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On this episode of the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with Ben Price of Bitcoin development project Open Sats.
Price is a Bitcoin pleb who left Visa to work on funding open-source software development. He created Open Sats, a 100% pass-through nonprofit for allowing Bitcoiners to donate to open-source development in a taxed-advantaged way. The Open Sats platform has a page that allows users to regularly donate to independent developers or projects listed on Open Sats, or they can donate to a general fund which is allocated by the board of directors. The board consists of Price, Matt Odell, Udi, Janine, James O'Beirne and several other well-known Bitcoiners.
Keroles and Price discussed the process of creating the nonprofit and the challenges they encountered. Price emphasises why 100% pass-through is a major differentiator and thanked several partners that enabled the project to operate with no expenses, including the entire board of directors. Price discussed its 100% BTC-denominated policy and how Open Sats will hold all funds in bitcoin and distribute all donations in bitcoin exclusively.
The project is optimized to help Bitcoiners dollar-cost donate to the best projects in the Bitcoin space and to do so in a Bitcoin-forward way.