Hi! Welcome to 24crypto.de – this site is dedicated to helping nonprofits and charities understand how Bitcoin and other cryptocurrency works. Over time, this site will be updated with additional information to support nonprofits. If you would like to be notified of updates to the site, please subscribe to our mailing list below! The biggest incentive for most nonprofits to accept bitcoin is that most major payment processors, like Coinbase, don't charge any processing fees for donations to (c) (3) nonprofits and charities. If a donor chooses to donate one bitcoin (equal to $8, as of this writing), the organization receives the entire donation. Apr 25, · Founded by a group of early cryptocurrency users, BlockShop DC is a nonprofit serving as a blockchain incubator and event space in Washington DC. We are currently hosting 6 blockchain startups and serving as a hub in DC for all things blockchain, with a focus on social impact.
Bitcoin nonprofitBitcoin for Nonprofits: Cryptocurrency Fundraising for the Future – Nonprofit Tech for Good
Why does that matter? This was particularly appealing during a financial crisis where the big banks got bailed out while the average person got left behind. With Bitcoin, there will only ever be 21 million coins in circulation.
Since then, the cryptocurrency market has grown to include over 3, digital assets. We are currently at a stage similar to the mids of the internet and tech boom where the technology is still in its early days. Which is exactly why you want to position yourself as a leader in this space. Imagine being one of the first nonprofits to have a website or to accept credit card payments.
Now everyone does. The largest US-based cryptocurrency exchange already has more than 35 million users and is adding tens of thousands of new users per day.
Yes, but not very many. The nonprofits that have an active strategy to engage the cryptocurrency community will be the most likely to succeed in the early adoption phase. These are just some examples of the most public donations, but it just a sample of the donations being made by those who have generated a considerable amount of wealth in this space.
The next generation of tech millionaires and billionaires are being created in the cryptocurrency industry. The next Amazon and Facebook will come from this space. As bitcoin has received more media attention in recent years, people are becoming more familiar with it — but not necessarily more knowledgeable. Bitcoin is the most well-known "cryptocurrency," a currency like dollars or euros, but one that only exists digitally. Unlike a traditional currency, though, it's decentralized, so it doesn't go through a bank.
Check out this short Bitcoin Made Simple video explaining how it works. In the last few years, national and international nonprofits have begun to adopt it as another channel that donors can use to contribute.
Just last year, United Way, the world's largest privately funded nonprofit, started accepting bitcoin donations, and it's not alone. Anyone with a bitcoin wallet can receive and spend bitcoins. A wallet is like a bank account that exists only on a digital platform. You can get bitcoins by buying them with traditional currency at online exchanges like CEX.
IO , receive them by donation, or " mine " them this last option requires a lot of infrastructure, so we won't be covering it here. Like traditional currency, you can move bitcoins from your wallet into someone else's and vice versa. Rather than being validated by an intermediary, like banks with checks, or payment processors with credit cards, bitcoin transfers occur directly between the donor and the organization. You can choose to use a payment processor to simplify the process, however. Adopting bitcoin can broaden the ways your nonprofit receives donations.
As Evan Hochberg, United Way's executive vice president and chief strategy officer, told CoinDesk , "Our engaging bitcoin was a recognition there's a fast-growing, innovative, passionate group of people looking to make charitable donations based on the interest in using this currency.
We wanted to be at the forefront of that conversation. The biggest incentive for most nonprofits to accept bitcoin is that most major payment processors, like Coinbase , don't charge any processing fees for donations to c 3 nonprofits and charities.
Without processing fees, a greater number of donors can make smaller donations without any additional cost to your organization. Also, bitcoin's relatively instant transfers can make an immediate difference in funding the efforts of nonprofits with very time-sensitive missions, such as disaster relief.
Converting bitcoins to spendable dollars adds time, though, so you should consider whether the added speed would make a significant difference for you. Before you start accepting a new currency, you'll want to make sure you fully understand how bitcoin works, its risks, and its rewards.
Here are some useful resources:. It's important to note that the value of bitcoins will rise and fall like any currency. I am not a financial advisor, and all of this should be taken with a grain of salt. Unlike dollars and euros, though, bitcoin is still a very volatile market.
While this volatility doesn't make it well suited for long-term investments, you can still receive bitcoins and convert them to local currency, which makes them a useful tool for contributions. Bitcoins are stored in a wallet, similar to a bank account.
With a bank account, another institution holds your money; with bitcoin, you hold on to it and keep it as secure as you want.
When it's time to send or receive bitcoins, the connection can be directly made with the person or institution receiving or sending them. A bitcoin wallet can exist in one of several ways: as software on an Android or iOS device; as software on a Windows, Mac, or Linux desktop or laptop computer; on a physical device like a USB flash drive; or in the cloud.
Different wallets include different features, such as additional privacy, full control over your money, and increased security, so it's important to choose the wallet with the features that you need most. See Bitcoin. The two simplest ways to get bitcoins are to receive them as donations or buy them. To receive donations, you may need to integrate a payment system like BitPay.