Charity, a concept that has existed since the beginning of our world, and something that is not only extremely rewarding, but is also one of the most precious and moving acts a human being can perform.
There is no doubt that charity is important because it touches the core of humanity on many levels. Several studies have shown that the act of extending kindness to others unconditionally, selflessly, and without expecting anything in return is a great mood booster and has many other benefits, including strengthening personal values.
The importance of charity in our society has not changed much throughout our history. However, thanks to the phenomenal growth in technology that humanity has experienced in recent decades, charity is not only easier but also has more impact now than ever before.
In today’s article, we will discuss the latest (and arguably the best) way to make donations in cryptocurrency, namely with the help of Bitcoin, the cryptocurrency and platform/service that we have to thank for the vast number of life-changing innovations we are currently seeing in our world.
We will meticulously analyze most of the technical aspects of donating using Bitcoin, as well as what are the advantages and disadvantages of the said method.
Why should you consider donating with Bitcoin?
If you know a little about Bitcoin and cryptocurrencies in general, you’ll probably already know that Bitcoin has several advantages when compared to traditional payment systems. Firstly, thanks to a system called “blockchain”, Bitcoin’s decentralized nature is probably its biggest selling point.
It allows anyone to bypass the middleman fees. These fees are replaced by network fees that are specifically awarded to miners as a reward for their services. Not only that, but Bitcoin transactions are incense-free. This means that no external (or internal) authority can dictate which transactions should or should not occur.
Another major advantage of Bitcoin transactions is their anonymous and transparent nature. Since blockchain ensures that records are immutable and open to the public, Bitcoin transactions provide the highest level of transparency and security. More often than not, provided that several specific conditions are met, Bitcoin can also help anyone maintain their privacy.
Therefore, it is easy to see how Bitcoin has opened a new door for those charitable individuals who want to support the causes they believe in. In short, Bitcoin donations allow philanthropists to maintain anonymity, accurately track their donations, and bypass the middleman as well as the usual conversion fees.
Finally, Bitcoin could also represent the answer to one of the most problematic issues in the entire charity business, that of shady charities. Thanks to all the advantages outlined above, Bitcoin could very well prevent a number of shady charities from accumulating considerable illegitimate profits, meaning that donations will go where they are truly needed.
Read Also: Top: Best sites to earn free bitcoin
What are the possible disadvantages of donating with Bitcoin?
As ideal as this method may seem, like all things in life, it’s not perfect. Before you commit to donating Bitcoin, there are a few drawbacks worth keeping in mind. The first is tied to one of the biggest problems currently facing cryptocurrencies – the unstable and volatile market.
This means that the price of Bitcoin could very well experience an astronomical increase, in which case all is well. On the other hand, it could also fall sharply, making your donation much less satisfying and useful. However, the good news is that few charities are likely to hold on to the aforementioned Bitcoin donations for long.
Another downside to Bitcoin donations is the complicated nature of cryptocurrencies and blockchain technology in general. However, if you’re a crypto enthusiast and already own Bitcoin, there’s a good chance the whole process won’t intimidate you.
How to Actually Donate Using Bitcoin (General Guide)
Of course, the donation process can vary depending on the nature and policies of the charity, but the basic process explained in this article should be accurate enough to help you get a general idea.
Obviously, to donate Bitcoin, you will need to own some Bitcoin. Bitcoin can be acquired in two ways: you can mining- it or buy it on exchanges like Binance, a Cex.io, etc
The next step involves you having to store your BTC in a Bitcoin-compatible wallet. Of course, you can store your Bitcoin in the basic wallets offered by most exchanges, but this is not recommended due to the high security risks involved.
Once you have your Bitcoin ready, and after diligently researching the organization you want to donate to, you will have to start the actual donation process by going to the organization’s official website and looking for the “Donate” section or button.
In short, you will need to choose the desired amount of Bitcoin and send it to the organization’s official wallet address. All that’s left to do now is wait for your transaction to be fully recorded on the blockchain. Depending on the network’s availability, this can take anywhere from a few minutes to a few hours.
Where can I find charitable causes or organizations that accept Bitcoin donations?
A good place to start looking for charities that accept Bitcoin donations is to check the list at Bitcoinforcharity.com. Some of the most popular charities that accept Bitcoin are The Water Project, Omni Nano, Seans Outpost, Save the Children, AntiWar, TunaPanda, and Run 2 Rescue.
This is sure to be an exciting year for the cryptocurrency and blockchain industries, despite the ups and downs of the market. One thing is for sure: cryptocurrencies and their underlying technology will continue to improve various aspects of our lives. It is only natural that we will see more and more causes or charities accepting Bitcoin donations in the future. And do you know of any other organizations that accept donations in cryptocurrency?