General Guide: How to Donate with Bitcoin (BTC)
Charity, a concept that has existed since the beginning of our world, and something that is not only extremely gratifying, but it’s also one the most precious and soulful acts a human being can perform.
Without a doubt, charity is important as it touches the human core at so many levels. Various studies have shown that the act of extending kindness to other unconditionally, selflessly, and without expecting anything in return is a major mood-booster and it has a ton of other benefits including that of strengthening personal values.
The importance of charity in our society hasn’t changed all that much over the course of our history. However, thanks to the phenomenal growth of technology humanity has experienced over the last few decades, charity is not only carried out easier, but it’s also more impactful now than it ever was.
In today’s article, we are going to discuss the latest (and possibly the best) way of donating, namely with the help of Bitcoin, the cryptocurrency, and the platform/service we have to thank for the large number of life-changing innovations we are currently seeing in our world.
We will meticulously go through most of the technicalities of donating using Bitcoin, as well as what are the advantages and disadvantages of the said method.
Why should you consider donating with Bitcoin?
If you know a little about Bitcoin and cryptocurrencies in general, then you surely already know that Bitcoin boasts various advantages when compared to traditional payment systems. First and foremost, thanks to a system called “blockchain,” Bitcoin’s decentralized nature is probably its biggest selling point.
It allows anybody to skip the middleman fees. These fees are replaced by the network fees which are specifically given to miners as a reward for their services. Not only this, but Bitcoin transactions are uncensorable. This means that no external (or internal) authority can dictate which transactions should or shouldn’t take place.
Other big advantages of Bitcoin transactions are represented by their anonymous and transparent nature. Since the blockchain ensures that records are immutable and open to the public to view, Bitcoin transactions provide a maximum level of transparency and security. Most times, considering that various specific conditions are met, Bitcoin can also help anyone retain their privacy.
Hence, it’s easy to see how Bitcoin has opened a new door for those charitable bent individuals that want to support causes they believe in. In short, Bitcoin donations allow philanthropists to remain anonymous, to accurately keep track of their donations, and to skip the middleman as well as the usual conversion fees.
Lastly, Bitcoin may also represent the answer to one of the most problematic issues in the whole charity business, that of shady charity organizations. Thanks to all the advantages described above, Bitcoin may very well stop various dubious charity organizations from amassing considerable illegitimate profits which means that the donations will reach where they are indeed needed.
What are the potential drawbacks of donating with Bitcoin?
As ideal as this method might seem, like all things in this life, it’s not perfect. Before committing to donate Bitcoin, there are a couple of drawbacks that are worth keeping in mind. The first one is linked to one of the biggest issues cryptocurrencies are currently undergoing – the unstable, volatile market.
This means that the Bitcoin price could very well experience an astronomical rise, in which case, all is good. Conversely, it could also drop steeply, rendering your donation a lot less satisfying and useful. However, the good news is that few charities are likely to hold on to the said Bitcoin donations for too long.
Another disadvantage of Bitcoin donations is related to the complicated manner of cryptocurrencies and the blockchain technology in general. However, if you’re a crypto aficionado and you already hold Bitcoins, there’s a good chance that the whole process won’t intimidate you.
How to actually donate using Bitcoin (general guide)
Of course, the donation process might vary depending on the charitable organization’s nature and policy, but the basic process explained in this article should be accurate enough to help you get a general idea.
Obviously, in order to donate Bitcoin, you will need to own some Bitcoin. Bitcoin can be acquired in two ways, you can either mine it, or you can purchase it from exchanges such as Binance, OKEx, Huobi, Bithumb, and so forth.
The next step involves you having to store BTC in a Bitcoin-compliant wallet. Evidently, you can store your Bitcoin on the basic wallets offered by most exchanges, but this is not recommended due to the big security risks involved.
Once you have your Bitcoin ready, and after diligently researching the organization you want to donate to, you will have to start the actual donation process by accessing the organization’s official website and by looking for the “Donate” section or button.
In short, you will have to choose the desired amount of Bitcoin and send it to the official wallet address of the organization. All that’s left to do now is wait for your transaction to be thoroughly registered on the blockchain. Depending on the network’s availability, this could take from a couple of minutes up to a couple of hours.
Where do I found charitable causes or organizations that accept Bitcoin donations?
A good place to start looking for charitable organizations that accept Bitcoin donations is to check out the list on the Bitcoinforcharity.com website. Some of the most popular Bitcoin-accepting charities are The Water Project, Omni Nano, Seans Outpost, Save the Children, AntiWar, TunaPanda, and Run 2 Rescue.
2018 has been an exciting year for cryptocurrencies and blockchain sectors, despite the ups and downs of the market. One thing is certain, though: cryptocurrencies and their underlying technology will continue to improve various aspects of our lives. It’s only natural that we will see more and more charitable causes or organization that accept Bitcoin donations in the future.