US Presidential Candidate Andrew Yang will accept bitcoin donations from Lightning Network

US Presidential Candidate Andrew Yang will accept bitcoin donations from Lightning Network, which may be Bitcoin's second-tier solution Lightning Network officially affects the US presidential election for the first time.

According to coindesk.com, about a dozen bitcoin supporters supporting Democratic presidential candidate Andrew Yang launched an encryption-friendly Super Political Action Committee (Super PAC) on Thursday. The committee, called the Humanity Forward Fund, will be able to accept payments from Lightning Wallets as it is equipped with an OpenNode payment processor.

“The Super PAC obviously wants to accept donations as much as possible. But at the same time, it will give opportunities to individual supporters who want to donate a small amount of money to Yang.” OpenNode CEO Afnan Rahman told CoinDesk. “It allows donors to use all amounts for donations rather than miners.”

According to the PAC founder Seth Cohen, it only accepts bitcoin donations in the first 21 days. A statutory currency donation will also be accepted thereafter. The organization has not yet decided whether to convert bitcoin into legal tender.

Cohen believes that managing Bitcoin donations is equally challenging, as "the fact that it may generate profits and losses will bring additional regulatory requirements." This will require the PAC to keep a record of the bitcoin exchange rate for each donation.

Even so, Cohen said that OpenNode's 1% processing fee is much lower than credit card, which is four times the cost of OpenNode.

As an encryption-friendly presidential candidate, Yang announced his official commitment to the encryption industry on his campaign website, "promoting clear legislation for the cryptocurrency industry." In the first half of this year, he even delivered a speech at the consensus conference held in New York.

“Yang’s forward-looking policies and his views on Bitcoin seem interesting,” Cohen said. “We hope to raise enough funds to make a big impact on this election.”

Image source: pixabay

By Xiu MU

This article comes from the push bitpush.news, reproduced need to indicate the source.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Multiple macroeconomic negative factors have hit the market, causing Bitcoin to drop below 26,000 US dollars in the short term.

24-hour bitcoin price analysis chart shows that bitcoin is in a strong downtrend, with bears dominating the market.

Blockchain

Hong Kong Cryptocurrency New Policy's One-Year Anniversary A Year of Major Leaps and Key Milestone Review

Over the past year, Hong Kong has made great progress and shown strategic development in virtual asset policies. Sinc...

Blockchain

The three countries of China, Japan and South Korea exchanged cold on the same day? The reason behind it is not simple

Abstract: The three countries of East Asia were once considered to be the gold rush of cryptocurrency, but now the ba...

Blockchain

"New and old" exchanges compete on the same stage, how can you play in the future? | Interview with SheKnows

Exchanges are an important part of the blockchain ecosystem. They interact directly with users and therefore change a...

Blockchain

Lawyer's point of view | Analysis of the regulatory environment behind the investigation of the currency exchange

Author: Hu Tao Source: The chain catcher's recent investigation of the currency exchange has triggered industry ...

Blockchain

The first in the industry! US cryptocurrency exchange INX seeks IPO listing

The cryptocurrency exchange attempted to raise funds through IPOs rather than ICOs, and INX was the first. On August ...