Bitcoin Forum

Hi All,

i've received now the information that the Non profit organization when i work can accept bitcoin donation :)
I would like to know if someone of you have or know some experience about how to do this for example i i'm asking myself if we must convert BTC immediatly in FIAT currency or if the organization can HODL the coin. I would like to receive donation for the Emergency situation (Nepal earthquake or other project). I know also that in the non profit organization the donation must be trckble and not anonymous, do you have some info also for this aspect?

Do you know some non profit organization that accept bitcoin and how do it?

Thanks to all


 

The organization can hold the bitcoins or convert to fiat automatically (or not) However, as a charity project I don't think they can afford to lose money (in case of a market crash or whatever) It's not easy to fund a charity so I am not sure if it's a good idea to "gamble with money".

They can use Bitpay to receive the donations it will get converted to fiat automatically, it may be the best solution for accounting.

Plenty of not-for-profit organisations simply just provide a bitcoin address for people, should they wish to donate in that manner. For example: https://rnli.org/support-us/give-money/bitcoin-donations

Presumably, they'll hold until the balance is at some pre-determined threshold, and simply exchange it for fiat whenever they're ready.

You can use a processor like coinbase or Bitpay in order to transfer the funds to fiat. I doubt a non profit will hold the coins, considering they want the fiat money.

It is the foremost duty of any Ngo to take atmost care of funds.. hence, Bitpay can be the best possible solution in this regards..

Thanks a lot for the answers. Actually when an NGO receive a BTC payment if hold it mean that decide to invest in that coin, so i'm according with you to use some on line service that allow to convert soon the BTC in Fiat.
Do you know someone that are doing good this fund raising activities?
 

The most important thing to keep in mind is the process of spending the funds that a non profit organization received for any project is purely transparent, using bitcoin in these NGOs is not bad but if the anonymous transactions should be clearly declared in front of the concerned authorities who are monitoring it.
One more thing is that the non profit organizations get the limited and exact amount of funds for a project so they can't take risk of keeping it in bitcoin which is volatile in price. The most suitable way for them is to convert the received bitcoin into fiat before further process.

It may lead to confusion of what value was donated  if you seek to hold the Bitcoin once donations are made. This isn't good for accounting purposes. Except you have the expressive permission of the NGO to hold and exchange for fiat at a later day and bring in profit for them. Otherwise, just exchange immediately the Samaritans make their donations. This is what most NGOs do.

I'm according with you, because eventually this would mean that we are investing the donation from donors, and the donors want to donate for project and don't want to risk in investiment logic. I'm convincing myself that we must use bitpay, mystalpay, etc and this kind of service that allow us to convert immediately the donations.

It is possible to donate bitcoin for non profit organization and this can be done in many ways. Your organization can program its systems like the ico projects that can create a form to track the donators name,  home or office address and bitcoin address. On this form you can easily trace the donator. You can also hold the donations during low casualties period and get more fiat from the saving.

This is very interestin aproach but we havent the skills to build all you speaking about. I know that UNICEF are doin something similari but i havent tech skills that allow me to understand the effort and which are the investment to realize token or coin.

Interesting.  I currently volunteer with an NGO. I think they would buy into the idea of receiving donations in Bitcoin. Although there might be some struggle with anonymity and security in addition to the issue of "gambling with money" as someone said.

If you are speaking about that the NGO HODL the received donations and dont convert in FIAT instantly you are speaking about "gambling" IMHO. Many NGO accept cash money without donor identification, so is the same level of anonymity. There is the same problem in my organization. About the security there are already multi-signature wallet i think.

Do you have website? You can just put the bitcoin address at the bottom of your website and it's an obvious thing to those donors out there that you are willing to accept bitcoin as donation. There are generous people that wants to help without giving any information and does want to help any NGO that aims to help with their certain target of society or projects. And just to give you an idea have you ever read this thread? I'm donating 25 Bitcoin to good causes this Christmas. Join in and give Bitcoin (https://bitcointalk.org/index.php?topic=2518270.0) try out your luck. Dean aims to help organization like yours.

Nice to hear that many institutions now accept bitcoins as payments.  There are already a lot of them that accept really.  Schools and other academics institutions are now open for bitcoin payments.  So, it will not be long that others will also follow through.  It is not impossible that the widespread use of bitcoins will eventually be accepted in large group of businesses.

Non profit organization do not need to have bitcoin because if they are holding a bitcoin it will not fits for the name of their organization which is "NON-PROFIT" because we all know that holding bitcoin are continues to generate a profit. Also who are the person who keep the private key of the wallet it is not good if many people knows that and it will leak to many people inside the organization the fund will be on risk.

Maybe its good to hear that bitcoin can donate in non profit organizations but  they need to know more the things about cryptocurrency for them to used it and make it profitable also.It is not impossible to use nationwide because it is very popular now.

I think if the organization isn’t in dire need of the money I think they could get away with Hodling.

I'm not sure if it's an ethical thing to do, this investing or re-investing of donated coins and funds. The funds are usually donated to NGOs for a specific purpose and that purpose would have been explicitly mentioned to people who donated. Nobody donates without knowing what the donation is for.

Investing the donation might be a reasonable strategy if there is a clear and conservative plan which assures the safety of the principal or for example if the NGOs projects are being held in abeyance pending regulatory approval of those projects. It would make sense then for an NGO to invest its resources conservatively.

Being a volatile currency, donated BTC is probably best converted immediately to fiat to serve the NGO's work.

I don't know any charity organization that doesn't need money, otherwise, it would mean the problem is resolved and there is no problem, so no use to run a charity organization anymore.
I don't find ethical to use donations to invest the bitcoins (or fiat) and to make profits. I won't be surprised if this is considered as illegal.

you can donate using bitcoin  but why address only in fiat there must be other way not only in fiat. there is must
 be other option and not only one. to make sure that there no hidden agenda. you can donate by transfer it to cash or check if you have a bank account so that somebody will sign if they will going to receive your donation to no profit org.

I think that BTC is not only for trasparency reason. I would like to do this in different ways e for different reasons, i'm sincerely:

- i would like to support BTC and cryptocurrency in expansion in to the market and bring to the middle users an information that also the big Organization want to adopt this;
- i would like to open crowdfunding campaign based on BTC because this can touch a new market segment that otherwise maybe has difficoult to donate;
- give to the market the signal of innovation and modern brand.

Surely in the future the blockchain, the bitcoin can be used for deep reason like transparency and fast to move money to the people that need immediately, to reduce tax etc. etc but now i would like to start this path whith a low technical impact and low investment.

Yes it's true, bitcoin is not transparent so I doubt regarding accepting of bitcoin or any crypto currencies of non profit organization. Because most of the private companies was stand alone to their own environment. I guess it gives large impact to the economy of company if they used bitcoin for transparency reasons.

However competition in the market is so large so some of private organization were accepted bitcoin secretly to hide their income and to less their taxes.