A Look at Donating Cryptocurrency to Charities
If you want to make a difference in the world, cryptocurrency is one way to do it.
Cryptocurrency can be used as a form of payment for goods and services from companies, as well as charitable donations from individuals.
Charitable organizations can now accept Bitcoin, Ethereum, Litecoin, Ripple and other forms of cryptocurrency as donations. These charities then convert the cryptocurrency into U.S. dollars that they need to use for their operations or to purchase items that they need.
This new form of currency has helped charities extend their reach and provide more opportunities for those in need around the world. More importantly, this emerging currency has opened up a new conversation about philanthropy and capitalism.
Cryptocurrency is Currently on the Rise
Giving back has always been a part of our culture. The United States ranks number one in charitable donations, with about $400 billion annually.
However, millennials are changing the game. They’re becoming more aware about how to give back and are not afraid to invest their money.
This is one reason why cryptocurrency is currently on the rise—it’s a new form of giving back for this generation.
Digital currency isn’t new—the first Bitcoin was mined in 2009. But it wasn’t until 2017 that it started taking off; in 2017, Bitcoin rose from around $1,000 per coin to nearly $20,000 per coin at its peak before dropping down to around $6200 at this point in time. This rapid increase garnered media attention and shifted focus onto cryptocurrency as an emerging form of investment opportunity (among other things).
It’s estimated that about 2% of U.S households own some type of cryptocurrency—a number that has grown steadily over the last few years. Millennials are leading this trend; they make up 40% of all investors in virtual currencies like Bitcoin and Ethereum. For these individuals, the ROI (return on investment) is too good not to take advantage of it.
Cryptocurrency Is Changing Philanthropy
Cryptocurrency has contributed to the philanthropic world in a number of new ways. With this form of currency, charitable organizations can accept donations from anyone around the globe or country. Offering donations in cryptocurrency is also good for nonprofits because it is not susceptible to fraud like some other forms of giving.
Bitcoin, Litecoin, Ripple and Ethereum are among the most popular forms of cryptocurrency that charities can now use to make donations or accept donations. The blockchain technology that these cryptocurrencies operate on provides secure encryption that makes fraud more difficult. It also creates a permanent transaction history for each transaction made with cryptocurrency.
Charitable organizations are only one way that cryptocurrency has impacted philanthropy. People who invest in cryptocurrency can make their money work for them through investments in charitable organizations or by donating directly to causes they care about on their own time and without choosing who receives the funds. This new form of currency has opened up a new conversation about how capitalism impacts giving back to society.
What Charity Organizations Are Saying About Cryptocurrency
“We’re thrilled that we can now take cryptocurrency donations and will be accepting them for as long as we can.”
“I’m thankful for the opportunity to be a part of the revolution. Accepting cryptocurrency is a perfect way to give back.”
Charity organizations are embracing cryptocurrency by utilizing this new form of currency to further their operations. Philanthropy has been a popular topic this year, from discussions on how much or how little people should give, to who deserves funding, and what causes deserve support. Cryptocurrency is just one recent example of how philanthropy is evolving in order to meet the needs of those in need today.
Reasons You Should Donate Cryptocurrency to Charities
Charitable giving has been a tradition for people for centuries. Even in today’s world, there are many people who still donate money to their favorite causes every year. In the past, this meant donating physical cash or other valuables. Today, as cryptocurrencies have become more common and accepted by businesses and charities, it’s easier than ever to donate to a cause you care about.
The good thing about cryptocurrency is that you can easily convert your digital currency into U.S. dollars if you need to spend it somewhere else. This means that instead of having a jar of coins on your shelf collecting dust, you could be supporting a charity with your spare change!
In addition to being easy, cryptocurrency also provides an opportunity for transparency when donating to charities. You’ll be able to see how much money your charity is receiving from individuals just like you, which helps eliminate the sense that someone might be taking advantage of the situation or not doing anything useful with the funds they’ve collected.
How to Get Involved in Using Crypto for Charity
Do you want to get involved in using cryptocurrency for charity?
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