Did you know that CoinMarketCap estimated earlier this year that cryptocurrency is now worth more than $400 billion worldwide? This is an unprecedented number, but more than that really opens up the potential for Bitcoin to do good in the world.
Many charities are wary however; Bitcoin seems like an unknown quantity, prices seem to fluctuate too much, and there is a chasm of deficit in terms of the technological literacy needed to accept Bitcoin donations. What is to be done then? Let us demystify Bitcoin donations for you so you know how easy it really is to accept donations in the nascent currency.
So is your real worry the decentralized, fluctuating nature of Bitcoin? Here’s the good news, bitcoin does fluctuate a lot, but it mostly fluctuates upwards.
This has the revolutionary potential to really bolster charity donations made in crypto. If you’re a charity trying to make money from peer to peer donation platforms, this is amazing news. The fact of the matter is that you’ll make more money with bitcoin than traditional money.
The first thing you need to do is get a trusty bitcoin wallet account to store your bitcoin donations. It’s important to make the right decision regarding the service that will be managing your bitcoin wallet, and thus, if you do embark upon taking donations with cryptocurrency, choose an established, known bitcoin wallet provider that will keep the payments secure.
The nature of blockchain is decentralized and transparent, giving you the potential to run a charity with essentially an open ledger for every stakeholder. Just the knowledge that the auditing implications are tremendous makes accepting crypto-donations a no-brainer for charities. Third parties no longer have to closely watch a charity to make sure they aren’t doing shady, accountability is built into the system.
A lot of charities are already jumping on board. The Water Project recently recognized the deep potential of cryptocurrency in aiding their cause and added Bitcoin donations to their website. This means that you won’t be a guinea pig to see if this can work or not, others have already taken the plunge.
Bitcoin donations in the future have the emancipatory effect of making your charity’s donation portals available all over the world. While it’s true that right now, only a very small portion of the world’s population uses crypto, when people do start using it, it will mean that charities won’t be hindered by things like international banking and individual state laws.
There are a burgeoning number of Bitcoin crowdfunding services on the internet today; BTCCoinPool is one of them, offering a platform to generate funds from peer to peer donations and ways to multiply that money using bitcoin matrices with very little risk.