Thinking about donating to charity, you might often think of door-to-door salesmen or donations on the card machine, but the definition of charity and giving money to those in need has expanded beyond card machines and in-person, to include the online world.
This change has happened for a few reasons, including a revolution of digital charities and the use of digital payments in charity organizations. Digital payments have made donating to charity convenient. No longer do donors need to fill out forms with details of their donations, which provides them with an efficient way to donate. Charities that have embraced the use of donating via cryptocurrency include Save the Children and water charity WaterAid.
Naturally, Bitcoin is used for charity and as a digital currency in some avenues. More people are embracing Bitcoin for its convenience outside of charity, but in gaming as well. For instance, Bitcoin-friendly baccarat follows the same rules as traditional baccarat but offers several crypto-focused advantages, be it gaming anonymously, instant withdrawals, or lower fees with Bitcoin.
Like in traditional baccarat, bitcoin baccarat allows players to bet on either the ‘Player’ hand, the ‘Banker’ hand, or a tie, with the goal of getting closest to a total of 9. The game’s simplicity and relatively low house edge have made it a favorite among high-rollers and casual players alike. And now with the addition of Bitcoin payments, cryptocurrency enthusiasts can enjoy the game using their favorite digital currencies.
Yet, if we go beyond the realm of Bitcoin gaming and observe the charity sector, the use of cryptocurrency has been slower but has been useful in several ways. We will explain how below.
1: Blockchain Technology: Its Importance to Charity
Blockchain technology is the backbone of cryptocurrency as it is the technology needed for it to function. A blockchain records all transactions made with cryptocurrency via a ledger that is encrypted through individual data. At a charity, this would mean all transactions made in cryptocurrency would be kept on digital record, would only be accessible to specific people in the organization, and could be instantly cleared without unnecessary intervention.
This is the same for businesses, as some online retailers and brands accept cryptocurrency as an alternative payment method. Even small businesses selling specific goods have started to include cryptocurrency to buy their products and keep track of transactions. You may think this is just the case with shopping sites.
The growing adoption of cryptocurrency is evident not only among electronics brands but also in unexpected areas like chocolate retailers. For instance, Love Cocoa now accepts cryptocurrency for certain products in their stores. While it might seem unusual for a chocolate company to embrace crypto payments — given the stark contrast between tech and confectionery — this trend can have interesting implications.
Accepting cryptocurrency could help popularize certain recipes among crypto enthusiasts, potentially leading to wider enjoyment of treats like Nutella knots. These delightful pastries are both delectable and easy to prepare, making them a great example of how diverse industries can intersect in surprising ways.
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A combination of Nutella, dough, and egg can create some delicious Nutella knots, small pastry-like snacks that can be enjoyed with melted Nutella, or a chocolate dip, in a short time.
In a broader sense, cryptocurrency’s rise is not just about transactions but also about shaping how different markets and interests intersect, from gourmet chocolates to financial innovations.
2: Charities have received increased reach for donations
One of the biggest parts of cryptocurrency becoming accepted into the charity sector has been the increase in worldwide donations that it has enabled. Cryptocurrency doesn’t change in each country compared to different types of currency, so this can mean that those who try to donate with cards or cash can be limited to which charities they want to donate to.
Whether that is because of the currency they are using or their location, neither of these factors affects a charity’s ability to accept a cryptocurrency donation. Cryptocurrency donations also do not endure international fees like some card companies and banks do and charity donations are made cheaper for both parties.
3: Crypto-based fundraising platforms have started to be made
Crypto-based fundraising platforms have started to be made to aid charities in receiving and processing cryptocurrency transactions. Cryptocurrency wallets are already popular, but the fundraising platforms for cryptocurrency donations have helped with uncomplicated donations.
In this case, this removes charities from their direct association with cryptocurrency systems and provides a gateway for donors to donate without needing to visit the charity’s website and scroll for the specific cryptocurrency page. The British Red Cross for crypto donations, uses a platform called The Giving Block to do this, proving the reliability of crypto-based fundraising platforms.
4. Receiving donations from younger people
For young people, cryptocurrency has made charity and the potential of easy donations appeal to them, particularly because the technology is familiar.
Including cryptocurrency makes charities inclusive of their donors and increases the potential for new donors. With new donors, if the process is made simple via cryptocurrency, they may be inclined to make donations more frequently. For charities, this also helps them to modernize their branding and help more causes.
A combination of Nutella, dough, and egg can create some delicious Nutella knots, small pastry-like snacks that can be enjoyed with melted Nutella, or a chocolate dip, in a short time.
Just as these delights can be made quickly, so can charity donations with cryptocurrency. Blockchain technology means charities can take and store multiple payments, accelerating donations.