Bitcharities is Bringing Nonprofits to the Cryptocurrency Industry
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Article by Nuno Menezes
Bitcharities Bitcoin means opening new opportunities for charities and nonprofits.
Charities are usually open to all types of donations, whether in money or another kind. Now, this type of nonprofits is turning to a new source: Digital currency.
Most of the nonprofits soliciting bitcoin as a donation method don’t even accept it directly, but go through Payment processor services, such as BitPay or Coinbase, who exchange some or all of the Bitcoin for cash at the time of the donation and pass the cash to the charity, avoiding uncertainty about volatility. With Bitcoin getting by far, the most attention nonprofits saw an opportunity to secure a new way of having new income. That’s partly because of its incredible growth in value, going from less than $1 in early 2011 to nearly $1.200 at the end of 2013, before dropping into the mid-hundreds throughout 2014. Although its price has been dropping significantly, its growth is increasing on the plain site.
In late 2013, when Bitcoin had its peak in value, many charities and nonprofits decided to raise funding’s which have brought them more than $1 million collectively in a Bitcoin Black Friday, helping this way the organization of charitable efforts among Bitcoin users. The events were marketed on Twitter, Facebook, and Reddit. After this nonprofits thought, that bitcoin could be the answer to the lack of funding in the sector. This way, a lot of charities started to participate in the bitcoin ‘Giving Tuesday’ last December, even though less was raised due to the bitcoin’s price decline.
This post was published at Inside Bitcoins on Scott Fargo Apr 23, 2015.