Virtual currencies have been very well-known in the last couple of years. Virtual currencies function much like traditional currencies. The difference lies in the fact that transactions with virtual currencies occur on a “virtual world” or online. Aside from that, transactions with virtual currencies are not regulated by any government.
Bitcoin, by far, has been getting the most attention when it comes to cryptocurrencies. It can be noted that one reason why people are so into Bitcoin is that like tangible cash, the currency can be seen in a public ledger, but the identity of those concerned is unknown. In addition, its increasing demand can be owed to its incredible growth in value, going from less than $1 in early 2011 to nearly $1,000 at the end of 2013, antecedently dropping into mid-hundreds throughout 2014. Without a doubt, Bitcoin serves as the world’s leading virtual currency as of the moment, with a market capitalization approaching $5 billion.
Along with the growing popularity of Bitcoin, the number of charitable and non-profit organizations that accept Bitcoin has been increasing. Just recently, Nepal earthquake victims became the subject of Bitcoin donations through GoFundMe this being said, what really are the benefits of using Bitcoin for some non-profit organizations?
1. Cut down on processing fees – Bitcoin secures money through technology. Thereby, it doesn’t require a central party to facilitate transactions; causing decreased to no processing fee for non-profit organizations.
2. More possibilities to new audiences – The Bitcoin community is composed of charitable people as well. Bitcoin has lured huge investments since its inception in 2008. Several of these investors gained their fortune off Bitcoin and they are more than willing to share it to good causes/ organizations.
3. Open to global market- Bitcoin is global, instant, and free. You will not need to put up with using a check or a credit card. No more hassle in waiting for the money to get into your bank account! Bitcoin does all the work for the people; and again, it’s open to the GLOBAL market. Bitcoin can reach you anytime, anywhere.
4. Easier setup – Bitcoin accepts donations in a quick and easy setup. Bitcoin is protected across their global payment system implementing sizeable cryptographic numbers that are amazingly safeguarded by their high-tech set up.
5. It says NO to fraud – Non-profit organizations are attracted to Bitcoin simply because there is no possibility for fraud. The technology behind the Bitcoin is the most advanced of its kind, making the system inapplicable to hacking threats. In addition, chargebacks don’t exist with Bitcoin. If a donor would like their money back, then they can contact the charity anytime and ask for a refund. Simple as that.
When used properly, Bitcoin is indeed a safe currency to trade in. Knowing it as a cryptocurrency assures the people even more that there is no way for the money to be duplicated. Thus, increasing number of charities and non-profit organizations are making steps to accommodate their Bitcoin supporters.