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Author Topic: Bitcoin 100: Developed Specifically for Non-Profits  (Read 241646 times)
sadpandatech
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December 29, 2011, 05:58:23 PM
 #601

I like cheese!

 Well, its nice to see that you feel that way about cheese!!  Grin

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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December 29, 2011, 06:34:03 PM
 #602


<snip>

What does any of your comment have to do with anything? We already get that you won't give your chump change donation to OPUSA. Cool story bro...now why don't you stop polluting a good thread with your ignorant garbage?

Please delete or edit your comment so that people researching bitcoin100 won't be assaulted by your ill conceived hatred.

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DeathAndTaxes
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December 29, 2011, 11:12:12 PM
 #603

In light of the news that charities may be looking at massive chargeback fees due to hackers flooding their donation pages with stolen credit cards ...

maybe the language in any Bitcoin introduction could indicate no risk of chargebacks along w/ irreversability.  "Not being reversable" might not click but a charity who just had to cut a bank a check for thousands of dollars in chargeback fees might suddenly be interested in "chargeback free" donations.
sadpandatech
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December 29, 2011, 11:17:18 PM
 #604

In light of the news that charities may be looking at massive chargeback fees due to hackers flooding their donation pages with stolen credit cards ...

maybe the language in any Bitcoin introduction could indicate no risk of chargebacks along w/ irreversability.  "Not being reversable" might not click but a charity who just had to cut a bank a check for thousands of dollars in chargeback fees might suddenly be interested in "chargeback free" donations.

Not a bad idea, D&T. I will see if I can pen something into the next draft of our letter.

  Cheers


info; no reply from St. Jude as of Dec. 29th 2011 @ 6PM EST, -5 GMT

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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December 30, 2011, 03:23:22 AM
 #605

Looks like everything is under control here since the last time I've posted on this tread. I only have a comment on the following:

I'd like to mention in this thread that Wikimedia NYC has started to accept bitcoin. At the time of writing they have 68 BTC, maybe a few of us can donate directly and prop it up to 100 BTC? There's probably no need to turn this into a full Bitcoin100 thing, unless we feel otherwise.
https://nyc.wikimedia.org/wiki/Donate

Awesome! 1 BTC sent.

I'll assume you meant that you sent 1 BTC to Wikimedia NYC and not the Bitcoin100 wallet.

Quote
If everyone reading this donated $5, our fundraiser would be over today.

As seen on many Wikipedia pages. It could easily read as follows:

If everyone reading this donated $5 with Bitcoin, thereby eliminating PayPal's 9% recognized fee for this size donation, our fundraiser would have been over yesterday.

The moment I break even on my mining investment, I will be much more willing to donate my coins and donate to this forum as well as to the bitcoin 100 as I think both are very helpful for the bitcoin community.

That's good enough for me. I took the liberty of adding your name to the list, Red Emerald, including a 1 BTC pledge of which I've honored by proxy. Hope you don't mind.

~Bruno~
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December 30, 2011, 07:37:51 AM
 #606

Looks like everything is under control here since the last time I've posted on this tread. I only have a comment on the following:

The moment I break even on my mining investment, I will be much more willing to donate my coins and donate to this forum as well as to the bitcoin 100 as I think both are very helpful for the bitcoin community.

That's good enough for me. I took the liberty of adding your name to the list, Red Emerald, including a 1 BTC pledge of which I've honored by proxy. Hope you don't mind.

~Bruno~

Thanks!

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December 30, 2011, 07:30:02 PM
 #607

Looks like everything is under control here since the last time I've posted on this tread. I only have a comment on the following:

The moment I break even on my mining investment, I will be much more willing to donate my coins and donate to this forum as well as to the bitcoin 100 as I think both are very helpful for the bitcoin community.

That's good enough for me. I took the liberty of adding your name to the list, Red Emerald, including a 1 BTC pledge of which I've honored by proxy. Hope you don't mind.

