How is Bitcoin Revolutionising Non-Profits?

You’ve to be living under a rock for the last decade if you’ve not heard about Bitcoin. The first cryptocurrency that came into being in 2009, and saw a massive rise in value in 2017 and is all set to transform the global economy and financial institutions. Bitcoin makes private payments and transfers simple, easy, and hassle-free. Another of the things Bitcoin is having a positive impact on is nonprofits. Bitcoin is revolutionizing how you pay to these charitable institutions. Well, it’s all very new but if you’re wondering how that actually works, read on.

It was in 2014 United Way Worldwide, the largest privately sponsored non-profit organization started accepting Bitcoin donations, through Coinbase. The Red Cross and UNICEF soon followed suit, and they’ve been doing pretty well for several years now. When you’re using Bitcoin for paying to charitable donations, you can opt for either of the two available options. If the non-profit organization, in question, steps in Bitcoin trading, creates an account there with one of the service providers, like Coinbase or BitPay, it’d enable them to hold an online digital wallet. They can share their Bitcoin address or QR code, as every account comes with both. The donor interested to donate to the non-profit organization finds the address and sends their donations. The second option, however, is when a donor wants to make donations and approaches a charitable organization that has a reputation in handling bitcoins. Usually, the most popular one, in question, is BitGive Foundation, who then take your proceeds and transfer them to the non-profit organization or charity.

Bitcoin ETF

Now, you might be wondering these transfers can also be traditional transfers. Why opt for Bitcoin? Well, to start with, Bitcoin payments are anonymous payments and hence mostly chosen by people for donations. Next comes the issue of regulations, restrictions, and limits placed by governments and such authorities in question, when you’re making donations, especially to a country that’s not your own. Bitcoin is a digital decentralized currency that does away with this problem, entirely. You can donate from anywhere in the globe to anywhere, and these third-party payments you’re making incur no traditional fees or charges, and are not liable to regulations under governments. If you’re wondering whether this is a transparent process, let us assure you. It is absolutely so! Every Bitcoin you receive has the ownership details written on the body of it, so it’s all public and transparent. Also, numerous non-profit organizations often struggle with traditional transfers, for them anonymous third party private payments sponsored by Bitcoin is more than a boon.

WikiLeaks has faced the brunt of having their donations blocked by Visa, PayPal as well as MasterCard. Now, most of their donations come through Bitcoin, and they couldn’t have been doing any better. They’ve had 2200 transactions, by 2014, by virtue of which, they’ve received 3855 BTC. Also, what makes Bitcoins further preferable to everyone, is how for non-anonymous transactions, donors can claim tax-deductible benefits. And, though Bitcoin value remains volatile mostly, the transfer rates to traditional currency are very lucrative. In 2013, 1BTC amounted to 1000 USD.

With all these benefits, it is no doubt that Bitcoin can actually revolutionize the non-profit sector by leaps and bounds. Most non-profit organizations are scared of how to get started in a new market of cryptocurrency, but with adequate help can actually reap the benefits long-term. For all of those non-profit organizations, we suggest you try bitcoin-fortress. They’d take care of your trading, mining and receive donations on the account they’ve helped you create. It’s a great alternative for beginners who are wary of trying out new technology or stepping into a new field like cryptocurrency. Ride the wave of success and have experts help you reach the top!

Economists believe that Bitcoin can transform the field of philanthropy in more ways than one, for they’re the most tax incentivized and convenient platform, there is, for donations. This opens up several new doors for the non-profit organizations, as for the first time, they’re not only retaining their old donors the easier way but also attracting a whole new demographic of donors. With platforms like Giving Block, non-profit organizations can do away with the risk of losing out their donations. Giving Block instantly converts BTC received by nonprofits, to cash, so that the risk of losing out in this volatile market is less.

This way, non-profits get to minimize risks and losses, while maximizing profits. One of the major reasons non-profits have steered clear of cryptocurrency in the past has been because of this volatile nature of Bitcoin, and the risk involved in losing out earnings. With that no longer being a problem, more and more non-profit organizations are riding the cryptocurrency wave and joining the bandwagon of a new economy, that helps everyone lead better lives!

Lana Martinez
Lana Martinez is a freelance technical writer living in the Santa Clara. She's a gadget and tech geek who loves to write how-to articles about a wide range of topics. When she's not writing about technology, Lana loves watching and reading mysteries, cross stitching, and attending musical theatre. She's also an avid Doctor Who fan.