Let your donors know through an email blast, social media posts, and other meansthat you’re now accepting bitcoin donations. Perhaps the biggest hurdle for non-profit organizations in adopting bitcoin as a form of payment or donation is the learning curve in understanding how it works. Jul 22, · Does Your Nonprofit Accept Bitcoin Yet? Why cryptocurrency donations are on the rise. Our friends Alex Wilson and Patrick Duffy, co-founders of The Giving Block, are committed to making it easier for donors and nonprofit organizations to give and receive cryptocurrency donations. Nonprofits are accepting bitcoin donations. This is the result of a powerful incentive: taxes. Since the the United States’ Internal Revenue Service (IRS) has classified bitcoin as property, that means it’s similar to donating stock — but in the case of bitcoin, the process is much easier.
Nonprofit accepting bitcoinAccept Bitcoin Donations for Your Non-Profit | BitPay
As it becomes more mainstream, bitcoin is a powerful new donation tool for you to offer to your donors. Especially if your donors tend to skew younger or are tech-savvy, bitcoin is a currency they know and use already. If your organization is tied to freedom-related or Libertarian ideals, for instance, then bitcoin should appeal to that audience already. Imagine how this might impact an organization that needs funds to benefit people in remote and impoverished areas of the world.
Free Strategic Guide. Speak with your financial advisor and ensure that you know what you need to know to get started with accepting bitcoin donations. You want to make sure you protect and educate yourself against possible scams as well. Set up your bitcoin account, called a wallet, to accept bitcoin donations.
We recommend Coinbase or BitPay. Their payment processors have lower fees for bitcoin donations—lower than any credit card processor. They also make it easy to cash out i. In fact, in , Coinbase eliminated fees for non-profit organizations all together.
By accepting Bitcoin donations using the Lightning Network, organizations can accept contributions in any size from anywhere in the world, instantly. With the Lightning Network, they can accept donations as small as 1 satoshi or a fraction of a cent. With no minimum on the size of a donation, charities can accept from a much larger audience.
Here are a few examples of non-profit organizations currently accepting Bitcoin donations using the Lightning Network. Bitcoin Venezuela is a charity focused on accepting Bitcoin donations to provide food, shelter, and other benefits, to those suffering from a hyperinflated currency in Venezuela. With an inflation rate of over 1 million percent, the purchasing power of the Venezuelan Bolivar has severely diminished and left many in poverty.
With that in mind, the Bitcoin for Venezuela Initiative began accepting Bitcoin donations from around the world to purchase food for those in need. Reaching soup kitchens and distribution centers across the country, their operation feeds thousands every day. The Tony Hawk Foundation was created by the world-famous professional skateboarder Tony Hawk with the goal of fostering long-lasting improvements to society.
The Foundation provides these improvements by supporting youth in low-income communities through skateboarding programs and the creation of skateparks. Some organizations have decided they want donors' information so they can send them news updates or request further donations from them. Other organizations choose not to ask. Buying bitcoins involves visiting an online exchange, such as Coinbase.
There you can connect your bank account service and exchange or "buy" dollars for bitcoins. Unless you choose to spend them, you can exchange bitcoins into your local currency or save bitcoins in your wallet until you're ready to use them. Services like BitPay will convert bitcoins instantly so you never hold on to them; you just receive it as your local currency every time. If you do decide to spend your bitcoins without converting them, check out Usebitcoins.
Bitcoin is not an easy thing to wrap your head around at first, but like most things, the more research you do, the clearer it will become.
The nonprofits we spoke to told us that setting it up was a relatively painless process, but everyone's experience is different. For many, though, bitcoin for nonprofits is an additional source of revenue that is easy to set up and growing in popularity.
My Account. Browse Blog Posts. Back to Main Page. Show All Posts. Show All Impact Stories. How Bitcoin Works Anyone with a bitcoin wallet can receive and spend bitcoins. Is Bitcoin Right for Your Nonprofit? How to Set Up Bitcoin Do Your Research 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: Bitcoin. CoinDesk : A leading bitcoin news site, CoinDesk provides a broad view of the network and details on the latest trends. Other nonprofits: Look around and see if organizations with similar missions to yours accept bitcoins and ask about their experiences. How did they adopt it?