Using Crypto for Charitable Giving

Image Source: totalbitcoin.org

When it comes to giving, there is no doubt—Americans are among the most giving people in the world. Perhaps it is because we love Christmas—and Christmas is all about giving. In the spirit of having an open heart and with gratitude for 2019—allow me to wish everyone a Merry Christmas!

Image Source: moneyweek.com

Most likely—you are a millennial, and you grew up with a social conscious. According to Marguerita Cheng, writing for Forbes, millennials “believe that corporate social responsibility is key to alleviating poverty and improving life outcomes. They have encouraged their employees to donate their time, and several companies to donate 1% of their profits, to charity.”

As a biblical mandate, Jews and Christians are encouraged to give 10% of their income in tithes and offerings. With Christmas, this is good time to think about giving. Perhaps, it is a good time to think about giving as we near the end of 2019.

Cryptocurrency and Charity

Amid all the negative publicity and scams from of initial coin offering (ICO) to speculative get rich quick investing schemes, it’s important to note the good that cryptocurrency and blockchain technology is bringing to the world when done right.  And one example is with charity, says Aubrey Hansen, author for Fintech Futures.

Charities are always looking for donations, such as the Salvation Army during the Christmas Season—where it’s not uncommon to walk by ubiquitous red kettles with volunteers ringing the bell to solicit a buck or two.  They are known for its work sheltering the homeless and helping challenged and homeless people put their lives back together be giving them meaningful work.

While they depend on local donations, so to do many other charitable organizations. Now with cryptocurrency, charitable organizations can accept donations from around the world. Moreover—banking fees are removed when one transfers crypto across borders. And—with blockchain technology underpinning cryptocurrency, its transparency is a welcome feature for donors wanting to ensure their money is used for its intended purpose.

This will overcome the criticisms of many charities that have been known to use donations for lavish uses instead of the intended purpose. With transparency, donors will know “how and where donations are used.”  Blockchain provides an “immutable and transparent avenue for charitable organizations to prove to their donors that their money is being used both wisely and honestly,” says Hansen.

 Cryptocurrency Fundraising Guide

If you are interested in contributing to a charity, Bit IRA has compiled a “cryptocurrency donor and charity fundraising guide”. I’ve highlighted a number of cryptocurrency options. While not a complete list, it is a good place to get started.

5050 Labs.  A micro social enterprise set up in 2011, the company works with youth in education, sports, and play work. While still in development, this platform creates a raffle process for organizations to raise funds.

Alice. This project hopes to help nonprofits fund projects while keeping track of impact data and keeping transaction costs low. Built on Ethereum—it purports to bring transparency to giving by tying donations to project outcomes.

BitGive. Another platform that monitors success through project milestones to provide donors with transparency regarding how their contributions are being used. BitGive, establishes partnerships and raised funds with nonprofits such as Medic Mobile, Save the Children, The Water Project, TECHO, and others.

Crypto Charity Fund.  This project is aimed at creating a global animal charity ecosystem based on blockchain technology. Charities and donors can register as part of a directory connecting crypto-enthusiasts on both sides of the donation transaction.

Disberse. Uses blockchain technology to track international movement of funds from donor through organization, and does so while proudly licensed by the UK Financial Conduct Authority. Disberse has worked with a number of aid organizations, and is on target to work with The Netherlands Red Cross, Caritas Rwanda, and SOS Children’s Villages to name a few.

GiveCrypto. This project, launched by the founder of Coinbase, nonprofit that distributes cryptocurrency to people living in poverty.

Giveth. Giveth Galaxy was created to “foster a larger network of organizations” to work in building future of giving as envisioned by Giveth. It is a decentralized giving platform geared provide donors with insight and control over “who gets to access their contributions”. It is based on Ethereum smart contracts.

UNICEF.  UN based charitable organization created to help children throughout the world.
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Source: Bit IRA

Conclusion

There is probably no greater feeling one can have, than giving out of love for our fellow man. We don’t have to wait for governments to help people, we can start now from the comfort of our homes and offices.

What’s on your New Year’s resolution list?  Perhaps you can add charitable contributions. Mine is—“I resolve to increase my charitable donations in 2020.” Thanks to cryptocurrency, I now have many more options.

 

Samuel H. is an author, writer and speaker with over twenty years in the educational technology sector.

Contact Samuel

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