Report: About 72% of NGOs around the world accept Bitcoin donations

July 19 news: According to bitcoinnews, although Bitcoin is not recognized by governments, there are still many non-profit organizations that accept Bitcoin grants. For these organizations, Bitcoin has the advantages of fast transaction speed and low fees, and they can gain a lot of benefits from it.

According to the 2018 Global NGO Technology Report, about 72% of NGOs around the world currently accept various forms of Bitcoin. But the problem is that they only see Bitcoin donors as another donation category, and many NGOs do not even hold this cryptocurrency. Only 3% of 5,352 NGOs have digital wallets. Therefore, most organizations immediately convert donated Bitcoin into fiat currency because Bitcoin is still considered a volatile asset.

The report argues that cryptocurrency is much more than a fast and cheap payment method. The transparency of blockchain can enable charities to report where the funds go, thereby justifying their work and attracting more charitable donors. Blockchain technology can help eliminate the different levels of distrust that are often associated with the operation of nonprofit organizations and charitable entities.

Currently, there are quite a few important non-profit organizations that accept Bitcoin donations, such as the Electronic Frontier Foundation, The Water Project, The Tor Project, Wikimedia Foundation, Doctors Without Borders MSF, the Red Cross, etc. Non-profit organizations themselves have not yet realized the full potential of blockchain technology and cryptocurrency, and most Bitcoin donation activities focus on the speed and low cost of Bitcoin transactions (Webmaster's Home)