Without a doubt, charities should already start accepting cryptocurrency. There’s just no reason to refuse donations in bitcoins or other cryptocurrency.
Cryptocurrency Has Value
The rise of bitcoin proves that cryptocurrency has value. Even after reaching its peak and dropping in recent months, bitcoin still enjoys a high price of around £6,000. Charities need to realize that bitcoin can only be used as money in establishments that accept bitcoins. It’s also possible to convert it to fiat currency, the British pound for example.
There are many bitcoin exchanges that will willingly convert bitcoins to traditional money. This would entail a fee or a transaction cost but it still means that you get something out of the bitcoins you have.
Moreover, cryptocurrency can serve as a store of value. It can act as an investment. The cryptocurrency balance a charity maintains may see a price surge in the future, which means that it can be exchanged for considerably bigger British pounds without actually doing anything.
Accommodating Anonymous Donors Better
It’s also worth noting that cryptocurrency is a good way to make payments or donations anonymously. This means that by accepting cryptocurrency, charities can attract more anonymous donors. Bitcoin fund transfers do not require the senders to identify themselves. Likewise, recipients don’t need to present various documents to be able to claim the amount sent. This makes it easier to obtain donations from anyone anywhere in the world. It makes the process of sending and receiving funds shorter and hassle-free.
All the sender needs to be able to transfer funds is the wallet ID. The recipient (the charity) may have to wait for some time to have the transaction confirmed but it wouldn’t take a long process. There’s no regulatory body or middleman involved so the transfer cost is relatively low.
Charities Need to Be In Tune with the Times
Charities have to be the ones to adapt. If donors prefer donating through cryptocurrency, charities need to step up and take some time to learn how to use bitcoins or other cryptocurrencies. It’s not really a long and difficult process. Basically, what needs to be learned is simply the use of the cryptocurrency wallet.
Charities should accept cryptocurrency donations because cryptocurrency has value. This value may even increase in the future.
Cryptocurrency may eventually be used alongside fiat currency in the future so it would be good to start adopting it as soon as possible.