Wisconsin grapples with allowing bitcoin campaign donations
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Few years ago I was in the boardroom of a renowned international nonprofit organisation in Johannesburg for an interview. I was asked to suggest an innovative fundraising campaign and I proposed raising digital currency as a new strategy. I did not get the job. And, as we know it, values are at the heart of charity and nonprofit operations. This is a motive that strives to keep community benefit as a priority at all times.
However, with the recent global economic meltdown and consequently the declining donor funding, the need to secure resources for the sustainability of the organisation has become imperative. Operating and interacting in a fast growing digital world, fundraisers are now provided with a pool of new techniques and online donation strategies.
Among others, the ability to leverage the power of digital currency to crowdfund projects. A real time opportunity to receiving crypto-donation. In Africa, civil society organisations are faced with huge financial challenges. On one hand austerity policy from donors due to limited funding, and on the other hand the politicisation of national funding scheme.
Thus, now or ever sustaining their work requires the use of various ways to raise organisation needed resources. And Bitcoin can be just that.
A free digital currency fundraising solution able to harvest from a multitude of digital technologies is now a possibility and presents itself as an alternative or in some cases a valuable additional donation model. No account is required and no sensitive information is collected. Bitcoin has been defined as the currency of the Internet and a decentralised digital money.
Bitcoins are issued and managed without any central authority whatsoever: Bitcoin was invented inever since then, there has been a lot of positive changes which have been observed on the way businesses operate. Many political and charity organisations worldwide have been exploring its possibilities.
Raising or mining Bitcoin is now considered one of the most convenient, easier, and cheaper way to fundraise and donate to charity by some experts.
This is because Bitcoin money is donated in virtual form something that reduces issues that may arise due to use of solid cash or online payment requirements. There are different ways to raising Bitcoins and the more fundraisers and organisations are coming on board, more creative and effective methods are being created. One of major fundraising methods is the use of assurance contracts which entails the creation and implementation agreements with other people.
In this case you will need create a bitcoin wallet or address. Already, in some countries it is now common to be paid in digital currency. Now you can request to be paid in Bitcoin directly to your bitcoin wallet address. In South Africa, a local payment gateway provider www. What NGOs need in this case is to have payfast on their websites. But as game-players will become digital money-makers, there are chances to seeing the creation of a new group of donors, considering that very young players will soon be able to contribute or donate gained Bitcoins to causes of their choice.
So, despite challenges and threats from international financial institutions and many government policies, the digital currency still growing strong.
However, criticisms about volatility are now being considered as exaggerated. In conclusion, with regard to entrepreneurial and risk taking abilities, like people, organisations have different skills and preferences.
There are organisations that strive to start a trend, those that want to catch a trend, and last, those that observe and wait to embrace a trend if proven to be successful. With the expansion of the Internet and digital technologies, millions of websites are created every year and billions users are being connected.
The Internet has become an overcrowded world with opportunities and challenges. Consequently, the success within it depends on how creative and relevant one is in order to stand out among your peers or competitors. Unless you try, you will not know which online fundraising strategy works for you. And, the earlier the adoption of a trend, the greater the reward.
View the discussion thread. You are here Home Fundraising Bitcoin by Bit. Raising Bitcoin In Africa, civil society organisations are faced with huge financial challenges. Bitcoin prospect Already, in some countries it is now common to be paid in digital currency. Community Engagement and Social Innovation Symposium. Effective School Based Support.
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