~Bruno~

Thanks!

No problem, Red. It's only money bitcoins!  Smiley
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December 31, 2011, 12:24:24 AM
 #608

I would like to take the time to welcome osmosis as the newest supporter (via PM) of the Bitcoin100. Thank you, osmosis, for becoming the newest supporter of Bitcoin100 via your PM. (hopefully, readers realize that my writing style has improved with this post)

~Bruno~
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December 31, 2011, 02:04:41 AM
 #609

I would like to take the time to welcome osmosis as the newest supporter (via PM) of the Bitcoin100. Thank you, osmosis, for becoming the newest supporter of Bitcoin100 via your PM. (hopefully, readers realize that my writing style has improved with this post)

~Bruno~


Did you acquire some of those uber grammar pills from s road?  Cool

Welcome Osmosis!

Only 1 more supporter to hit 100!!

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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December 31, 2011, 05:12:38 PM
 #610

I would like to take the time to welcome osmosis as the newest supporter (via PM) of the Bitcoin100. Thank you, osmosis, for becoming the newest supporter of Bitcoin100 via your PM. (hopefully, readers realize that my writing style has improved with this post)

~Bruno~


Did you acquire some of those uber grammar pills from s road?  Cool

Welcome Osmosis!

Only 1 more supporter to hit 100!!

What would be nice is seeing that 100th supporter before the stroke of midnight CST US.

What to join?
Pledge a coin!


~Bruno~
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December 31, 2011, 06:55:15 PM
 #611

Do I have to sock-puppet the 100th donator? C'mon, folks.

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January 01, 2012, 04:31:00 AM
 #612

Do I have to sock-puppet the 100th donator? C'mon, folks.

Please, somebody pledge before Randy gets one of his sisters to join. That's all we need here--a Ms.FriedaFolds!



Looks like Ms.FriedaFolds is soon joining this community after all, and it's nobody's fault but the guy who opt to not join the Bitcoin100, thus not becoming the 100th sponsor.

I can even envision the avatar:



Note the Bitcoin symbol on the left shoulder (right side).

Only you, the reader, can prevent RandyFolds from going forward with his devilish plan by becoming the 100th supporter of Bitcoin100.

~Bruno~
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January 02, 2012, 04:41:20 AM
 #613

To be fair, in regards to the PayPal rate that nonprofits pay: http://nonprofit.about.com/od/onlinefundraising/a/creditcardhub.htm

Quote
There are commercial third party processors as well, such as PayPal, a widely used processor used by small businesses and many nonprofits. PayPal transaction fees range from 1.9% + $.30 per transaction for nonprofit organizations with over $100,000 monthly volume and 2.2% + $.30 per transaction for organizations with less than $100,000 monthly volume. PayPal offers several options for nonprofits, including a giving widget that the nonprofit can use on its own website.

This clearly shows that with PayPal at least, excluding direct credit card donations, the rate is not 2.9% which we've all been commenting on.

Quote
Advantages:

  • Quick and easy to set up and manage
  • Relatively inexpensive
  • Customer confidence in some well-known and widely used third party processors

Disadvantages:

  • Nonprofit's name does not appear on donor's credit card statement
  • Lag time in getting funds into nonprofit's own bank account
  • Possible need to reenter donor information into nonprofit's own financial records

Here's how I see it:

Advantages:

  • Quick and easy to set up and manage  Check!
  • Relatively inexpensive   Check! No Cost with Bitcoin!
  • Customer confidence in some well-known and widely used third party processors  Not at this time!

Disadvantages:

  • Nonprofit's name does not appear on donor's credit card statement  Same here. Is this an advantage or disadvantage?
  • Lag time in getting funds into nonprofit's own bank account     No lag time to speak of!
  • Possible need to reenter donor information into nonprofit's own financial records   Not with Bitcoin!

There you have it! Please discuss where I'm correct or in error.

