Crypto Adoption In The Charity Arena Rises As HRF Accepts Bitcoin
- Human Rights Foundation made a huge announcement in favor of cryptocurrency
- Now people can easily donate to the charitable organization in Bitcoin via BTC pay servers
- The entrance of crypto in the charity sector could make old-fashioned non-profit organizations more flexible
On March 9, 2020, the Human Rights Foundation (HRF) announced via twitter that it would start accepting charitable donations in BTC.
HRF also revealed that it would use the BTCPayServer platform, which is a completely open-source program, and this makes it impossible to censor transactions.
Other payment processors such as BitPay act as a middleman between the two parties by receiving crypto payments from individuals, changing it to fiat currency, and giving companies or organizations that claim to accept payments in cryptocurrency these fiat currencies. This, however, paves the way for the payment processing servers to censor the transaction.
On the other hand, though, the BTCPayServer is a code. As such, it ensures the privacy of the transaction, and it preserves the qualities of bitcoin that distinguishes it from fiat currencies.
Other Charitable Organizations Accepting Crypto
As the first UN society to embrace and adopt cryptocurrency, UNICEF has been benefiting massively from the lack of remittance fees that result from transferring funds around the world. Moreover, donors are presumably able to see how their contributions are disbursed to various initiatives.
Similarly, the global humanitarian organization Save the Children announced on Dec. 2019 that it would start to accept multiple cryptocurrencies in an automated way through its website, including ETH and LTC.
Save the Children was the first major NGO to embrace crypto and has been accepting BTC donations since 2013, in response to Typhoon Haiyan that devastated the Philippines.
Get Ready For The Entry Of Crypto In Charity
The entry and adoption of crypto in the charity industry is increasingly making traditional non-profit organizations more flexible in attracting donations from new sources.
For instance, in 2017, Fidelity reportedly got $69M in crypto donations and $7 million in 2016. According to the NGO, donations in digital currency eliminate capital gains taxes and deliver the full market value to the intended charity.
Similarly, On April 15, 2019, a massive fire destroyed the 800-year-old French cathedral Notre Dame de Paris. Among other well-wishers, the international crypto community acted promptly to launch donation campaigns for rebuilding the church.
These are just a few examples of how crypto is being adopted in the charity arena, and the emerging trend could drive adoption by making crypto more acceptable as a mainstream way of payment.
Featured image courtesy of Shutterstock. Source: Cryptopress.