Several charitable platforms have started to accept bitcoin and crypto as donations as a way to instill trust back into the charity sector
Bitcoin experienced a huge rise in both price and popularity with barriers continuously being smashed left, right and centre. Many economists and experts were all waiting for its downfall but till today, Bitcoin is still alive and kicking, breaking more barriers in 2021.
The pandemic has certainly accelerated crypto's popularity and many investors are reaping in the benefits from getting in early.
Crypto is on the way into the mainstream and there are also several charitable platforms who have started to accept bitcoin and crypto as donations. Most recently, the Danish Red Cross backed a $3M blockchain volcano catastrophe bond that supports communities at risk of volcanic disaster.
However, who else has joined the Danish Red Cross in this charitable movement in the crypto industry?
Blockchain and crypto could reinstate trust into the charity sector, a sector that has been losing trust over a number of years. AidCoin has helped push this trust through their new platform. The startup is aiming to set up:
- Distributed Ledgers to track transactions
- Cryptocurrencies to transfer funds
- Smart contracts to ensure donations are spent in the proper way
AidCoin aims to instill trust in the charity industry through transparency thanks to smart contracts.
AidCoin is a token that's main purpose to donate transparently through the Ethereum blockchain and access the company's new AIDChain platform.
Charities are able to implement the AIDPay widget to start accepting donations in many cryptocurrencies.
Save the Children
Save the Children was at the forefront for nonprofits to accept crypto as donations back in 2013. The Save the Children nonprofit organisation were also the first charitable beneficiary of Bitcoin Black Friday through the BitGive Foundation for the natural Typhoon disaster called Typhoon Haiyan that devastated the Philippines.
Save the Children accept donations in Bitcoin, Bitcoin Cash, Ethereum, ZCash, Litecoin, Basic Attention Token, Chainlink and Gemini Dollar.
This nonprofit organisation has been part of the crypto industry well before the industry's come up as they believe that it is one of the most tax efficient way to support a cause.
Although, the crypto industry experienced a boom during 2020, the year also saw many communities become very vulnerable due to the pandemic and Binance charity aimed to help these individuals.
With Binance being the leaders in blockchain powered philanthropy, the platform gives transparency to charity and unites people for a common good.
Binance Charity continuously launches new projects, putting the communities first while also develop blockchain technology to ensure that every step of the donation process is transparent and trackable.
In 2020 Binance charity achieved:
- More than 1,800 donors
- More than 20 projects
- $10million worth of donations
- 1 million end-beneficiaries
Cryptogivingtuesday is a service were one can donate multiple cryptos to nonprofit organisations. Through their service a donor can donate using Bitcoin, Ethereum, Litecoin, Dash, Binance coin, Bitcoin Cash, Ripple and the lightning network.
More often than not, communities often look to Cryptogivingtuesday's brand to promote a campaign to their niche market with Woodrow Rosenbaum, GivingTuesday's data & insights lead said:
“Some of these big payment processor platforms like Facebook and PayPal use GivingTuesday as a great way for them to engage. So we’ll give people best practices. We want to hear how their campaigns went, learn about their results and bring them into that network.”
Songs of Love Foundation
Songs of Love Foundation actually carried out a unique campaign to entice people to donate their bitcoin. The charity created a bitcoin superhero named "Billy Bitcoin" to boost its profile.
Similar to Save the Children, Songs of Love Foundation also joined the list in 2013 in being one of the first charities to accept cryptocurrencies. The nonprofit organisation claims that donations in crypto are more efficient than donating cash.
Another reason, according to their website, is that:
"Donations are “non-taxable events,” you don’t owe capital gains tax on the appreciated amount and can deduct the donation on your taxes. This win-win solution means you have more money available to donate to charity and can deduct more on your tax return. The difference can amount to more than 30%"
AIBC will be holding an event in Dubai focusing on blockchain, crypto and emerging tech. There will also be a day dedicated to an award ceremony where people and companies alike are nominated by you, with the chance to win an award. One of categories is "Social impact of the year" and if you think that one of these five deserve this award, nominate them here!
About AIBC Dubai:
AIBC UAE will take place on the 25th to 26th May, 2021, in the emirate of Dubai. The event will bring together key brands and individuals from the converging sectors of AI, blockchain, IoT, Quantum Tech to discuss and shape the future of emerging tech.
It is one of the leading events globally for blockchain, AI, crypto, and other emerging technologies, and gathers together an elite selection of delegates, policymakers and thought leaders from across the globe. Such international recognition has helped propel AIBC Summit become a favourite on the world circuit for emerging tech conferences and expos.