~Bruno~
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January 02, 2012, 11:10:24 PM
 #614

Greetings Bitcoin100. Just popping in to post the current revision of our letter. Still no response back from St. Jude as of 2nd Dec. 2012. Would we like to go ahead and pick ~5 from our list and send something out to them? Changes from list letter are bolded. formating and links are not accurate as to what will be in the email. But I have listed some of the links at the bottom for suggestions. cheers
Rev. 7

  2nd of Janurary, 2012


Please include Bitcoin as a funding option


Dear St. Jude Representative,


  I represent a group of benefactors which would like you to consider an alternative method of

accepting donations. We call our group the Bitcoin100[1].


  Our group consists of over 100 members of a community which uses Bitcoin[8] as a method of monetary

exchange worldwide. We wish to support St. Jude by contributing to your noble organization a

generous gift of 100 bitcoins (100 BTC), currently valued at approximately $527.00. Furthermore,

supporters of Bitcoin100 have pledged to continue their support of nonprofit and charitable

organizations, like St. Jude, who have included Bitcoin as one of their donation options. Additional

information pertaining to Bitcoin100 and its supporters can be researched here[2] and contact

information is available here
 

  As a charitable organization, St. Jude can easily accept Bitcoin as a donation option. Your
 
accounting department will not require additional training to accept these funds if they don't want to,

because bitcoins can be converted to U. S. dollars for you at no cost. We recommend a payment processing
 
service like Bit-Pay[3] who will convert bitcoins donated to St. Jude into US dollars, ready for deposit into
 
your bank account. Bit-Pay offers nonprofit organizations[4] this service with absolutely zero fees, unlike
 
other typical processing systems (Further reading about the services for nonprofits provided by Bit-Pay
 
available here[5]). Once St. Jude implements a 'Donate with Bitcoin' option--conveniently located among the
 
other formidable donation options on your website--we pledge to send the current pool of 100 bitcoins
 
(100 BTC), nearly $530, to your newly listed Bitcoin donation address.



  Bitcoin[6] will benefit St. Jude because of its ability to facilitate donations from around the globe via

any convenient Internet access almost instantly. The normally very low fees of some bitcoin payment

processors[7] will be generously dismissed by utilizing Bit-Pay for Charities. Leaving available to you the

complete, original donation. Additionally bitcoins remove the costs associated with stolen credit cards and

hijacked Paypal accounts because bitcoins cannot be reversed.
Choosing Bitcoin as an additional donation

option will allow St. Jude to utilize 100% of funds gifted, thereby benefiting more children in need.


  Thank you kindly for your valuable time and consideration of accepting Bitcoin as a viable option

to help fund your admirable cause. I would greatly appreciate the opportunity to explain this in

greater detail and assist you in setting up this payment method on your website. Please contact me

by email @ Mine or by phone in the eastern U.S. @ Mine

 

  Warm Regards,
   Derek Herndon
   Bitcoin100 Supporter

links;
1. Bitcoin100 = Our Thread
2. here = Our Thread
3. Bit-Pay = Bit-Pay site
4. nonprofit organizations = bit-pay for charities news announcement
5. here = bit-pay for charities link
6. Bitcoin = Bitcoin.org
7. bitcoin payment processors = wiki link to payment processors
8. uses Bitcoin = weusecoins.com

9. suggestions?

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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January 03, 2012, 12:28:19 AM
 #615

It looks fine from my end, sadpandatech. I suggest you pick 5 charites from the list that tickle your fancy, coupled with your thinking that they'll have the best chance of accepting our offer. Go ahead and send out the mailings, just informing us which charities you've opt to contact with no explanation as to why you chose those five.

How's that sound?

~Bruno~
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January 03, 2012, 12:42:55 AM
 #616

It looks fine from my end, sadpandatech. I suggest you pick 5 charites from the list that tickle your fancy, coupled with your thinking that they'll have the best chance of accepting our offer. Go ahead and send out the mailings, just informing us which charities you've opt to contact with no explanation as to why you chose those five.

