Just added to Giveffect: Accept and track Bitcoin and other cryptocurrency donations with ease with the new Giving Block integration.
The Giving Block is the no. 1 crypto donation solution and allows nonprofits to receive funds instantly and you can also automatically convert them to dollars if you choose. You can also hold the cryptocurrency, it is up to your nonprofit to decide and you can even change your settings later.
Learn more about how the exact Giveffect cryptocurrency donations integration works in our FAQ: bit.ly/3wv66Oe
Let’s take a quick review of what cryptocurrency is and why it is likely important to your nonprofit.
What is it? Cryptocurrency is a complex online system that uses cryptography (or extremely complex encoding, called blockchain) to create virtual currency. To put it more simply, it’s like a dollar bill that exists on the internet that is almost impossible to counterfeit. Online currencies are often not regulated and can be difficult to manage. They often exist in somewhat of a gray legal area where there is no official government supporting or regulating the value. And some nations have taken steps against crypto, while other nations have moved to support it. Individual kinds of online currencies can have different rules or limitations placed on them by their creators. For example, there may be a total limit on the amount of currency in circulation. Or a schedule for when new currency is released of one type or another.
Why it matters? Right now, less than 1% of nonprofits accept cryptocurrency donations, according to The Giving Block. But the most popular currency, Bitcoin, currently (as of May 16, 2022) is valued at around $29,000 for one. That’s right, one bitcoin is the equivalent of $29,000. That probably instantly grabs your attention and shows you just how much money that could be at play here for any nonprofit. Like any currency, the exact exchange rate can vary and fluctuate, and cryptocurrency does tend to be more unstable than most. For example, over the past six months, Bitcoin is currently at around the low of $28,000 and a high of around $65,000.
But more importantly, cryptocurrencies can mean massive amounts of money and a very quickly growing market of investors and the curious laymen that are taking part. Overall, an estimated 16% of Americans say they have personally invested or traded in cryptocurrency at some point, according to a Pew Research study. That percentage equates to about 50 million people. Of that, young people, 18-29 are using it even more, with 31% saying they have invested or traded it. Broadly, it’s fairly well represented across all classes and incomes. For example, 17% of high income, 17% of middle income, and 15 percent of low income say they have used it. And even more importantly, it’s growing, almost doubling from an estimated 15% in 2019, according to Statista.
Young people, 18-29 are using cryptocurrencies even more, with 31% saying they have invested or traded it.
Pew Research study
OK wow, now what can I do? How you leverage this massive, quickly growing market of cryptocurrency is pretty easy: simply set up a system that can accept payments. A system like The Giving Block allows nonprofits to fundraise and accept cryptocurrencies in an automated system and provides resources to learn more about it.
Want to learn more about the Giveffect and The Giving Block integration? Learn more about how the exact integration works in our FAQ: bit.ly/3wv66Oe
Still have questions about The Giving Block integration? Contact our Client Success team at support@giveffect.com.