💸 Crypto Charity
Explaining crypto charity and how it benefits donors.
Today's Highlights
- Crypto Donations
- Blockchain jobs - a listing of fresh jobs related to web3/blockchain/crypto.
- In Other News - a few interesting developments we're tracking.
Crypto Donations
Since the human race invented the concept of money, many individuals have donated a portion of their wealth to charitable causes to help our society and planet better. They have been donating no matter what the popular form of currency at the time was (gold/silver, coins, paper notes, etc.). So with the advent and popularity of cryptocurrency, the same holds true.
Charitable donations using Cryptocurrencies and through the Blockchain have recently become very popular. Many philanthropic causes for issues going on in the world have started accepting crypto such as Bitcoin.
There are many potential benefits of accepting crypto for charity because of Blockchain. Blockchain allows for complete transparency on who is getting the money and where the money is going due to a shared public ledger that anybody can check. Smart contracts also allow for donators to see how exactly the money will be spent.
Donating using crypto also has financial benefits for the donor due to potential tax exemptions. For example, if someone has Bitcoin, sells it for USD, and then donates that money, a percentage of that donation will go towards capital gains taxes, meaning that the full amount that they donated won’t go towards the charitable cause. But if they donate the Bitcoin directly, without selling it first, the capital gains tax will be eliminated. Not only will the tax be eliminated, but the person could claim the same tax exemption as the person who sold the Bitcoin and sold it first, meaning the former will pocket more money at the end of the year compared to the latter. This will make many members of the upper class very happy.
The Giving Block is a popular charitable company that makes it easy for crypto fundraising for nonprofits easy. They support many prominent causes such as Humanitarian relief for Ukraine and a fundraiser for advocating LBGTQ rights.
Crypto donations is the fasting growing “donor demographic”, and more people are bound to pick up on this as crypto becomes more prominent and as people realize the benefits of donating through Blockchain outweigh donating through traditional means.
💡 Blockchain Jobs
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Lovelace World
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Chorus One
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Wyre, Inc
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Titan Mining
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In Other News
Bitcoinist
Shawn Amick