How's that sound?

~Bruno~


Sounds like a game plan to me. I will follow up here when I have done so.

cheers

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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January 03, 2012, 06:40:37 AM
 #617

  • Lag time in getting funds into nonprofit's own bank account     No lag time to speak of!
How do you get fiat into the nonprofit's bank account with "no lag time to speak of?" Sure the bitcoin transfer takes 10 minutes to confirm, but I pretty much guarantee they need fiat to run.  It takes time to get fiat from bitcoin that is spendable.  How fast can Mt. Gox (or any other exchange) transfer out?  Most bank transfers take 3-5 days so we are back where we started.

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January 03, 2012, 04:16:26 PM
 #618

  • Lag time in getting funds into nonprofit's own bank account     No lag time to speak of!
How do you get fiat into the nonprofit's bank account with "no lag time to speak of?" Sure the bitcoin transfer takes 10 minutes to confirm, but I pretty much guarantee they need fiat to run.  It takes time to get fiat from bitcoin that is spendable.  How fast can Mt. Gox (or any other exchange) transfer out?  Most bank transfers take 3-5 days so we are back where we started.
Bit-Pay....

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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January 04, 2012, 11:15:38 PM
 #619

  • Lag time in getting funds into nonprofit's own bank account     No lag time to speak of!
How do you get fiat into the nonprofit's bank account with "no lag time to speak of?" Sure the bitcoin transfer takes 10 minutes to confirm, but I pretty much guarantee they need fiat to run.  It takes time to get fiat from bitcoin that is spendable.  How fast can Mt. Gox (or any other exchange) transfer out?  Most bank transfers take 3-5 days so we are back where we started.
Bit-Pay....

How do I get paid in Dollars?   

At this time, payments in US Dollars can only be made to a US Bank account.

Payments in US Dollars are made directly to your US Bank Account via ACH direct deposit.

An ACH deposit is sent to your bank account EVERY BUSINESS DAY to clear out your accumulated balance. There is no need for bit-pay to hold balances for a week or more.

ACH payments will appear on your bank statement as BIT-PAY LLC: VENDOR PAYMENT.

Bit-pay will deduct our processing fee from each merchant payout. Our fee is 2.99% which is all-inclusive for processing, conversion, and transfer.

The minimum payout is 20.00 USD. If your daily total is less than this minimum, your balance will carry forward to the next day.

Each daily ACH payment sent will appear in your bank account after three business days. If you want to receive next-day ACH for an additional $10 fee, please contact our Accounting department.

The bold parts make bitpay seemingly exactly the same as other services that handle fiat directly.  bitpay just makes it so the vendor doesn't have to worry about converting the coins themselves.  It does nothing to remove the 3 day wait or the 3% fee that comes with fiat.  Although they do offer no fees to charity which is what we are talking about here.

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January 05, 2012, 01:49:21 AM
 #620

  • Lag time in getting funds into nonprofit's own bank account     No lag time to speak of!
How do you get fiat into the nonprofit's bank account with "no lag time to speak of?" Sure the bitcoin transfer takes 10 minutes to confirm, but I pretty much guarantee they need fiat to run.  It takes time to get fiat from bitcoin that is spendable.  How fast can Mt. Gox (or any other exchange) transfer out?  Most bank transfers take 3-5 days so we are back where we started.

I've said this before, but it's worth repeating, albeit a different wording. At the onset, the amount of bitcoins a nonprofit would amass may not be worth converting over to fiat, even if it's $200-$500. There's plenty of Bitcoin-accepted-here businesses providing products and services that any company would need for their everyday operations: paper supply; ink cartridges; printer; new laptop; coffee from BitBrew; #2 pencils; pens; envelopes; other mailing supplies; etc. These, among others, is what they normally purchase with fiat via a check from their bank having the available funds on deposit from donations via cash, credit cards, PayPal, etc.

~Bruno~
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