Step 1
You pay a monthly contribution in dollars into your “Health Funding Account.” This is a custodial account held by a well-respected BTC custodian. We are trying to enable self custody. Stay tuned.
Step 2
For the first 4 months 100% of the dollars will be held in fiat. Thereafter, 75% of the dollars are converted to BTC. 25% is held in fiat. We are asking you to hold some in fiat to keep from having to sell BTC in the event of a large funding request.
Step 3
If someone in the community has a health event (broken arm, knee replacement, etc), they pay the first $500 out of their personal bank account.
Step 4
The balance is then crowdfunded from the rest of the community using the fiat that they put in their health funding account. The Bitcoiners Crowd will Crowdfund each others health events once the community hits 1,000 members.
Step 5
In the event that you contribute all of your fiat to help others with their health events we will give you the option of selling your existing BTC or contributing additional fiat to your account.
Step 6
Why would anyone give out of their account? The incentive to give is that each member has a reputation score which reflects how often they give when they are asked.
If, in aggregate, they are asked for $1000 and gave only $500 they have a reputation score of 50. This score is revealed when we crowdfund for their health events. The lower the reputation score the lower the probability that others will agree to fund your event. We will never ask you for more money than what is in your Health Funding Account.
Step 7
If you leave CrowdHealth, you take whatever BTC is left in your Health Funding Account with you minus a $250 closing fee.
