Charity Organizations Accepting Bitcoins

Published: 2015-04-21 11:22 PM | Yesgulf

Save The Children is planning to tap into the group of younger donors to collect charity for the children. That is why it started to utilize the digital currency.

Ettore Rosseti who is the director of social media and digital marketing of the company talked to The Wall Street Journal. He commented that the charity firm wants to stay up to dated and in touch with modern trends for the future generations. He further added that “we want to provide your grandmother’s charity and the charity of your grandchild. One of the ways to make it possible is by using Bitcoin”.

The international aid organization is one of the few nonprofit firms that now accept Bitcoin. That is a form of international decentralized digital currency that exists online and it can be traded for U.S. dollars and euros and other currencies.

A Bitcoin wallet on a smartphone.

According to information from Rossetti and Forbes that was made public last December, increasing number of charitable groups are now using Bitcoin donations. The organizations include American Red Cross and the Wikimedia Foundation. Some other firms that are relying on Bitcoin for charity include Greenpeace and United Way Worldwide. These charitable groups have received the biggest share of digital charity donations according to the Forbes.

Elizabeth Ploshay who is an account manager at BitPay, a firm that trades Bitcoin donations to dollars for nonprofits, provided the details about the new trends in the charity to the Wall Street Journal. She reported that there is an increased interest in the older charity organizations to rebrand themselves for utilizing the younger pool of donors.

A survey carried out by the researchers at the University of Illinois at Urbana-Champaign last year reported the average age of person using Bitcoin is 33 years. She also said that Bitcoin can benefit firms that accept small donations from people because it does not charge transaction fees.

Last year making donations to nonprofit organizations using Bitcoins became very appealing for the donors too. The internal Revue Serve (IRS) declared that virtual currencies should be treated and taxed accurately. That allows the donations to be subtracted from the donor’s income tax.

Joe Garecht who is The Fundraising authority commented that despite the fact that Bitcoins may be increasing in popularity among nonprofit organizations, accepting them will not make an extensive difference in their fundraising. He further added that accepting Bitcoin donations will not be crucial decision for you. He commented that, if your donors consist of a set of younger or commonly tech-savvy or early adopting population then accepting Bitcoin for donations will entice to your donor base. It will lead to increased number of larger donations.

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