With digital currency popularity skyrocketing globally, now is the time to start accepting cryptocurrency donations. Your church may be wondering, what is cryptocurrency? Is it legit or something The Church should even be considering?
What if we told you a post on Bitcoin surfaces on social media every three seconds (src) or that Bitcoin market cap $894 million at the time of this article (src). Bitcoin accounts for $6 billion of daily online transactions, only surpassed by Visa $30.3 billion and Mastercard $16.2 billion (src).
As of late 2020, there are an estimated 101 million identity-verified crypto users worldwide (src), and recent reports show a megatrend of 55% of 18-34-year-olds in the US are likely to purchase Bitcoin in the next few years, and 46% of 35-44-year-olds are willing to invest in crypto (src).
Cryptocurrency (crypto for short) is a digital currency that runs on a secure decentralized network stored using a blockchain. The phrase "blockchain" is a fancy way of describing a secure and immutable transaction ledger stored digitally in the cloud. Think of a blockchain as a ledger book with the "blocks" being pages in the book containing transaction records.
While it's useful for the church to understand the general concept of cryptocurrency, it's not necessary to accept crypto donations with OnlineGiving.org. The OnlineGiving.org platform handles all technical aspects of accepting crypto transactions to make accepting cryptocurrency easy for the church.
From a non-profit contribution perspective, don't let the "currency" aspect of "cryptocurrency" confuse you. To the IRS, cryptocurrency is a non-cash asset that should be treated similarly to stock. For that reason, OnlineGiving.org has designed crypto donations to follow IRS non-cash asset contribution guidelines, including providing the donor with a crypto (non-cash asset) gift email receipt and crypto giving history page. Additionally, any crypto gifts recording into church management systems by OnlineGiving.org get recorded as non-cash assets.
Now is the time if your church is interested in accepting crypto; OnlineGiving.org is the right platform. OnlineGiving.org processes crypto donations using a proprietary method to allow donor and gift context information associated with the pushed cryptocurrency contribution. Ease of giving and ChMS integrations are a top priority at OnlineGiving.org, and OnlineGiving.org's crypto donations include full ChMS integration, crypto gift email receipts, crypto giving history page, and more.
Have crypto questions, want to talk? We're so glad you are interested in cryptocurrency donations and would love to chat with your team anytime about your digital giving questions. You can reach us at support@onlinegiving.org or via phone at (615) 206-4000.
We look forward to hearing from you soon!
With digital currency popularity skyrocketing globally, now is the time to start accepting cryptocurrency donations. Your church may be wondering, what is cryptocurrency? Is crypto legit or something the church should even be considering? Learn more at: https://t.co/QBsorMB7MS pic.twitter.com/gyq9NQAUkE
— Online Giving (@onlinegivingorg) September 23, 2021
