Could Digital Currencies Be the Future for Sending Donations?
By Ollie Hurst – Crypto Consultant
New ways to donate are developing in a continually changing environment. Although it's still possible to submit contributions from conventional bank accounts, digital currencies like Bitcoin BTC offer an alternative way to donate money. Cryptocurrency relief funds have arisen and are now widespread, offering a simple and easy way to get support in disaster scenarios. Should they replace the old-fashioned way of giving? Here's a look at the environment of crypto donations, and how they could be the perfect way to donate money to charitable organizations.
Anonymity makes generous donations more possible and cryptocurrencies are the perfect way to do so. As well as eliminating evil forces, those buying and selling Bitcoin anonymously also benefit from a higher level of confidentiality.
First, a donor may choose to keep his or her name secret for political or social purposes. They may have support for a particular cause but are discouraged from donating if their donation creates negative publicity. Furthermore, it may lead to the person receiving unsolicited appeals from other organizations, placing them in a challenging situation to either deny their request or donate money to a cause they do not wish to help.
These characteristics of current donation methods make contributions from wealthy individuals less available to charities.
Low Cost and High Speed
Apart from individual contributions, cryptocurrency's versatile nature allows vast sums to be sent to charitable organizations immediately, without high bank costs that obstruct cash transactions.
The sheer volume of transactions is also critical in the case of an emergency. Donors will deliver donations to hard-hit places in a matter of minutes. Take, for example, projects such as the Bit nation’s Visa Card, a debit card holding cryptocurrencies that can be issued to refugees and used to purchase vital food and medication. Such steps can remove third parties and move the aid straight to where it needs to be.