Bitcoin is still a long way from reaching the masses, but industry leaders have demonstrated why a surge in adoption is likely in the cards for bitcoin’s future. And with Earth Day around the corner, we wanted to shine a light on bitcoin’s benefits as an efficient donation vehicle for nonprofits. We’ve also included a selection of eco-conscious nonprofits that accept bitcoin donations!
If you’re a nonprofit, have worked with nonprofits, or even donated to nonprofits – you know the biggest challenge to drive positive change is to raise money in support of your mission and goals. GuideStar, the leading philanthropic information database, identified this in their findings. “All other challenges pale in comparison to the need for funding to keep our doors open and accomplish our mission,” wrote Dr. Roshani Shay of the Hawaii Wellness Institute.
Getting funding means that a donor has to be able to send money to the nonprofit, and the nonprofit then has to be able to deploy those funds across their programs. It sounds simple, but in a world of banks, regulations, third-party companies, fees, sending money overseas, and so on – a seemingly simple need becomes very complex. All of this red tape can have a detrimental effect on the end goals of nonprofits. The nonprofits become less efficient, donors get frustrated because they know that 100% of their contributions are not being utilized, and ultimately, communities in need get less support.
For those that don’t know all the many benefits of bitcoin, you may be scratching your head on how bitcoin can impact nonprofits and philanthropy.