Humboldt Broncos Received $15.1 Million And 2.9% Was Taken From Payment Processors

A GoFundMe campaign for the families that were affected by the Humboldt Broncos bus crash was able to gather $15.1 million. A judge in Saskatoon accepted the recommendations received from a committee for the distributions of funds raised through the GoFundMe campaign when the bus crashed on April 6 at the north of Tisdale, Sask. The information was released by Global News Canada.

The judge Neil Gabrielson accepted to distribute $525,000 for each of the 16 families of the people that died in that accident. 13 surviving players will also be receiving $475,000 each, as per the recommendations made by the committee.

Scott Thomas, the father of one of the victims commented:

“We’d five any amount of money to get our son back. No question. It’s been an emotional rollercoaster this last little while for sure.”

The funds were gathered from many different countries around the world including the United Kingdom, Australia, Spain; France, Germany, Peru, India, Denmark or Sweden among others, according to CBC.

Although the GoFundMe campaign is now closed, more funds are being accepted through an organization called the Humboldt Strong Community Foundation.

This information was able to reach the cryptocurrency subreddit. According to the user HaterTotsYT, the money that was raised on the GoFundMe campaign should be even more if payment processors such as Visa and PayPal would not have taken 2.9% commissions.

GoFundMe declined to take their cut from it, but these payment processors took an important part of the funds that were gathered by the families. According to this Reddit user, $482,712 could have been allocated among the families affected by the accident.

About it, the Redditor wrote:

“This is exactly why we need crypto and why crypto exists. That almost $500k worth of fund could have gone to the victims rather than the payments processors.”

However, there were some users commenting under the post saying that Bitcoin could also be affected by wild price fluctuations of almost 40% in some few cases. In just a few days, Bitcoin could fluctuate so much that the funds really gathered would be less than expected, something similar to what happened with the fees taken by these payment processors.

However, using virtual currencies and exchanging them immediately for fiat stable fiat currencies could also be a good option to reduce the fees paid to payment processors.

Although crypto might not be perfect and it has some risks associated with it, there are some ways to reduce the fees taken by payment processors. A few days ago, we wrote that the Ripple ledger registered a transaction of almost 1 billion XRP that were moved for just 0.000012 XRP, equal to $0.0000042.

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