Has your organization embraced Bitcoin donations so far? This guide for accepting Bitcoin donations can be a good starting point for you.
When cryptocurrency emerged, many would not have anticipated its massive potential in terms of functionality and ability to replace some ways of doing things. Today, after just over a decade, cryptocurrency is widely accessible and used by different entities, from individuals to institutional users. Today, organizations can accept and receive donations in cryptocurrency. Also, Bitcoin enthusiasts may use the right tools like bitqt that may help them out.
Bitcoin is among the most popular cryptocurrencies that charitable organizations can receive as donations. While some major organizations have already embraced Bitcoin donations, many are still considering the prospect. And this is partly due to the lack of understanding of cryptocurrencies, how they work, their benefits, and ways to accept crypto donations.
This guide helps you understand how you can accept Bitcoin donations. Learn in straightforward steps how you can embrace this new wave that is likely to continue growing in the foreseeable future.
What is Bitcoin Donation?
Many charitable organizations depend on well-wishers’ donations to achieve their mission and goals. Before cryptocurrency, many of these organizations received donations in fiat currencies. Introducing Bitcoin and other cryptocurrencies created an additional channel for doing the same. Instead of accepting gifts in fiat currencies, the organizations can receive Bitcoin donations.
Why Accept Bitcoin Donations?
Accepting Bitcoin donations has excellent potential for the recipients. Cryptocurrencies are growing and are likely to become a significant part of the global financial and economic system. Additionally, with Bitcoin’s decentralized nature, accepting Bitcoin donations encourages more donors who want their privacy protected to donate. Bitcoin also expands your options to include Bitcoin trading and investment.
Accepting Bitcoin Donations
While you can accept Bitcoin donations directly by setting up a digital wallet, the easiest and most convenient way is by engaging third-party payment processors. These payment processors have the knowledge and experience in dealing with Bitcoin and other cryptocurrencies that you may not have.
The third-party payment processors act on behalf of recipient organizations. They will accept, hold, convert, and sell donated Bitcoin for these organizations. The payment processors have the technical expertise and enhanced security in handling Bitcoin donations. As a charitable organization, you don’t have to take everything but let the payment processing platforms do it for you.
Any charitable organization can use many payment processing platforms for accepting Bitcoin donations. Top examples include The Giving Block, Engiven, Every.org, and Bitpay. Most operate globally and provide access to a broader pool of donors. Moreover, they charge meager fees for the services.
Steps to Follow
It is effortless to start accepting Bitcoin donations via payment processing platforms. The charitable organization will select the preferred payment processor. It is essential to undertake background research on these platforms to understand their strengths, weaknesses, and convenience.
After selecting the payment processing platform, the organization will sign up and set up the Bitcoin donation page or widget. Luckily, most payment processing platforms support charitable organizations in setting up their Bitcoin donation pages or widgets. Moreover, signing up and setting up will be free and fast.
After completing the signing up and setting up, the charitable organization can begin accepting Bitcoin donations. The payment processor will receive and automatically convert the Bitcoin donation to fiat currency or hold it for the charitable organization. And this provides greater convenience for the recipient organization.
Bitcoin donations are increasing in popularity and quantity, with many charitable organizations getting on board. Accepting Bitcoin donations is easy, as espoused in this guide. The charitable organization does not have to handle every detail and process. Instead, it can leave that to the payment processing platforms. And this also leaves the charitable organization to focus more on its core charity work.