The Charity Industry Must Embrace Digital Currency Now

Digital Currency

Decentralization and tokenization ideas will benefit the nonprofit and philanthropic sectors by allowing them to take cryptocurrency donations.

The number of digital currencies on the market has exploded from 500 in 2014 to around 7,000 in October 2021, just seven years later. According to reports, 14% of people in the United States — around 21.2 million people — have purchased some form of cryptocurrency, with more than 300 million crypto owners predicted globally.

It’s evident that cryptocurrency is here to stay, and its journey to worldwide acceptance and prosperity is only getting started. In their daily lives, crypto innovators, CEOs, and purchasers are already tearing down barriers and contributing to a more decentralized future.

The cryptocurrency business is making the way for a future-focused on innovation by providing users with access to a wide range of assets and investment opportunities outside of traditional financial offerings.

I don’t see why this innovation should be limited to the IT sector; the philanthropic community can and should make gains as well. Accepting Bitcoin (BTC) donations is a simple initial step that shows the broader community that an organization recognizes the value of crypto and is ready to embrace disruptive technology.

Initiatives in philanthropy

In our subject of longevity, some philanthropic projects have already done so. The SENS Research Foundation is a major longevity research organization dedicated to developing, testing, and promoting comprehensive treatments for age-related disorders. The SENS Foundation supports initiatives trying to cure heart disease, cancer, and Alzheimer’s disease by educating the general public about recent discoveries and attracting educated contributors.

Notably, it has included bitcoins in its operations. SENS accepts donations in 72 different cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), as well as Dogecoin (DOGE) and Aave (AAVE).

Other crypto visionaries have followed Vitalik Buterin’s lead, donating $2.4 million in ETH to the Foundation in 2018. Richard Heart, the founder of HEX, announced an airdrop in collaboration with SENS, in which users may donate a portion of their money in exchange for a chance to win Heart’s new cryptocurrency PulseChain. The PulseChain airdrop earned more than $25 million for the Foundation’s efforts, demonstrating that combining cryptocurrencies with lifespan can be a very potent weapon.

I’d be remiss if I didn’t mention the recently established Longevity Science Foundation, which I help to oversee. We welcome donations in all major cryptocurrencies and want to collaborate with industry experts to create a decentralized and transparent fundraising system. The Foundation is committed to sponsoring projects that reflect the most visionary ways of perceiving the world because all donors, including crypto leaders, have voting rights in the Foundation’s financing decisions.

Accepting cryptocurrency donations isn’t just a trend among long-term NGOs and foundations. Other entrepreneurs and fundraising teams are becoming aware of cryptocurrency’s immense power and decentralization. For example, The Giving Block provides facilities for any non-profit to accept bitcoin payments, as well as making it easier for philanthropists to donate to 400+ organizations such as the American Cancer Society and No Kid Hungry in their preferred digital currency.

Several other non-profits around the world are following suit, including St. Jude Children’s Research Hospital and World Relief. Other nonprofit organizations should embrace cryptocurrencies and the donors behind them if these multinational companies known for their good work and admirable ideals can.

Action is needed now

It’s past time for the non-profit and philanthropic industries to recognize the value of digital currencies. Longer human lifespans, as well as a slew of other significant improvements, are within our grasp, but collaboration from a wide range of industries and minds is essential.

Adopting crypto industry ideas, such as decentralization and tokenization, may improve and modernize these organizations’ operations while accepting cryptocurrency donations will ensure that innovators and change-makers can contribute to key achievements. With all of the tools (and currencies!) at our disposal, we can construct a brighter future together.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.