Like any other organization, nonprofits must continue to grow with the times by adopting new technologies, incorporating innovative operations and, of course, exploring new opportunities for wealth.

More importantly, it’s vital that nonprofit organizations continue to present donors new ways to contribute, especially in the digital age.

Services like PayPal and mobile solutions — like Samsung Pay or Google Pay — are great examples of new technologies in the space. But we’re going to talk about one that’s a bit more, well, cryptic.

Cryptocurrencies are digital currencies much like cash or fiat, only they exist in the virtual world. They’re digital money, traded via a decentralized peer-to-peer network called the blockchain.

There are many different types of cryptocurrencies, with new platforms appearing every day, but the most popular — and first — is Bitcoin.

Bitcoin is currently valued at over $3,000 per coin, but do keep in mind the price fluctuates often. People are constantly talking about it, especially in financial and e-commerce communities.

But what about nonprofits? Why aren’t these organizations, that need more donations than most others, taking full advantage of Bitcoin?

Why Accept Bitcoin Donations?

Bitcoin is yet another form of currency, that alone makes it promising.

But it also offers a variety of benefits for investors as well as the companies that accept it. That’s exactly why nonprofits should consider allowing for and accommodating cryptocurrency donations.

For starters, Bitcoin can help improve international donations because it eliminates many of the barriers of donating in foreign currencies, as well as eliminating processing and bank fees.

When someone makes a donation via Bitcoin, it goes directly into a designated crypto wallet and is not subject to high exchange rates, PayPal or bank fees, or even transfer issues.

It’s near-instant, verifiable and ready to use as soon as it lands in your digital ‘wallet.’ That also means constituents get a much higher percentage of the donation. Less is being wasted on high fees and taxes.

It also speaks to younger or tech-savvy donors who likely have funds invested in Bitcoin and would love to donate in some way. Or even people who’d prefer to make donations anonymously, because cryptocurrencies support privacy above all else.

Perhaps the most impactful benefit, however, is the level of security that both Bitcoin and blockchain technologies offer.

Enhanced Security Benefits

The structure and design of blockchain means that it is infinitely secure.

No unauthorized parties can be involved in a transaction, and data stored in the blockchain is inaccessible to outsiders: no one can alter a block or node without altering the entire chain, hence the name.

Unlike cash or fiat, no one can access the funds stored in a crypto wallet, save the owner.

Furthermore, transactions only take place if the owner decides to participate. There are no possibilities for someone to abscond a wallet and launch a spending frenzy, at least not without the owner’s consent. With credit and debit cards, however, this happens all the time, business cards included.

There are, of course, phishing and fraud dangers. But most situations can be avoided with a little experience and awareness.

Never share access to a crypto wallet with anyone. Never follow email links or on-site promotions to login to a service — instead, go directly to a website by typing its URL in the browser. Furthermore, it’s possible to keep wallet keys hidden for an added layer of safety.

Donations and transactions carried out via the blockchain also remain completely private and anonymous. In many cases, this encourages donors to participate or be incredibly generous.

Think of it like a cloud-based hosting system which provides added security, simply through its makeup. As opposed to hosting a data center or content on-site, the cloud is a lot more secure and provides ample room for scaling, exactly like blockchain and crypto technologies.

Another Way to Pay

In the end, the simplest answer is that Bitcoin and similar cryptocurrencies are yet another way for donors to contribute to a cause or program.

The more opportunities given to a community, the more potential for growth, especially when it comes to building revenue for a cause or purpose.

Not to mention, creating a Bitcoin donation button is pretty simple and only takes a few minutes to complete. At this point, there’s nothing to lose.