Scheduled for December 1, the crypto version of the annually organized global charity event #GivingTuesday - #BitcoinTuesday - returns for another year, led by cryptographic donation platform The Giving Block.
Giving Tuesday is back with 10 times more charities
According to the organization, while only 12 nonprofits participated in last year's Bitcoin Tuesday event, this year over 120 such organizations, including Save the Children, No Kid Hungry and The Tor Project, have signed up for 'event.
Nonprofits will accept donations in cryptocurrencies such as bitcoin (BTC), ether (ETH) and litecoin (LTC), among others (here the quotations in real time). “In general, as the price goes up, you see a lot more donations.
This happened clearly in 2017, ”said Alex Wilson, co-founder of Giving Block. Making a cryptocurrency donation can help users avoid some capital gains taxes they would otherwise have to incur if they cashed in the cryptocurrency and donated fiat, the tax experts noted.
As cryptocurrencies are treated as property by the Internal Revenue Service (IRS) and a few other tax agencies around the world, taxable events occur whenever a user converts cryptocurrency into fiat.
But as with stock donations, users can donate cryptocurrencies, get a tax cancellation, and don't have to worry about paying capital gains tax on the cryptocurrency they donate.
A bitcoin tradition
In addition to the Giving Block campaign, users can also make cryptocurrency donations via BitGive. Founded in 2013, BitGive helped co-host one of the first Bitcoin Giving Tuesday events in 2014 and has since continued to support charities in the United States and abroad.
BitGive, the first registered non-profit organization specific to cryptocurrencies, uses the Bitcoin blockchain and the RSK sidechain to foster transparency of operations. “We tackled these simpler concepts many years ago,” said founder Connie Gallippi.
"We are thrilled to have grown and developed a sophisticated platform by leveraging the technology directly and demonstrating the beauty of bitcoin and blockchain to a mainstream audience."
Since those early days, BitGive has added an extra layer of transparency through its GiveTrack tool, allowing donors to track money and see where and how it is allocated. Some of her more recent project announcements include partnerships with Heifer International, an organization working to eradicate hunger and poverty, and Black Girls Code.
In an effort to offer newcomers to the cryptocurrency donation industry an easy way to donate, BitGive announced that donors can now donate on its GiveTrack platform using credit / debit cards or Apple Pay via Wyre.
“Our platform will automatically convert their donation into bitcoin and send BTC to the charity's wallet,” says Gallippi. That way, mainstream users who have never owned cryptocurrencies could benefit from the transparency associated with blockchain without the hassle or friction of having to buy some, he added.
