CoinJar Launches Bitcoin Donation Drive for Teen Entrepreneur

May 15, 2014 at 18:01 UTCUpdated Aug 20, 2014 at 14:10 UTC. Australia-based bitcoin wallet and exchange service CoinJar has pledged nearly A$4,000 in bitcoin to a crowdfunding campaign started by young entrepreneur Madelaine Scott.

In addition to the initial bitcoin donation, CoinJar has said that it will match any contributions made in the digital currency by its user base, up to an additional A$10,000.

It proved an opportunity to see the impact of bitcoin on targeted crowdfunding projects.

"Bitcoin allows the costs of money transfer to be reduced, which makes micro payments more feasible. Previously small transactions were not practical due to paypal and credit card costs. Bitcoin makes it possible for more platforms like Pozible to reduce their costs of money and pass these benefits onto people like Maddy."

Scott agreed, telling CoinDesk that bitcoin's role in crowdfunding may very well grow in the future, saying the digital currency "Will become more versatile over time".

Bitcoin donations could serve as a way for people to avoid some of the fees traditionally associated with sending money between parties.

Further, she said that a potential egg client has expressed interest in purchasing orders using bitcoin exclusively.

Australia has emerged as one of the more active areas for bitcoin businesses in recent months.

Last week, Australia-based VC firm Future Capital launched a US$30m global investment fund for bitcoin companies, while cashless ATM provider Diamond Circle introduced a bitcoin debit card.

The country's central bank, the Reserve Bank of Australia, suggested in a document published in late April that bitcoin poses a "Limited" risk to the country's existing payments infrastructure.