Sending Bitcoins has never been easier; as long as you know what you're doing, of course. Given that the Federal Election Commission agreed to allow political action committees to use Bitcoins, things have become a little challenging. Fortunately, Christopher David has created a service meant to streamline the path from a Bitcoin wallet to a politician's favorite war chest. The service is called CoinVox, and it is a digital currency platform that offers nonpartisan Bitcoin donations for political organizations.
CoinVox offers consulting services and technical support for nonprofit and political organizations, and it helps them connect better to the digital currency economy. Understanding the service is rather simple: you begin by signing up for a specific number of accounts. Then you have to announce that you are accepting Bitcoin through CoinVox. The advisory and compliance tools make the system work. David mentions:
"Apart from donations, CoinVox offers access and technical support to the best donors, legal experts, and consultants from the Bitcoin community".
CoinVox plans on becoming a one-stop shop for linking nonprofits and politicians to Bitcoin.
At last, the laws regarding cryptocurrency are slowly becoming clearer in the political financing domain. The maximum donation accepted is $100 in bitcoins to a single candidate. Furthermore, the FEC additionally mentioned that the total number of Bitcoin donations could reach $US 2,600 per campaign, as well as $US 5,000 per PAC. For national party committees, the amount might reach $US 100,000. According to an official campaign law, the logic behind sending these Bitcoins is that nobody will be sued for having sent a BTC amount worth just $US 100. Basically, that is exactly why CoinVox wants to do business with politicians.
CoinVox charges no fee for bitcoin transactions. No set up fees will be deducted for the 2014 election cycle. CoinVox will only charge for consulting or advanced integration. Leaving aside the donation platform, CoinVox provides access and technical support to the best donors, legal experts, and consultants from the community. Taking into consideration how confusing the finance law campaigns can be, everyone needs to accept all the assistance they can get.
CoinVox partners with BitPay to offer services for political organizations
BitPay, a renowned Bitcoin digital currency with leading business solutions for the people, and CoinVox, a leading crypto-currency firm for political organizations, have partnered to offer solutions to political action committees, candidates and organizations who want to accept bitcoin donations. This means that politicians will be able accept Bitcoin contributions while still abiding by the rules of their campaign's finance regulations.
BitPay has worked really hard to make sure that political campaigns accepting Bitcoin donations are able to adhere to campaign financing laws. By using the CoinVox-BitPay integrated service, politicians will be permitted to have their own BTC donation buttons on their webpages.
The donation process is also transparent. "The donation webpage … transfers the Bitcoin donation as well as collects the donor's name, address, and email address. The campaigns also have the option of choosing to collect higher dollar amounts and program the button to collect additional information required by law," reads the official press release. Hence, when donors send money with Bitcoin, the system will keep record of the name, email, and address of the donor.
The partnership between CoinVox and BitPay is a strategic one. It gives political campaigns a Bitcoin payment solution that is led by the market. Coupled with complete access to leading compliance experts and political consultants, the partnership could help Bitcoin expand its reach into the sphere of politics and help establish a more egalitarian approach to campaign fundraising.