BitMit Charity
Objective: Provide the ability for charities to have special BitMit accounts, allowing them to use Bitcoin without really understanding what they are.
Basic Vision: Charities have funds donated to a BitMit deposit address. BitMit allows the charity to see only items specifically listed for sale to the charity (ideally, listed at or below cost). Thus, Users need a basic method of listing items for sale to specific people/organizations.
IOUCoin Integration of BitMit Charity
IOU will allow users to select a % of interest due to them on deposits to go toward BitMit-listed charities. IOU will "match" (double) up to 30% interest.
When a User's Certificate of Deposit matures, funds owed to the charity will be automatically sent to their BitMit donation address on file. IOU will not retain control of charities' funds. IOU will provide basic training to charities in using BitMit to purchase needed goods.
BitMit may receive a cut as it chooses -- a lump sum payment from IOU for development/implementation, a % of amount donated, or the standard % BitMit receives from transactions. However, I need to know the fee.
What Charity Sees
What BitMit User Sees
What IOUCoin User Sees
Additional Notes
Charity should receive email notification when a new item has been listed for them.
Charities should receive monthly or quarterly notifications of existing funds, and inactivity warnings every 21 days after 90 days of inactivity.
IOU should receive notification if a charity has been inactive for 150 days so we can discuss transferring the BTC to a different charity.
I would enjoy IOU receiving the ability to handle charity applications, or at least see info charities submit upon registration. These should be well-scrutinized. I don't want depositors' funds going toward fraudulent registrants.
As a security precaution, charities should probably not be allowed to withdraw BTC unless they email to request it. It's very possible these addresses will be accumulating 50+ BTC each month, and may not spend them soon.