There is a growing interest in Bitcoin and other cryptocurrencies day by day, mainly focusing on the economic benefits they can bring. At the same time, the use of cryptocurrencies for nonprofits is an encouraging trend. There are many nonprofit organizations accepting donations in bitcoin and other digital currencies, over time, these changes will have the potential to transform the nonprofits.
Several nonprofits have been accepting bitcoin and other cryptocurrency donations over the past few years, including Save the Children, the Red Cross, the Wikimedia Foundation, United Way, and other famous organizations. Some wallets or payment gateways(like MixPay) provide services to accept bitcoin and other cryptocurrency donations and exchange them for fiat currency, such as US dollars. With so many ways to accept cryptocurrency donations, nonprofits can choose one for donors who wish to donate their Bitcoin, Ethereum, Litecoin, and other digital currencies. It's a new technology but it's understandable and easy to get started.
What is cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. (From Investopedia) Rather than being maintained by a central institution, cryptocurrency is instead operated through smart contracts.
There are thousands of cryptocurrencies, the most popular are Bitcoin and Ethereum, Ethereum is after Bitcoin according to the Market cap. And the value of coins is up to market demand. As the cryptocurrency industry has grown, more and more businesses, goods, services, or even donations to nonprofits accept cryptocurrency as a means of payment. Billions of dollars have been donated in crypto, cryptocurrency is blooming from now and bright in the future.
Why accept donations in cryptocurrency?
More and more investors are starting to consider these popular digital assets as the currency of the future. Nonprofits are increasingly opening doors to cryptocurrency exchanges, and a growing number of international nonprofits or charities are now accepting donations in bitcoin or other cryptocurrencies, like Ethereum, and Litecoin... Why your nonprofit should care about cryptocurrency? And what benefits of accepting cryptocurrency donations at your nonprofits?
Here are 8 reasons why accept donations in cryptocurrency:
- For those investors who hold appreciated crypto, it is an attractive way to donate crypto to support the nonprofits they care about.
- Nonprofits have the flexibility that they can convert to a currency avoiding potential volatility, or you could choose to hold the crypto as an investment.
- Add a new method of payment and maximise 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 solution to crypto holders that they can support the nonprofits in a tax-efficient way by giving crypto. Cryptocurrency is considered property and donating crypto is a nontaxable event.
- Billions of dollars have been donated in cryptocurrency, and it's becoming more popular and common, you could get the attention of crypto philanthropists.
- Zero processing cost. If you accept crypto via the MixPay donation link at your nonprofit, MixPay doesn't charge any commission fee.
How to easily accept cryptocurrency donations with MixPay?
MixPay makes it easy to receive support in cryptocurrency through our donation solution without having to worry about the technology, your nonprofits never have to handle the crypto, whatever crypto your donors pay, you can choose to accept the crypto donations you want, MixPay handles the whole process.
How to accept cryptocurrency donations with MixPay at your nonprofit? Here are only three steps as below.
- Download and register Mixin Messenger, then add the MixPay bot (ID:7000104220).
- Create a QR code or a donation link with MixPay.
- Put the QR code or donation link on your website, donors can select the crypto they own to donate by simply scanning a QR code or clicking a link, and nonprofits can choose to accept the crypto they prefer.
Click here to get a detail guide
What factors should your nonprofit consider before accepting cryptocurrency donations?
There are several factors that you should consider before your nonprofit decides to accept cryptocurrency donations.
- The value of coins is not stable, it can dramatically go up and down. So if you do hold, you or your nonprofit may bear the potential volatility.
- There are many gray areas because regulations are in flux, and regulators are still deciding how to deal with cryptocurrency. It is decentralized and not issued by a central government or institution.
- Choose a trust cryptocurrency donation payment gateway, MixPay provides services for receiving crypto to donation platforms.
- Nonprofits accept cryptocurrency as Bitcoin and Ether values spike
- Charities That Accept Bitcoin Donations in 2022
- 12 Nonprofits that Accept Cryptocurrency
MixPay is a decentralized cryptocurrency payment service platform built on Mixin Network. MixPay has the ability to separate payment, quote and settlement in the underlying layer, support any cryptocurrency and fiat currency settlement, support any wallet payment, and provide three settlement modes: individual, developer and multi-sign account. MixPay, Payment for Web3.
- Official: https://mixpay.me
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