According to a new infographic, featured below, bitcoin is electrifying the non-profit profit sector.
“The piece explores how Bitcoin will revolutionize charitable donations given to non-profit organisations, focusing on how it will work and what challenges donating in digital currencies face in the long run,”
Max Hammond, Digital PR Executive for NeoMam Studies, said upon sharing the infographic.
The infographic details how non-profits will see benefits from bitcoin, as well as how to accept it in the first place. Bitcoin users can donate directly to the non-profit through a public key, or they can utilize Coinbase, Bitgive or even the new Lighthouse platform.
It then outlines the benefits bitcoin brings, but the new challenges ahead. It travels into the different facets of bitcoin acceptance by charitable organizations and delves into how some see the future laying ahead for these organizations that have adopted bitcoin with open arms.
The infographic also outlines how WikiLeaks, the famous information leaking site spearheaded by Julian Assange, collects all their donations through bitcoin and litecoin due to being blocked by Bank of America, MasterCard, PayPal and VISA. Through decentralized digital currency technology, such blockage is impossible and would be considered unethical and immoral.
“It is the privatization of censorship, because this is being done because of extreme pressure by the U.S. Government,”
said Kristinn Hrafnsson , spokesman for WikiLeaks. “It’s extremely important to fight back and stop this process right here and now so that we won’t see in the future, where we have the financial giants deciding who lives and who dies in this field.”
Nonprofit organizations like United Way, Greenpeace, the Wikimedia Foundation and Khan Academy all started accepting bitcoin last year, leading the charge for the transition. In a blog posting upon the announcement of the Wikimedia Foundation’s bitcoin acceptance, Coinbase, the partnering payment processor, made a strong case for the bitcoin-charity revolution.
“The Internet has made it easier for non-profits to operate by enabling them to increase geographic reach and reduce the overhead required to fundraise. Adding bitcoin as a donation option is a natural next step for non-profits because it eliminates one of the most significant costs remaining —payment processing fees.”
Immediately following, they also announced that they were dropping all processing fees for registered non-profits to accept bitcoin donations, making the venture even more tantalizing. Non-profits accepting bitcoin through Coinbase are now able to cash out their bitcoins for U.S. dollars and receive one bank transfer a day for free.
Compared to donations through PayPal and VISA, it should be almost impossible for non-profits to resist. The bitcoin transaction fees are so small that it changes the way people think about owning their money. When non-profits receive nearly 100 percent of their donations, a lot of opportunities open up along the way for new ventures to change the world. All charitable organizations have a chance in front of them to accept digital currency at the cost of nothing, and it looks like many are starting to jump on board.