VeChain is a highly efficient network which possesses a massive throughput and can process transactions quickly at a low cost. These features make VeChain a perfect choice for payments and donations. Charities can particularly find VeChain donations useful since they can enable them to get more money and expand their donor base. NOWPayments assists charities in deploying their VeChain donation gateway.
Key points:
- VeChain offers transparency and privacy.
- The VET crypto donations are quick and low-cost.
- NOWPayments enables charities to accept VET cryptocurrency donations.
How can charities benefit from VeChain?
Absolute transparency
Blockchain technology works by recording information about every single transaction processed by it and then storing it in a decentralized ledger. This means that the information about transactions is always available for everyone to see. Transparency is the key principle shared by all charities, therefore, integrating blockchain technology can help them to be more transparent. Basically, by accepting VET coins, charities can show information about the amount of crypto they have received to their donors and keep them updated. To do it, they only need to share a link to their crypto address. This can significantly boost trust in charities’ patrons.
Easy international transfers
VeChain is a borderless network. In other words, it functions above any existing jurisdictions and geographic borders. This makes it different from the mainstream financial institutions. For instance, banks are always bound by laws and regulations, which, to a large extent, prevent them from acting efficiently, especially in the context of international transfers. VeChain is not subject to such limitations. Moreover, VeChain is completely decentralized, so users who utilize it can interact directly without intermediaries. As a result, VeChain transactions are extremely fast. Charities that want to expand their donor base can feature VeChain donations as an easy and quick donation method for international donors.
True ownership
VeChain also enables users to be actual owners of their crypto holdings. By keeping one’s coins in a non-custodial wallet, users can retain full ownership over their VET. This feature is important for charities that need to have access to their money 24/7 and be the only party controlling the funds. In the majority of cases, charities store their money in banks, which requires them to partially give up their ownership rights. Subsequently, they may face certain problems when trying to withdraw their money from the bank. For instance, the bank may limit the amount available for withdrawal. Such problems are simply impossible to occur on the VeChain network.
Privacy
Despite offering the ultimate level of transparency, the VeChain network is also private. Essentially, VeChain does not ask users for any of their personal information. In fact, you do not even need an email to use VeChain. Charities often have many donors who wish to keep their anonymity at all times, especially when donating money. So, VET donations can become a perfect solution for them to maintain their confidentiality. VET transactions are not tied to the identities of the sender and the recipient in any way. So, it is impossible to know who donated to the charity.
Lower costs
Another substantial advantage of VeChain, both compared to other cryptocurrencies, and mainstream payment solutions, is the low fees. Basically, it costs mere cents to send VET on the VeChain network. The size of donations received by charities is directly affected by the size of the fees paid by their donors to banks and other payment processing services. By bringing down the size of the transaction fees, charities can let their donors pay less in fees. Moreover, this can enable them to send larger donations.
What are charities accepting crypto
There are charities which already accept crypto payments. Here are some of them:
Rainforest Foundation
Rainforest Foundation seeks to support indigenous and traditional peoples of the world’s rainforests in their efforts to protect their environment. The charity assists indigenous peoples in securing and controlling the natural resources necessary for their long-term well-being. Additionally, it helps them to manage resources in ways which do not harm their environment, violate their culture, or compromise their future. It contributes to the development of the means to protect peoples’ individual and collective rights and the provision of basic services from the state. Rainforest Foundation is a flexible organization that accepts donations in different forms, including cryptocurrencies. We believe they would benefit greatly from accepting VeChain donations!
United Way
United Way is focused on creating community-based and community-led solutions that strengthen the key elements for a good quality of life, such as education, financial stability, and health. The charity is engaged in nearly 1,800 communities across more than 40 countries and territories worldwide. United Way supports community schools as a way to remove barriers to learning. Additionally, the charity promotes parent education, adult job training, food pantries, after-school homework clubs, and more as part of Community Schools. It equips children with tools for success which translates into a safer, healthier and more equitable community for everyone. The charity features crypto donations.
The Turing Trust
The Turing Trust is a charity set up in 2009 by the family of Alan Turing. The charity seeks to honor the remarkable legacy of Alan Turing by providing quality IT resources and training to schools in sub-Saharan Africa. The charity’s operations in the UK, based in Edinburgh, provide valuable training and volunteering opportunities whilst reducing waste and contributing to an environmentally friendly society. The mission of the charity is to empower disadvantaged communities using information technology-enabled learning. Since the Turing Trust promotes technology, it is natural that it accepts crypto donations.
Fidelity Charitable
Fidelity Charitable is a public charity that helps donors to maximize their generosity through its donor-advised fund, called the Giving Account. The charity was established in 1991, and it is the United States’ top grantmaker, distributing $10.3 billion to charities in 2021. The Giving Account streamlines the process of strategic giving for a broad range of donors, allowing them to contribute many types of assets and plan their giving more systematically. It provides resources and programs designed to educate donors and support the nonprofit sector. Fidelity Charitable is governed by an independent Board of Trustees. The charity allows donors to make crypto donations.
Global Fund for Children
Global Fund for Children partners with community-based organizations around the world to help children and youth reach their full potential and advance their rights. The charity uses a model which combines flexible funding with capacity development services to help its partners realize transformational, youth-driven change. With over 20 years of experience in grassroots development, the charity specializes in finding high-potential organizations and leveraging its investments and networks to build successful engines of social change. The innovative approach drives the charity to accept crypto donations.
Accepting VET donations
NOWPayments provides several tools for featuring VET donations. Charities which have websites can use a special widget or button allowing their patrons to donate in the VeChain crypto. Simultaneously, charities that have accounts on YouTube, Twitch, Instagram, or Twitter, can utilize a crypto donation link on those platforms. The link will take their donors to a page where they will be able to donate in the VET cryptocurrency.
To start accepting VET, follow these steps:
- Create a NOWPayments account here.
- Enter your VET public address.
- Generate your API key.
- Go to the settings and choose your preferred way of receiving VET donations.
Conclusion
VeChain offers many opportunities to charities. NOWPayments helps charities to accept the VET crypto donations.