Following Dogecoin’s successful pitch to send the Jamaican bobsled team to the Olympics in Sochi, and gaining valuable publicity in the process, the Litecoin community did some fundraising of its own, targeting $10,000 for Madagascan villagers to plant trees.
The drive is expected to create 100 jobs and reforest the region with 100,000 new trees.
The Litecoin fundraisers contributed via Eden Projects, a reforestation charity.
The founder of Litecoin, Charlie Lee, supported the cause and pledged a donation matching half the goal. Commenting on reddit, he would like to compensate for his carbon footprint indirectly caused through Litecoin mining.
The growing trend of cryptocurrency community involvement in charitable and various causes is helping their own cause in several ways. First, it unites a greater proportion of community members around a single cause. Such unity does not materialize over the course of day-to-day activities. Many are occupied around the clock with activities like mining and trading. Others are involved in the community only on a peripheral basis, perhaps waiting on the sidelines for the next big jump or just getting acquainted with the technology.
In addition, the positive public relations will attract new community members, especially since every cryptocurrency has its own stated ethical and societal doctrines unrelated to its financial pursuits. The greater community will ultimately reflect in higher demand and potentially higher prices in the cryptocurrency.
Holders of the cryptocurrency will also profit if the activity stimulates positive sentiment amongst traders, especially since some will invariably link the crypto’s value to its moral accomplishments.
Holders of Litecoin are hoping their community efforts will turn around the cryptocurrency’s sagging fortunes of late.