FollowFunding is the new kid on the block when it comes to crowdfunding platforms and we’re doing things a bit differently leading to questions.
This post contains some frequently asked questions about the FollowFunding viral crowdfunding platform.
In fact, as more QUESTIONS are asked, we will continue to update this post in order for the community and the public at large to benefit from this information.
In the answers to these questions, you will also find links to other related blog articles which will help deepen your understanding.
Here Are The Current Frequently Asked Questions:
QUESTION: How does FollowFunding Work?
ANSWER: FollowFunding is a unique, patent pending pay-it-forward viral crowdfunding platform that CONNECTS it’s members in order to extend awareness.
For more details on how the platform works, please watch our 8 Min Introduction Video.
QUESTION: Do I need to promote my own Dreamscape?
ANSWER: YES, the point of posting a campaign known as a Dreamscape here at FollowFunding, is to feature your Dream, Cause or Invention.
Although as a platform, we do rotate the company Dream Stream connections which can result in automatic donations to our community, it is still required for you to promote your Dreamscape in order to create connections and extended reach.
Keep in mind, connections are truly the key to creating viral campaign awareness!
For more information about how we suggest you share your Dreamscape, please check out these six solid tips.
QUESTION: How much should I donate to the community?
ANSWER: It really is up to you and how much Bitcoin you are comfortable donating. Remember you have the option of donating Bitcoin or donating effort as a Cause Crusader if your funds are limited.
A couple things to consider if you decide to donate Bitcoin is that you will be able to join FollowFunding and post your own Dreamscape right away. The amount you donate will also dictate the amount your Dreamscape will be qualified to receive. For more details about how this works, please check out the basic allocation rules in this post.
You can also make an initial monetary donation to get started and then go back and make additional donations to the cause you originally supported. While doing this is not required, it will increase the amount you are then qualified to receive per donation through your own Dreamscape.
QUESTION: When and how do we receive donations?
ANSWER: Donations are transacted in Bitcoin and sent directly to the wallets of connected Dreamscapes. These transfers are confirmed on the block chain and posted generally within 20 to 60 minutes. All users are able to view their donations as they process in their FollowFunding interface under the “Donation History” tab. This allows us to put donations in the hands of our community very quickly while minimizing processing fees at the same time.
QUESTION: How does Bitcoin transact with FollowFunding?
QUESTION: Are donations to me taxable?
ANSWER: YES, they are taxable if you are not a registered 501c3. Your donations however may qualify for a different tax rate than normal income once Bitcoin (BTC) is converted into your local currency.
Because BTC is regulated and governed differently in different regions of the world, please check with a licensed tax expert to ensure proper reporting of your received donations.
QUESTION: How long will FollowFunding be in Beta?
ANSWER: Beta testing is a period of time dedicated to sorting out platform issues. The platform will remain in BETA until all programming bugs have been worked out. This may be weeks or could be as long as a month.
We will keep the community updated as we move out of Beta into full production mode. During this time, we do ask that all members report any issues they experience by filing a trouble ticket. This can be done by clicking the “Having Trouble?” link located on the top menu of each page.
QUESTION: How long do I have to complete a campaign?
ANSWER: We do not put a time limit on your campaign — known as your Dreamscape here at FollowFunding. As long as you keep your annual membership current, you can continue raising funds toward your goal.
To Get Started Now CLICK HERE
QUESTION: What countries can use FollowFunding?
ANSWER: Because Donations occur in Bitcoin, we are able to transact anywhere in the world cryptocurrencies and or crowdfunding are not deemed illegal. Here is a link to a resource showing RESTRICTED JURISDICTIONS with regard to cryptocurrencies.
QUESTION: Once I complete a GOAL can I continue raising funds?
ANSWER: Yes, the MISSION of FollowFunding is to help our members fund their dreams, causes and inventions.
If you meet an initial goal, you will have the opportunity to revise or update your dreamscape in order to help you accomplish other dreams you may wish to fund using the platform.
QUESTION: What is the Cause Crusader program?
ANSWER: Although FollowFunding is a 100% pay-it-forward platform, we want to ensure those unable to donate monetarily had another way of accessing the platform.
The Cause Crusader program is a way for someone who wishes to support a cause to donate EFFORT instead of Bitcoin.
As soon as the Crusader has helped raise the equivalent of $500 in BTC for the Dreamscape they elected to support, that individual is then given the option of posting their own Dreamscape as if they made a monetary donation of the amount they helped raise.
Cause Crusaders once they meet this requirement, are also given one year of platform use without having to pay the $50 BTC equivalent annual fee.
QUESTION: What can I fund with FollowFunding?
ANSWER: Unlike other crowdfunding platforms, we don’t limit our users by specializing in one genre of campaign.
Because we are a strict donation based platform, you can fund most dreams, causes or inventions, but you can’t give up equity or distribute merchandise to donors. In fact, nothing can be sold directly from our platform and we don’t allow contests, competition giveaways, lotteries or sweepstakes to be linked directly or affiliated with a User’s Dreamscape.
All monies exchanging hands through FollowFunding are strictly peer-to-peer Bitcoin donations. You see, we’re a unique community comprised entirely of donors and Connected Causes lifting each other up, helping to fund the dreams and aspirations of our users via donations.
For more details about what can be funded, please CLICK HERE.
Alright, that does it for the frequently asked questions we’ve received so far. If you have additional questions not addressed in this post, please comment in the box below with your question so we can address it.
Thank you for your interest in FollowFunding! If you are still in need of additional information regarding FollowFunding, please explore this BLOG further, and REGISTER for our upcoming “WHY Workshop” webinars.