Accepting bitcoin donation
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Should Your Non-Profit Accept Bitcoin for Donations? It’s been all over the news lately, and many non-profits have been asking whether or not they should accept Bitcoin for donations. First, a little disclosure: I am not an accountant or attorney. You should consult your accountant or attorney regarding how to process and account for Bitcoin donations as well as how to prepare receipts for Bitcoin donors prior to accepting them at your organization.
Bitcoins are worth a certain amount of money, can be used in many places to buy and sell things, and can be traded in for US Dollars, Euros or other forms of currency at an ever-changing exchange rate. Bitcoin is a little like gold. It is worth something, can be used to buy things, or can be sold for dollars, euros, pesos or other currency. If you want a highly technical answer for the question, check out both the Wikipedia entry for Bitcoin as well as the official Bitcoin site.
Why should I care about Bitcoin? I already accept donations in US or foreign currency. You shouldn’t spend lots of time thinking about Bitcoin, and deciding whether or not to accept it shouldn’t take up a considerable amount of your time or energy. However, you should think a little about Bitcoin and make a decision on whether or not to accept it.
There are a lot of Bitcoins out there, and lots of people and businesses are starting to use them for real-life transactions. These are the types of folks who work in tech companies, see computers or the web as a hobby, or are very comfortable around computers and the Internet. That being said, the number of Bitcoin users is growing every day, and more and more people who are less tech-savvy are being introduced to this new currency. Should Our Non-Profit Accept Bitcoin Donations?
Right now, accepting or not-accepting Bitcoin donations is not likely to be a make-or-break decision for you. Bitcoin for donations could appeal to your donor base and lead to more and larger donations. As I said earlier, it won’t be make -or-break for your organization, but if you have the time and technical capabilities, it wouldn’t hurt to begin accepting Bitcoin donations. Bitcoin, as it will appeal to your targeted demographic.
How Do We Get Started Accepting Bitcoin Donations? If you have a tech-savvy donor base, you can also consider sending out a blast e-mail to your list letting them know that you now accept Bitcoin donations for your non-profit. 2016 by The Fundraising Authority LLC. Let’s get one thing straight right off the bat: this is not a post where I’m going to debate the merits of Bitcoin or discuss it in the comments. I want to talk about the effect that the launch of Bitcoin futures trading may have on Bitcoin. In case you missed it, the CME announced the imminent launch of Bitcoin futures. I would suggest checking out those posts if you’re looking for some arbitrage background.