Also read: RNLI Will Now Accept Bitcoin
Bitcoins can be donated at rnli.org/Bitcoin. The RNLI has shared that if their Bitcoin campaign is successful, they will consider adding it to their main donation page. The institution is calling the new fundraising method a pilot scheme, meaning that they’re trying it out and will evaluate its impact in the future.
The RNLI’s donation address is 1PZ5ebvdt43dvRRgRNgBhsq2PwAKN4X6W, raising 6.03 btc, or $2,079, to date. This seems meager when compared to the RNLI’s total 2013 income of £182,700,000, or $290,000,000, but every penny (or satoshi) counts when saving lives. Bitcoin also allows people to donate who may not necessarily be able to donate through other means. Searching the RNLI’s website for Bitcoin reveals a number of articles about their acceptance of Bitcoin as well as information on it in general. For example, the charity has a page which explains Bitcoin’s legality.
Also read: Bitcoin and Charity: Time to step up!
The RNLI is the first major charity in the British Isles to accept Bitcoin. It certainly won’t be the last. As Bitcoin adoption increases, more charities will look into accepting it. Unlike most retailers, Bitcoin’s minuscule transaction fees aren’t a major selling point for charities, as many are exempt from such fees. However, Bitcoin’s many other features make it attractive to charities: for example, they need wait only minutes, not hours, days, or even weeks, to receive a donation. Furthermore, charities need not worry about chargebacks with Bitcoin transactions like they do with fiat. Bitcoin transactions are final and cannot be reversed.
How do you think Bitcoin will affect the RNLI and charities in general? Tell us in a comment below!
Images from Shutterstock.
Last modified: June 10, 2020 12:19 PM UTC