As Bitcoin grows, bitcoin donations are on the rise at nonprofits. In 2013, Save the Children was the world's first international non-governmental organization to accept bitcoin donations. Through bitcoin fundraising, we can make meaningful changes for nonprofits. Bitcoin donors are tax-incentivized and young than cash donors. Bitcoin donations and many nonprofits accepting to receive them are on the rise. Is your nonprofit ready for the future of accepting Bitcoin donations?
What is Bitcoin?
Bitcoin is a decentralized digital currency created in January 2009. Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it secure. According to the BigONE, bitcoin is the world's largest cryptocurrency by market capitalization. Bitcoin is often referred to as "digital gold" by its backers. The term refers to the idea that bitcoin can provide a store of value similar to gold.
As such, it should be no surprise that not only many of the world’s largest companies but also lots of small businesses have begun accepting Bitcoin as payment for goods and services. Besides, some nonprofits and charities that accept fundraising through bitcoin are on the rise. It benefits both organizations and bitcoin donors.
Why Should Nonprofits Accept Bitcoin Donations?
A bitcoin donation is a gift for charity, humanitarian aid, or to benefit a cause. Here below you can find a short list of benefits of accepting bitcoins.
- Target a new segment of possible donors(bitcoin donors), constituted by a growing amount of people that own bitcoins.
- Add a new method of payment and maximize the volume of donations.
- Boost your brand and get a visibility return, as a forefront nonprofit in innovative technologies.
- Improve the knowledge of your employees, donors, and stakeholders about this movement.
- Provide a nonprofit solution to bitcoin holders that have to pay capital gains taxes (tax deduction is available in the U.S. and other countries).
- Be different: today only a few nonprofits accept bitcoin and you could get the attention of bitcoin philanthropists.