Cryptocurrencies have many use cases in daily life. For instance, cryptocurrencies can be used for donations. Basically, digital assets, in many ways, have an upper hand compared to traditional currencies. This is why cryptocurrencies are successfully used by charities and non-profits around the world. NOWPayments assists organizations and individuals in receiving cryptocurrency donations.
Key points:
- Crypto donations are quick and private.
- The crypto industry growth presents numerous opportunities.
- NOWPayments enables organizations and people to accept crypto donations.
Why are crypto donations beneficial?
Low transaction fees
Cryptocurrency donations are a great idea for those organizations and individuals who do not want to be subject to unbridled bank fees. High fees charged by banks eat into the donation sums and leave organizations and people receiving donations without substantial amounts of money. Many cryptocurrencies have extremely low transaction fees. For instance, XRP transactions cost less than a dollar. This can enable parties accepting donations to provide their donors with a chance to avoid high fees and thus increase the size of their donations. So, low fee costs translate into positive outcomes for both parties involved.
Fast transactions
At the same time, blockchain technology has made it possible to achieve excellent transaction processing performance. As a result, crypto transactions tend to be extremely fast and on average take mere minutes. Moreover, in the case of the most advanced blockchains out there, the average transaction speed nowadays has been reduced to seconds. For instance, the processing of Algorand transactions takes no more than 10 seconds.
Privacy
Another cool feature of cryptocurrencies is the anonymity offered by their blockchains. In order to use cryptocurrencies, users do not need to share their personal information with any third party. In fact, everything one needs to start using cryptocurrencies is a crypto address. Moreover, all crypto transactions take place only between two users, the sender and the recipient, because blockchains are inherently decentralized and do not have central authorities controlling all on-chain operations. Therefore, the privacy offered by blockchain is perfect for organizations and individuals that wish to provide their donors with a chance to donate money anonymously.
Transparency
The transparency of blockchains is another advantage that they can provide to people and organizations accepting donations. Basically, every single transaction gets recorded and stored on the blockchain forever. Moreover, the information about the transactions made by different crypto addresses is also available to the public in the majority of networks. Charities can particularly benefit from the transparency offered by blockchains. Essentially, by accepting crypto donations, charities can ensure that the information about the amount of money raised is always open to the public.
Why should you start accepting cryptocurrency donations right now?
The aforementioned advantages of cryptocurrency donations are among the key reasons why charities and people decide to switch to accepting donations in crypto. At the same time, the most significant motivation for them to start using crypto donations is the growth of the crypto industry. Cryptocurrencies are rapidly becoming a mainstream investment tool. As a result, millions of people around the world purchase cryptocurrencies, and their number will only rise in the coming years. By featuring crypto donations, organizations and individuals can open a completely new audience of donors and supporters willing to donate their money.
How to accept crypto donations
Crypto donations can be integrated with the help of special tools. For instance, organizations and individuals can use a crypto donations button or deploy a cryptocurrency donation widget on their websites and blogs.
Charities also can receive crypto donations on Twitter, TikTok, Instagram, YouTube, and other similar platforms by using a simple link.
Follow these steps to begin featuring 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.
Conclusion
Crypto donations provide organizations and individuals with a chance to participate in the growing crypto ecosystem. NOWPayments provides tools for integrating crypto donations.