Here’s how it starts.
On February 8th, we will be passing 0.1 Bitcoins. Each participant will deposit at least 0.1 Bitcoins into a deposit address we will give you by email after you sign up. Each participant will describe how they want their deposit handled after their turn. They can have it returned, or donated to one of our charities.
Here’s how we pass them.
Furthermore, each participant will provide a Bitcoin Address with exactly a .0001 Bitcoin balance (to cover the transaction fee). When they receive the .1 Bitcoins, they then wait for a confirmation. Then they pass the .1 (with the .0001 bitcoin transaction fee) to the next person in line.
Here’s how you watch the bitcoins passing.
The order of the participants will be decided on the IRC chat in real time during the event. This way individuals can tune in to participate, and are free to go after their turn. We will provide notifications to participants who have not yet had a turn via email if we are beginning to run low on participants.
Here’s how we see the bitcoins going to those in need.
One of the key features of the event is the ability to audit the event in real time. After each participant’s turn, their deposit will be handled per their instructions (to be found on our site). Their return address is documented, so when it is to be returned, anyone can see that it is. If it is to be donated, everyone can see that it has been passed to the charity’s public Bitcoin address.
Mission Accomplished, job done!
We see the benefits of our work and plan for the next successful Passing Bitcoin!