Charity and Crypto DuststeemCreated with Sketch.

in bitcoin •  3 years ago

I don't hear people talk about "crypto dust" much but I'm sure I used to, when the bitcoin community was less about speculating on price, people used to complain about the "dust" or 0.00000012 satoshi left in an outdated or unused bitcoin wallet. As the price of bitcoin grew this "dust" became worth more and more, and maybe is no  longer considered unusable, or "dust"!

However, I try to keep up with all kinds of crypto projects, new altcoins and ideas. And, like new businesses, lots of these projects fail, or don't gain traction in the market for whatever reason. And, again, like the early days of bitcoin, I imagine there are lots of unused wallets with small amounts of unused crypto. Or bits of crypto. If you haven't even got a full coin, when a full coin is only worth a few pence or less, it's hardly worth having? Surely? But imagine if that's the case for millions of crypto enthusiasts around the world. Tiny amounts of various crypto coins in millions of wallets, sitting there doing nothing. I've got some....

And so I wondered, would it be possible to build and App, DAP, or website, that I envisaged would have lots of charities enrolled, maybe the front page showing all the charity logos, and a button, saying "Donate Dust", you choose your charity and enter your amount, the App would convert all the donated crypto to bitcoin or a currency the charity accepts, and send it across in larger amounts. A good way to clean up wallets, and put to use some of the crypto that has been sitting there doing nothing, for a good cause. It's only dust to you and I but it would all add up.

I also thought a concept like Lawnmower, which, when you pay for things with your bank card, rounds up the price of what you bought to a round figure, and buys bitcoin on your behalf with the rounded up amount, so if you spend £5.99 and have it round up to the nearest £10 every time, it buys you £4.01 worth of bitcoin, and deposits that it in your bitcoin wallet. Could this work for charities? And rather than with bank accounts have it work with crytpo wallets? So that as you spend, or do transactions, a charity gets a small donation? I'm no programmer or developer, and have other projects on the go at the moment, but I'd like to hear any comments or feedback you have, if something like this exists already let me know? Or if someone out there can make it happen, keep me posted, and I will shout about it/invest/donate!!!

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With the high cost of transaction fees due to artificially limited block size dust is stuck in limbo these days. It costs more to transfer it than it is worth.

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Do the high transaction fees and limited block size apply to all crypto currencies? This could apply as well to ethereum or dash coin as bitcoin?

It actually exists (the second concept). It's an app called Dust: https://dustapp.io

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Hey, that's a good looking app, I checked the website. Lawnmower was another one, not available in the UK though last time I checked? I like the dust app though very much.

Good points in this article. Good to see I'm not the only one who thinks like this. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. I was wondering if anyone of you uses: https://www.coincheckup.com This site is really helpful in my coin research. I don't know any other sites with so much indepth analysis.

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great recommendation. Thanks