How Bitcoin is Changing the Face of Non-Profits

How Bitcoin is Changing the Face of Non-Profits

Before, we have covered how Bitcoin will disrupt the banking and finance sectors. However, that is only one consequence of the emergence of cryptocurrencies and the public ledger system known as the blockchain.

Non-profits and charities accepting bitcoins are already benefiting. These organizations typically rely on donations to survive, by accepting bitcoin donations opens them up to new opportunities that are otherwise not possible.

The infographic gives two examples of ways that bitcoins can make it to a non-profit. First, a donor can give directly to the public address (sometimes expressed through a QR code) of the organization. Alternatively, through an app such as Bitgive, a donor can find and select a charitable organization that accepts bitcoins. Then, the intermediary handles the transaction and makes sure the funds get to the organization.

The benefits are plentiful: donors can give money from anywhere in the world at anytime, the transaction fees are minimal, the transaction is anonymous, and organizations can use companies like Coinbase and BitPay which will instantly convert transactions into whatever is the preferred currency with little market fluctuation risk.

Original graphic from: WhoIsHostingThis