Crowdfunding | April 8, 2024

Image: Geyser crowdfunding platform (website)

Opening the Flood Gates of Global Crowdfunding with Bitcoin’s Lightning

Geyser, an innvoative crowdfunding platform, utilizes Bitcoin’s Lightning Network to offer global, inclusive access to fundraising. Since its launch in 2022, Geyser has attracted over 50,000 contributors and supported 1,000 projects, facilitating donations worth 30 BTC (~$2,125,000), mainly within the last year. Traditional platforms often limit participation due to stringent regulations, high fees, and geographical restrictions.

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Geyser’s approach is radically different, promoting anonymity, global access, and immediate peer-to-peer fund transfers, significantly impacting crowdfunding’s landscape.

• Within just two years, Geyser has seen massive growth, supporting 1,000 projects with over 50,000 contributors worldwide showcasing the platform’s effectiveness in utilizing Bitcoin to democratize access to funds, especially in regions traditionally excluded by mainstream crowdfunding platforms.
• Mainstream platforms exclude over 80% of the global population due to compliance with US sanctions, strict KYC/AML procedures, and reliance on conventional financial systems. This not only limits global participation but also stifles innovation and support for diverse causes.
• Geyser’s use of Bitcoin’s Lightning Network allows for low-cost, fast, and anonymous donations. This has opened doors for contributors and project creators from underrepresented regions, with over 45% of funding coming from Africa, South America, Asia, and Oceania.

See:  Overcoming KYC: How Nodeless is Simplifying Bitcoin Transactions for Merchants

• Geyser ensures that donations go directly from the donor to the recipient, bypassing traditional banking systems. This model reduces delays in fund transfers, and eliminates the possibility of fund freezing, offering a more reliable and efficient funding mechanism.

Why This Matters

By leveraging Bitcoin’s Lightning Network, Geyser addresses the limitations of traditional crowdfunding platforms paving the way for a future where financial systems are more accessible, equitable, and tailored to the needs of a global community. This evolution in crowdfunding could potentially inspire more platforms to adopt decentralized financial technologies, further transforming how projects are funded worldwide.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/innovating-crowdfunding-with-bitcoins-network/