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Geyser: crowdfunding to support bitcoin projects

Bitcoin

5 min read

You are certainly familiar with crowdfunding platforms such as GoFundMe or Kickstarter, right? What if we told you that there is the same type of platform with bitcoin payment?

Yes, it exists, and there are two main ones: OpenSats and Geyser.fund. Today, we're talking specifically about Geyser.fund. It's a crowdfunding platform where anyone can raise funds in Bitcoin for their projects. Similarly, it's also possible to fund and support projects. You'll find different types of projects on Geyser, ranging from small private businesses to non-profit projects and even documentary productions. There's a bit of everything, but keep in mind that most projects are related to Bitcoin in some way.

Today, the platform has uploaded more than 267 projects, collected more than 8 BTC with more than 10,000 people participating in the fundraising.

What is special about the Geyser platform?

The platform was developed by Mick Morucci and Stelios Rammos in 2021. They participated in the DraperX Bitcoin Studio accelerator program to create Geyser. The entrepreneurs' aim was to support and grow the Bitcoin ecosystem as a whole.

Geyser is a platform that operates using Bitcoin Lightning , enabling low-cost and instant transactions. As with traditional crowdfunding platforms, the underlying idea is the same: to financially support projects through donations.

The main difference between Geyser.Fund and other platforms such as KickStarter is that the funds are sent directly to the wallets of the project owners. The funds do not pass through and are not "blocked" by the platform. The Geyser team cannot access the funds of the people who raise funds. Indeed, in traditional platforms, the funds are sent to the account of the company that manages the platform and are subsequently released (with the associated fees and commissions removed).

On Geyser, fundraisers received the bitcoin funds directly into their lightning or lnurl wallets. Likewise, people who finance can send btc from their own wallets, whatever it is.

What are Geyser Grants?

This is a new feature that involves providing grants to certain projects. The grant amount is 1BTC and it is issued each year to a project that works for a humanitarian cause (mainly).

It is then a committee of users who vote for the project that will be selected.

What are the rewards for those who fund the projects?

In crowdfunding, there is no equity that is returned to those who support the projects. On the other hand, there are different rewards. This varies from project to project. This can range from a thank you, an IRL meeting, gifts, etc.

Crowdfunding fundamentally remains platforms where we make donations, to support a project that we consider important.

How to finance projects on Geyser?

Funding projects on Geyser is very simple and accessible to everyone. In fact, each project has its own Lightning address. Therefore, you can send bitcoins from any Lightning Network-compatible wallet. You can do this with a wallet like BlueWallet (a non-custodial wallet where you manage your keys) or with Wallet of Satoshi (a custodial wallet where you don't manage your private keys).

Read about the best Lightning wallets

Once you have a Lightning wallet, you can then fund whatever projects you like.

In the same way, for project leaders, they can use the bitcoin address of their choice. They can also connect their own lightning node. This greatly simplifies the process for both project leaders and those seeking to finance them.

What projects are currently on the platform?

Several projects are currently underway at the time of writing. As the platform gains recognition, more project leaders are registering. Currently, there is a fundraising campaign to aid victims of the war in Sudan , which has been raging since April 15, 2023.

Sudan bitcoin war — source: https://geyser.fund/project/sudanaid

There are many types of projects, whether humanitarian, participatory or even business. On Geyser, there are project leaders from all over the world: Brazil, Spain, Nigeria, Portugal etc. Thanks to the implementation of bitcoin, all project leaders from around the world can register, without any geographic restrictions.

There are currently projects such as funding a 3D printer , a car race, a training center, etc.

Fund a Bitcoin training school

The projects are eclectic and the funding needs vary depending on the type of project. For example, there is the " Bob Space" project to create an academy and training center for those who want to learn about Bitcoin, in Thailand.

Fund documentaries

Max de Marco is a documentary filmmaker who writes and directs films and documentaries on bitcoin. For example, he made a film on bitcoin in El Salvador. Here on Geyser it is possible to support his work.

There is also the documentary " The Fight for the US Dollar " which is currently seeking funding.

Financing a farm in Zambia

This is the "Chibobo" project, which is a community in central Zambia of about 5 people. The project consists of creating an eco-responsible farm and promoting training for young people.

Final word

Of course, at the moment, the platform may seem elementary but it is under development. The founders are committed to improving functionality. Likewise, the projects are relatively few in number. Again, Geyser deserves more visibility in order to find more projects and more people who support them.

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This is not investment advice. Always do your own research.