Crypto philanthropy as a new way of charity donations
The crypto industry popularization has affected everyone, including charities and non-profit organizations. As you know, such organizations face many issues concerning the attraction of financial resources and donation acceptance. Some crypto investors want to donate some of their profits to voluntary organizations. As you know, crypto assets have evolved into more than just a means of saving, but also a new technology capable of improving the way people transact. In this article, you will learn about another cryptocurrency application, such as a donation.
Blockchain technology has provided numerous benefits to many startups as it facilitates transparency transactions and data security. Although the technology existed long before bitcoin emerged, it gained popularity once the first crypto coin appeared. However, the potential applications of digital assets and blockchain are not limited to trading. It is important to highlight that a wide range of businesses and organizations use cryptocurrency to make charitable donations. Since cryptocurrency is known for its slow and expensive transactions, this idea may appear absurd to someone. Why shouldn’t we use standard fiat currency for this purpose? On the other hand, benevolent foundations are frequently associated with financial fraud. Accepting cryptocurrency donations may be the best way to demonstrate the organization’s trustworthiness.
Furthermore, there are different methods to engage with crypto assets, not just for investing but also for other purposes. For instance, an anonymous user and owner of a lot of bitcoins decided to donate 5,000 BTC to charitable organizations and established the Pineapple Foundation in 2017. He did it in the early stages of the industry establishment. In addition, he succeeded in distributing donations to 60 charities. In comparison, the dollar worth of his donations have surpassed $55 million. He donated the majority of his wealth to the Pineapple Fund and has no plans to divulge his identity, as that was never the aim of the charitable organization. Moreover, Greenpeace, the United Nations Children’s Fund (UNICEF), Heifer International, the Free Software Foundation, and Wikimedia are among the organizations, accepting cryptocurrency donations.
However, people are willing to donate, and cryptocurrencies are more than just a speculative tool and a means of assisting those in need. Cryptocurrencies have officially taken root at the highest echelons of non-profit organizations. The United Nations has been a forerunner in terms of integration, with its different divisions incorporating new technologies into their work. They, for example, involved the gaming industry in philanthropic endeavors. As we can see, many business and non-commercial organizations have agreed to accept bitcoins, and this fact is likely to be shown in their financial accounts. Thus, it gives us hope that cryptocurrency is rapidly becoming a recognized form of payment and will be promoted among young people.
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Valentina BEREZA, Team bit4you
