpay, a Thai-registered payments startup, has announced that its Pay URL vanity URL service will be changed from atomicpay.io/u/username to the shorter and more memorable format of atomicpay.me/username. The vanity URL service is meant to allow end users to quickly find how to pay with cryptocurrencies and allows merchants to request payments via text message, messaging app, social media, email and even printed business cards.

In the Daily: BCH Charity Anniversary, Lighting Wholesaler Takes Crypto, Atomicpay Vanity URLs

As we previously detailed, Atomicpay is a platform based on QR code payments built for merchants that want to get paid directly from clients without the involvement of any third-party processor. The company reported in January that more than 1,700 merchants from different parts of the world including Thailand, Venezuela, Turkey and Colombia have been onboarded to the non-custodial platform. The system supports BCH, BTC, LTC and other popular cryptocurrencies as well as 156 fiat currencies.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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