Blockchain Technology and Cryptocurrencies such as Bitcoin have increased in popularity over the last couple of years. Different fields are now using these digital currencies as the main form of exchange. It is not surprising to come across arenas like refugee ID initiatives, major retail stores and regional voting trials making use of this one of a kind technology.The latest entry into the world of Blockchain technology and cryptocurrencies are funders and non-profit organizations. In this article, we are going to have a look at some of the ways in which cryptocurrencies and the Blockchain technology are changing charities.
Have you ever heard about Crypto-donations? If not then you are missing out on a life changing opportunity since many non-profit organizations are now accepting cryptocurrencies like Ethereum or Bitcoin. One such organization is Red Cross as they accept digital monies by making use of a Bitcoin payment processor commonly referred to as BitPay. This method of making donationsis way convenient when compared to the cash system since you do not have to move around with money. All you need to do is make the donations online and the recipient will receive your contributions once you press the send button.
- Charity Coins
Charity coins are specifically designed to fund a specific cause. A good example is RootProject, a non-profit charity organization that sells their Root Tokens before using them in crowdfunding campaigns in order to support different social projects all around the world. Most of these projects are aimed at providing affordable education and clean water to people who are not well-off in the society. However, you will need to buy the charity coins if an organization is to help the society.
Why Cryptocurrencies are So Powerful for Non-Profit Organizations
Cryptocurrency donations are considered to be more transparent, faster and cost effective when compared to other forms of donations. Since the Blockchain ledger is public, you can easily view the flow of cash especially when third partiesget involved and monitor each and every transaction.
- More Donations Get to The Non-Profit’s Organization Mission
Most cryptocurrencies come with low processing fees and, therefore, the non-profit organization will get more from the donations. To make it even better,the non-profit organization will classify the donation as a non-cash gift when filling their taxes. They will thus get more when compared to organizations that receive donations in form of cash.
Blockchain technology and cryptocurrencies have really transformed the way we carry out transactions. However, you have to make sure that you have your own cryptocurrency wallet. It is only then that you can easily transfer Bitcoins from your Bitcoin wallet to any organization of your choice. In addition, you can also be able to receive free Bitcoin to your wallet by simply making use of Bitcoin Faucets. These websites allow you the chance of completing a task or captcha and the free Bitcoins will be sent directly to your wallet.