Cryptocurrency is a powerful financial tool that has a large number of use cases ranging from investments, trading, and payments and ending with crypto donations and tips. The concept of crypto donations is gaining increasing popularity due to the advantages inherent in cryptocurrency. In this article, you will find out why crypto donations are becoming mainstream and which cryptocurrencies are ideal for charity missions.
- Crypto donations are gaining more and more popularity thanks to transparent, fast, and borderless transactions.
- There are some cryptocurrencies that, like no other, successfully fit into the concept of crypto donations.
- NOWPayments allows you to accept more than 100 cryptocurrencies as donations via buttons, links, and widgets.
Why is crypto used for donations?
Crypto donations have long entered the lives of ordinary people and competed with traditional channels for fundraising. Bloggers and streamers use coins to get money for their activities, and charities benefit from quick and effective fundraising. Thanks to blockchain technology, crypto donations bring several undeniable advantages:
Transparent, fast, and low-fee
Crypto transactions are transparent, which makes it easy to track the cash flow, thereby establishing a trusting relationship between contributors and recipients. Moreover, due to the absence of many intermediaries, crypto transactions are a cheaper, faster, and more effective donation tool.
Blockchain ensures the resilience of digital assets to hacking. Cryptocurrency networks use encryption algorithms and allow cryptocurrencies to work autonomously, excluding the human factor. In addition, there is a large selection of reliable crypto wallets on the market, both hot and cold, which provide secure storage of cryptocurrencies.
Many donors prefer not to disclose their identity and remain in the shadows, which is impossible in the case of fiat transactions. On the other hand, cryptocurrency allows you to make private transactions in which only the address of the donor’s wallet, the time, and the amount of the donation are known. Moreover, there are anonymous digital assets on the market, with which users can completely hide transaction data.
Cryptocurrency has become widespread since crypto transactions are borderless. As a result, anyone, regardless of location, can benefit from cryptocurrencies and donate coins for the Great Cause. This significantly increases fundraising success, expands contributors’ base, and eliminates currency conversion problems.
Thanks to the advantages inherent in cryptocurrency, charities and other non-profit individuals can more effectively complete their missions. The crypto community is highly empathic and often participates in various charitable initiatives. Due to the absence of many intermediaries, fees are reduced, and the risk of transaction cancellation and funds blocking is eliminated.
Best crypto for donations in 2022
Dogecoin is a fairly old cryptocurrency that has been in the top 10 most capitalized projects for a long time. The project attracts huge attention thanks to the support of world-famous personalities, the most notable of which is Tesla CEO Elon Musk. Despite, or rather because of, its meme nature, Dogecoin has one of the largest communities, with more than 3.4 million followers on Twitter and other social media. The Dogecoin community is distinguished by its responsiveness and actively participates in various charitable initiatives. Millions of users worldwide use DOGE for payments, tipping, and donations. DOGE transactions are fast and cost-effective and allow you to make micro donates.
Read more about DOGE in our blog article about Businesses accepting Dogecoin
The Monero cryptocurrency is the best choice for those who value privacy and security. The project was launched in 2014 to provide a low-fee cryptocurrency with which senders and recipients of transactions can maintain their privacy and anonymity. Monero is a community-driven cryptocurrency within which community members can join multidirectional working groups to contribute to the project’s development. The internal currency project, XMR, is accepted by thousands of merchants around the world. In addition, XMR is ideal for making donations. Thanks to Monero, contributors can maintain anonymity and benefit from low network fees.
Learn more about Monero advantages in our blog.
BNB is an internal token of the most popular cryptocurrency exchange, Binance. Due to its low service fees, a vast selection of trading pairs, and all kinds of functions, Binance attracts millions of users worldwide. In addition to trade, Binance also has a whole range of products, including Binance Charity, which successfully finances a number of philanthropic initiatives. The Binance community is perhaps the largest international community. The official Twitter channel alone has over 9 million subscribers. Considering the huge and ever-growing community, low-fee and fast transactions, and reliability, the BNB token is excellent for effective fundraising.
Nano is a payment cryptocurrency that allows you to make instant, secure, and zero-fee transactions. Moreover, the internal XNO cryptocurrency complies with the legal standards of the International Organization for Standardization (ISO) legal standards. As already mentioned, donors using nano do not pay fees, which has a positive effect on the effectiveness of fundraising. In addition, thanks to instant transactions and support for micropayments, nano is ideal for streamers. In addition to such key advantages as the absence of transaction fees and instant transactions, nano is also an eco-friendly cryptocurrency, which is especially important for non-profits in the field of environmental protection.
Basic Attention Token
BAT is the utility token of the confidential browser Brave. The Brave browser may be of interest to charitable organizations that wish to promote their activities while minimizing the costs associated with advertising and improving targeting. Brave is designed to eliminate privacy concerns and increase the effectiveness of digital advertising. The bottom line is that advertisers can promote their activities more effectively by increasing user engagement since users are rewarded with BAT for their attention. At the same time, content authors can receive significant profits from advertising and donations from their viewers. The BAT token is actively used for mutual settlements when using Brave, is widely accepted by merchants worldwide, and is used as a means of donations on popular platforms like Youtube, Twitter, and Twitch.
How to accept cryptocurrency donations?
Charities, non-profits, organizations, and individuals also can receive crypto donations on Twitter, TikTok, Instagram, YouTube, and other similar platforms by using a simple link.
Follow these steps to start accepting crypto donations:
- Create a NOWPayments account here.
- Enter your public crypto address.
- Generate your API key.
- Go to Settings and choose your preferred way of receiving crypto donations.
Cryptocurrency&donations is a perfect match since cryptocurrency allows for fast, low-fee (and sometimes zero-fee), transparent and secure transactions that cannot be frozen. In this article, we have provided you with the top most suitable cryptocurrencies for donations, with powerful communities and critical features for the charitable sphere. NOWPayments offers the opportunity to accept these and more than a hundred cryptocurrencies as donations using simple tools such as donation buttons, links, or widgets.