Most of the headlines surrounding cryptocurrencies tout its revolutionary impact on the monetary system and the vast fortunes being made almost overnight. Famously, the Winkelvoss twins became Bitcoin billionaires. YouTube and social media outlets are crammed full of Bitcoin gurus and promotors showing how average Joe’s became wealthy. From all the hype, it would seem cryptocurrency fosters an avarice that would make Gordon Gecko proud.
Perhaps it does. But a less known aspect of the cryptocurrency revolution is how it is changing philanthropy. As detailed by Cointelegraph, cryptocurrency offers charities options for fundraising, issuing charity coins, and creating crypto-foundations. Some philanthropists are actively using cryptocurrency to increase their charitable efforts.
Many well-known charitable organizations have started accepting Bitcoin donations, at least on a trial basis. Red Cross, Save the Children, United Way, and Electronic Frontier Foundation are amongst the charities accepting Bitcoin. Fidelity Charitable took in $69 million in Bitcoin donations for 2017.
The new crypto charity platform BitHope provides a convenient way for donors to give to their favorite charities. The site advertises that users can utilize their Bitcoins to give hope. Platform users simply navigate to BitHope’s website, where they can search for available charities.
Most initial coin offerings (ICOs) are for business. They are typically used to raise startup capital, much like an initial public offering of stock, though an ICO requires substantially less red tape and remains largely outside the purview of government regulators. Charitable-minded people who believe in a certain cause can now give through charitable coins. For example, Clean Water Coin has been invented to raise money for the charity Water, which works to provide clean water to families in regions suffering scarcity. Pinkcoin offers a unique platform where investors can earn a return and give to charity.
Foundations have long been a mainstay of the charity world. It seems natural that they should extend into the cryptocurrency world, considering that many view cryptocurrency as the future of money. Many charities have already been set up and provide large donations of Bitcoin and other cryptocurrencies to a large number of charities.
Cryptocurrency shows no sign of slowing down. From ICOs to surging valuations, fortunes are being made. History has shown that when people make tremendous amounts of money, they feel obligated to give back. In the world of cryptocurrency, the charitable giving infrastructure is already being built.