Whether you are feeling good about the recent bitcoin market gains, or just generally feeling the giving-back vibe of the holiday season — there are plenty of ways to donate bitcoin to great charities and nonprofit organizations.
The best part? Donating bitcoin directly has some serious tax advantages (more on this below). In fact, giving bitcoin directly to charities and nonprofits is actually easier than selling your bitcoin and then donating cash.
Want to help build a drinking water well in a developing country? Or maybe help keep the internet a place for free expression? How about leveraging your bitcoin gains to help fight the COVID pandemic? All of this is possible by leveraging the purchasing power of your bitcoin through philanthropic giving.
The Water Project: This organization builds wells and drinking water infrastructure in Sub-Saharan Africa. The Water Project is currently raising funds to deal specifically with COVID-related issues.
United Way Worldwide’s Innovation Fund: The United Way is a well-established global charity organization that works with communities to develop solutions to local problems. Bitcoin donations to United Way Worldwide’s Innovation Fund help support the implementation of cutting edge tech for impact.
The Electronic Frontier: Founded in 1990 to protect digital liberties, EFF continues to play an important role in making sure the internet is open, free, and accessible to all.
COVID Emergency Relief Fund: This fund, which is organized by BitGive (more on them below) is designed to rapidly deploy funds to people that are most vulnerable to the ongoing COVID epidemic.
These are just a few examples of projects and organizations that are currently accepting bitcoin to help fund their work. In reality, there are a number of bitcoin giving opportunities, and the list continues to grow each day as bitcoin goes more mainstream as people start to realize the power of donating bitcoin.
BitGive — Launched in 2013 to help charities and nonprofits accept bitcoin donations, BitGive is one of the most established bitcoin giving-related organizations in the field. BitGive has also developed a platform called Givetrack, which leverages the decentralized accounting capabilities of blockchain to help charities and nonprofit organizations and projects track and report fundraising. It also helps donors understand the impact of their help. Learn More
The Giving Block — Founded in 2018 following the previous crypto bull market, The Giving Block provides the tools and technology for groups and projects to accept bitcoin donations. The company also creates information about bitcoin giving and related topics. Learn More
As mentioned earlier, donating bitcoin is fun and easy. It also has some significant financial advantages.
According to the virtual currency guidance from the IRS, which dictates how bitcoin is handled tax-wise, bitcoin donations to charities are not income-generating events. That means you do not have to pay capital gains taxes on the bitcoin you donate to a charity or nonprofit. Furthermore, you can take the fair-market value of your bitcoin donation as a deduction on your taxes.
Please note: This is not tax advice, you should consult a tax professional before making any large bitcoin donations.
Bitcoin network fees, or bitcoin mining fees, refer to a sum that is charged to complete a bitcoin transaction. These bitcoin fees are tacked onto the amount that the sender inputs and added to the total transaction amount. Like the bitcoin network itself, bitcoin fees are dynamic. When the bitcoin network gets busy, or when there are more transactions happening, the bitcoin network fees increase.
How does bitcoin work? Bitcoin is a cutting edge technology, which can serve many different needs and use cases. Here’s an easy to follow guide!
Buying bitcoin with cash — or more specifically, buying bitcoin with cash at a bitcoin ATM or bitcoin kiosk has never been easier. There are a handful of good reasons why you would want to buy bitcoin with cash. So in this post we’ll dig deeper into how and why people are converting USD to bitcoin.
