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10 Benefits For Donating In Cryptocurrency
Blockchain technology and cryptocurrency are not only being progressively recognized in the market but with every attribution, it is contributing to this era of development. Cryptocurrencies are being accepted and used in many different fields that are not even related to banking.
If you are wondering whether what good can cryptocurrency donation cause to the charities or non-profit organizations - the answer is simple. One has exposure to a much larger audience (donors), accepting donations from anywhere in the world, as cryptocurrency is borderless, and the technology behind crypto can be used for many purposes. At the same time, the organization can continue to stay focus on their communities and make a change in society.
As per the Global NGO Technology Report, cryptocurrency donations represent a use as a payment method of 1-5% for charitable donations, with the growth of +100% in some countries.
In this blog, we have listed 10 Benefits for donating in Cryptocurrency:
1. Donation with cryptocurrency has the benefit of low taxes or no tax at all, meaning the charity will receive your entire contribution to the cause that you intend.
2. A donation in fiat currency can be expensive due to the charges or fees such as international exchange fees, changing the currencies, banking fees, capital gain taxes, and so forth. Donation with cryptocurrency can ease the expense as it is borderless and does not need intermediaries. The countries with high-value currencies can be rest assured that their contribution is not being used for banking charges but for the core cause they intend to contribute. Also, it is beneficial for the charities that belong to the country’s low-value currency as they can attract donations from high-value currency countries without the need to worry about the fees and charges.
3. The banking process can be lengthy; however, with cryptocurrencies, the donor can directly transact through the platform without the need to go through the time-consuming process.
Also Read, All You Need To Know About UNICEF Crypto Fund
4. Apart from being an expensive and lengthy procedural method, the completion of international transfer takes days or sometimes even weeks. While making a transaction with cryptocurrency is comparatively faster than international fiat transactions. Unlike fiat transactions, the crypto exchange is verified through blockchain, and the transaction will be completed within minutes.
5. Cryptocurrency, through its technology - blockchain, brings transparency in the process. The donor will be assured if its donation is going directly for the charity work than being skimmed.
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