It seems that the trend in the cryptocurrency industry these days is shifting more focus to the practical bitcoin usage as a payment vehicle. Apart from potentially revolutionizing the real estate industry or the healthcare sector, bitcoin can also have excellent potential among charities.
A recent report released by Charities Aid Foundation (CAF) revealed that bitcoin usage can have several advantages in making donations. As of now, bitcoin has been tapped as a means of value transfer for charities focusing on relief efforts after the earthquake in Nepal.
Bitcoin Usage in Charities
First and foremost, the advantage of using bitcoin for making donations can allow the donor to track where the funds are going. In addition, the zero to low transactions costs incurred in making money transfers using bitcoin can ensure that charities can be able to make the most of the donations made.
CAF also mentions that bitcoin has been popular among wealthier investors, which makes it a more interesting and acceptable means of sending funds to charities.
ÔÇ£ItÔÇÖs clear that there are a lot of opportunities for charities when it comes to using cryptocurrencies, and some organisations have already begun to take advantage of them to raise money. The possibilities for charities really being able to tackle the age-old problem of transparency, helping donors see exactly how their money is being spent and the impact itÔÇÖs making is profound,” mentioned the report author Rhodri Davies.
“However, we shouldnÔÇÖt lose sight of the fact that these kinds of currencies are still in their infancy, and charities should be wary of the potential risks that may arise as they develop,” Davies cautioned.
There are already plenty of other cryptocurrencies in existence and it is unavoidable that there is some degree of uncertainty when it comes to dealing with these assets. Nonetheless, CAF is hopeful that the pros could outweigh the cons in adopting bitcoin usage for social good.
A recent report released by Charities Aid Foundation (CAF) revealed that bitcoin usage can have several advantages in making donations. As of now, bitcoin has been tapped as a means of […]