The cryptocurrency news today show that blockchain for philanthropy is one of the emerging fields where the technology could improve the way crypto donations are sent and received.
Over the past decade, we have seen an eruption in diverse giving channels and options for donating and/or changing the patterns in which people give. Research from Blackbaud shows that online giving has shown steady increases, growing from 6.4% of all giving in 2013 to 8.5% in 2018.
On top of this, we can see that hundreds of millions of dollars in cryptocurrencies have been donated as well. Notable donations include over $100 million to Fidelity Charitable, $29 million to DonorsChoose as well as $4 million to the Ellen Degeneres Wildlife Fund and many more.
The blockchain news now show that besides all of this, blockchain for philanthropy can make a change, especially in the way programs are designed. The ones which make donating cryptocurrency easier can be substantially improved, helping charities be more receptive to actually taking these donations coming from cryptocurrencies.
So, we can notice that there is a general consensus that the future of philanthropic cryptocurrency venture projects is a bright one. Until now, cryptocurrencies have been used in many different ways to support charities and giving, including the launch of The Pineapple Fund, an anonymous fund which was able to rally over $55 million in Bitcoin (BTC) which was then donated to charities.
Moreover, we can see that recent studies about Bitcoin in the charity sector also reflect that cryptocurrency donations represent around 1% to 5% of the payment methods that are used for charitable donations. Blockchain for philanthropy seems to have the right way to do this, and there is already a 100% growth in some countries, according to the Fundraise and Nonprofit Tech for Good’s 2019 “Global NGO Technology” report.
So, in times when people are wondering why crypto is used for donations, there are multiple reasons behind these initiatives.
Overall, cryptocurrency donations trump the cash, check or credit donations. There is also the chance of more funds with a bull market, which increases people’s willingness to donate and makes them feel like they are donating more than they actually are. Additionally, encouraging the use of crypto for donations is something that changes the concept of blockchain for philanthropy.
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