#BitcoinTuesday: Join people from around the world and change lives with Bitcoin
#BitcoinTuesday is an initiative by The Giving Block to encourage Bitcoin donations this Tuesday, December 3. There are a number of non-profit organizations under this campaign that will benefit immensely from your contributions.
Tell me more about these non-profits
More on The Giving Block
The Giving Block was co-founded by Alex Wilson and Pat Duffy back in 2018. Both Wilson and Duffy have their backgrounds in cryptocurrency investing, non-profit fundraising, and operations. The demand for the platform came about post the 2017 bull market. There were a whole bunch of crypto-millionaires who had a huge tax incentive to donate their Bitcoins. If they could donate directly to a nonprofit, they would not be liable for capital gains tax and could write it off on their taxes.
However, the issue was that very few nonprofits had the infrastructure necessary to safely accept cryptocurrency donations. The Giving Block was created as a means of directly connecting these donors to these nonprofits.
But, why should I donate Bitcoin? Shouldn’t I just give fiat currency instead?
To understand why donating with Bitcoin is a better alternative, we need to look at this equation from the perspective of both nonprofits and donors.
Think of the very reason why Satoshi Nakamoto created Bitcoin in the first place. The centralization of fiat currency can be devastating. Look at how countries like Venezuela have experienced the worst recession in ages due to inept governance.
Many people in these countries have completely turned to cryptocurrencies, ditching fiat in the process. Nonprofits helping out citizens in a dictatorship can also risk getting their accounts frozen. However, with cryptocurrencies, they will be able to function normally without fear of censorship.
Finally, for nonprofits who have never accepted Bitcoin before, #BitcoinTuesday could be a way to show them the power and beauty of cryptocurrencies.
For donors, the most obvious reason is that if you donate to a 501c3 nonprofit then you don’t owe capital gains on the cryptocurrencies you own.
Apart from that, another reason you should donate using cryptocurrencies is that you can leverage the blockchain’s transparency to track your donations. This will let you know whether your donations are going to the right places and not being misused by the organizations themselves.
The event has attracted heavyweights like Brave, Bottlepay. Hype Partners, Coin Tracker, and Gemini. Brave, in particular, has focused all its ads on December 3, 2019, on donating crypto to nonprofits. Cryptocurrency media stalwarts like Bitcoin Magazine, Blokt, Coincodex, etc. have also joined the cause as media partners.
This event could be a beautiful way to show the world the true power of cryptocurrencies.