Cryptocurrency craze affected nearly everyone. The ‘third sector’ is no stranger to the crypto adoption: charities and non-profits are looking to raise funds and distribute them among those in need. Just like in other industries, openness to new technologies brought early adopters the desired attention, driving them to the top of cryptocurrency charity. Here are the most successful ones so far.
Private and Public Funds
Fidelity Charitable, conceived by Bill and Melinda Gates, reported 2017 donations received in cryptocurrency that amounted to $70 million, which is ten times what had been contributed the year before. Even considering the volatility this is a staggering amount. People are eager to help and cryptocurrencies are a viable tool for that.
Another exceptional example is the Pineapple fund. In 2017, an anonymous internet user who had gotten hold of a corpulent amount of bitcoin at the dawn of crypto turned 5,104 BTC into $55 million for charities and created the fund to support 60 non-profits.
There have been generous donations that made history — in May 2018, actor and digital entrepreneur, Ashton Kutcher donated XRP in the amount of $4 million to the Ellen DeGeneres Wildlife Fund right during one of the episodes of her show.
Cryptocurrencies are gaining more recognition from top-tier non-profits. The UN started using new technologies, like bringing together charity and gaming. The United Nations Children's Fund (UNICEF) launched an app for gaming computers that allows users to donate their processing power. Within 59 days of operation, a whopping 12,000 computers managed to raise 85 ETH. The fund also accepts donations in crypto.
Churches are also up on crypto, even though they are somewhat slower to adopt new technologies. Over 10 Christian churches in the United States receive bitcoin donations. Besides, visionary U.S. Catholics created Catholic Blockchain community that focuses on using blockchain technology “in service of the Gospel and the world”. Both UK Turkish Islamic Trust and Swiss International Christian Fellowship also embrace crypto.
‘How can I use bitcoins after all?’ is the first question to pop in the head of someone who’s thinking about accepting crypto donations. A key solution here is the likes of Localbitcoins.com and numerous crypto exchanges. At your request, a donor will mark the payment as a charitable contribution and anyone will be able to see transaction history in your cryptocurrency wallets. You can always partner up with crypto companies that will assist in raising funds and exchanging digital assets.
Accepting cryptocurrencies is no more difficult than any other asset: just publish the wallet address on the site and encourage your donors to use it. You need to be creative to actually get people to send you money. Thus the Australian branch of UNICEF launched The Hopepage, a website where anyone can mine cryptocurrency right in the browser. The earnings go to the charity. Similarly, the petition service of Change.org created a screensaver that will use your computer processing power for mining while you are not on it.
Those who just start to embrace cryptocurrencies will need to get inventive to impress their donors. The ability to accept donations in crypto is the inevitable future. Today it helps draw the attention of new audiences. Tomorrow it’ll help you keep the old ones. There is also a philosophical side to that: virtual money literary came from nowhere and became a real asset. It’s only natural that at least part of it should do some good.