How to Donate with Bitcoins → Beginners Guide

Charity, a concept that has been around since the beginning of our world, and something that is not only extremely rewarding, but is also one of the most precious and moving acts a human being can perform.

Without a doubt, charity is important as it touches the human core on many levels. Several studies have shown that extending kindness to others unconditionally, selflessly, and without expecting anything in return is a great booster of humor and has many other benefits, including strengthening personal values.

The importance of charity in our society has not changed much throughout our history. However, thanks to the phenomenal growth in technology that humanity has experienced over the last few decades, charity is not only easier, but also has more impact now than ever before.

In today's article, we will discuss the latest (and possibly the best) way to make donations in cryptocurrencies, i.e. with the help of Bitcoin, the cryptocurrency and the platform/service we should be grateful for the huge number of innovations that changed our life . are currently seeing in our world.

We will meticulously analyze most of the technical aspects of donations using Bitcoin, as well as what are the advantages and disadvantages of said method.

Why should you consider donating with Bitcoin?

If you know a little about Bitcoin and cryptocurrencies in general, you certainly already know that Bitcoin has several advantages when compared to traditional payment systems. Firstly, thanks to a system called “blockchain”, Bitcoin’s decentralized nature is probably its biggest selling point.

Check out:  5 Dicas sobre como escolher qual criptomoeda negociar em 2024

It allows anyone to skip the middleman fees. These fees are replaced by network fees that are specifically awarded to miners as a reward for their services. Not only that, but Bitcoin transactions are incense. This means that no external (or internal) authority can dictate which transactions should and should not take place.

Other great advantages of Bitcoin transactions are represented by its anonymous and transparent nature. As the blockchain ensures that records are immutable and open to the public, Bitcoin transactions provide a maximum level of transparency and security. For the most part, considering that several specific conditions are met, Bitcoin can also help anyone to maintain their privacy.

So it's easy to see how Bitcoin has opened a new door for those charitable individuals who want to support causes they believe in. In short, Bitcoin donations allow philanthropists to remain anonymous, accurately track their donations, and bypass the middleman as well as the usual conversion fees.

Finally, Bitcoin may also represent the answer to one of the most problematic questions in the entire charity business, that of shady charitable organizations. Thanks to all the advantages outlined above, Bitcoin may well prevent several dubious charities from accumulating considerable illegitimate profits, which means that donations will get where they are really needed.

Read too: Top: Best sites to earn free bitcoin

What are the possible downsides of donating with Bitcoin?

As ideal as this method may seem, like all things in this life, it is not perfect. Before committing to donating Bitcoin, there are some downsides worth keeping in mind. The first is linked to one of the biggest problems currently facing cryptocurrencies – the unstable and volatile market.

Check out:  what influences and determines the price of bitcoin? know the main factors

This means that the price of Bitcoin could very well see an astronomical increase, in which case everything is good. On the other hand, it can also drop off abruptly, making your giving much less satisfying and useful. However, the good news is that few charities are likely to keep the aforementioned Bitcoin donations for long.

Another downside of Bitcoin donations is related to the complicated way of cryptocurrencies and blockchain technology in general. However, if you are a cryptocurrency aficionado and you already own Bitcoins, there is a good chance that the whole process will not intimidate you.

How to Really Donate Using Bitcoin (General Guide)

Of course, the donation process can vary depending on the nature and policy of the charitable organization, but the basic process explained in this article should be precise enough to help you get a general idea.

Obviously, in order to donate Bitcoin, you will need to own some Bitcoin. Bitcoin can be acquired in two ways: you can mine it or buy it on exchanges like Binance, a, etc

The next step involves you having to store the BTC in a Bitcoin compatible wallet. Of course, you can store your Bitcoin in the basic wallets offered by most exchanges, but this is not recommended due to the big security risks involved.

Once you have your Bitcoin ready, and after you have diligently researched the organization you wish to donate to, you will have to start the actual donation process by going to the organization’s official website and looking for the “Donate” section or button.

In short, you will have to choose the desired amount of Bitcoin and send it to the organization’s official wallet address. All that's left to do now is wait for your transaction to be completely recorded on the blockchain. Depending on network availability, this can take anywhere from a few minutes to a few hours.

Check out:  What is stablecoin and what is it for?, how does it work? → Top stable coins

Where do I find charitable causes or organizations that accept Bitcoin donations?

A good place to start looking for charities that accept Bitcoin donations is to check out the list on the website. Some of the most popular charities that accept Bitcoin are The Water Project, Omni Nano, Seans Outpost, Save the Children, AntiWar, TunaPanda and Run 2 Rescue.

Make this an exciting year for the cryptocurrency and blockchain industries despite the ups and downs of the market. One thing is for sure: cryptocurrencies and their underlying technology will continue to improve many aspects of our lives. It is only natural that we will see more and more charitable causes or organizations that will accept Bitcoin donations in the future. and do you know more organizations that accept donations in cryptocurrencies?