Topic: Bitcoin adoption rising in NGO sector: Report - page 2. (Read 538 times)
This is good news. This means that a certain niche or sector is already opening up for cryptocurrency as a viable option. I used to consider only business establishments as the potential market for cryptocurrency. Charities were not within my radar. And now this news is clearly saying that Bitcoin is really acceptable even in the charity sector. I guess these cryptocurrencies will be exchanged for fiat to be able to be spent in the actual areas.
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
I was under the impression that NGO's should immediately sell it to fiat to get the ball rolling and address the issues that they wanted specially social issues.
Well there's nothing wrong using the crypto they raise and use to buy other services for their target sector, but I think it will be just redundant and could have a negative impact specially if they are in the field of humanitarian services, in my opinion.
see
https://decrypt.co/9966/bitcoin-cryptocurrency-adoption-ngo-chaarity-report
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
My memory is a bit fuzzy from this, but I think there was a charity I found a couple months back that intergrated with coinpayments or bitpay and was able to accept BTC that way.https://decrypt.co/9966/bitcoin-cryptocurrency-adoption-ngo-chaarity-report
Quote
The number of charities accepting crypto donations has doubled in North America, Europe and Australia, says the 2019 Global NGO Technology Report.
But the numbers are still small. While the number of charities accepting crypto donations has doubled in North America, Europe and Australia, cryptocurrencies still form only 2 percent of total donations.
Africa has the largest amount of NGOs accepting crypto with 5 percent, Asia follows with 4 percent, while Latin America trails with 1 percent.
But the numbers are still small. While the number of charities accepting crypto donations has doubled in North America, Europe and Australia, cryptocurrencies still form only 2 percent of total donations.
Africa has the largest amount of NGOs accepting crypto with 5 percent, Asia follows with 4 percent, while Latin America trails with 1 percent.
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
Charities are charities, and they are very tight with money and I don't think a lot of the mainstream ones would have the chance to even hold any BTC - they are probably forced to instantly transfer it into their fiat currency.
If charities have some partnership in crypto related store then it will be easy for them to sell their bitcoin, but in some countries, or in those distant areas that technology is a problem , it will be hard to do it. While it is helpful if sectors also knew how to adopt in technology, to reach more people who are willing to help in having bitcoin transactions,it is really an impressive solution just a need for a app where they can monitor and convert it to fiat or transfer in their bank so they can easily convert it to fiat.
Think about a place that does charity in some African nation, accepting dollars or euros would be difficult, accepting any other non-major currency would be even harder but if you start to accept bitcoin or any other crypto then you can accept money anywhere around the world which would make your job easier.
As long as charities accept Bitcoin directly it is an extremely powerful tool, but when they use third party payment processors things will be different, especially after what happened with BitPay.The main reason for them to accept Bitcoin through a payment processor is because they are in need of fiat. When they accept Bitcoin directly they need local buyers to sell to if they want to liquidate their donations.
I doubt registered/legal charities will bother without a payment processor. Just imagine the hundreds or thousands of inputs they have to consolidate would they accept Bitcoin themselves....
Well, why wouldn't it? It is literally charity so there is actually no reason not to get bitcoins for it. You can pay them in any shape or form, most charities even take your old stuff to give to less fortunate so you can help them in many ways, so of course crypto will get more and more adopted in charity world and be accepted in all of them.
Obviously, there could be legal hurdles they would have to overcome, it is not easy to accept bitcoins all around the world but at the same time if you can find the legal ways to accept bitcoin then you can totally accept it as a means to add another option of accepting global money.
Think about a place that does charity in some African nation, accepting dollars or euros would be difficult, accepting any other non-major currency would be even harder but if you start to accept bitcoin or any other crypto then you can accept money anywhere around the world which would make your job easier.
Obviously, there could be legal hurdles they would have to overcome, it is not easy to accept bitcoins all around the world but at the same time if you can find the legal ways to accept bitcoin then you can totally accept it as a means to add another option of accepting global money.
Think about a place that does charity in some African nation, accepting dollars or euros would be difficult, accepting any other non-major currency would be even harder but if you start to accept bitcoin or any other crypto then you can accept money anywhere around the world which would make your job easier.
see
https://decrypt.co/9966/bitcoin-cryptocurrency-adoption-ngo-chaarity-report
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
Yay more adoption. Sadly though, NGO's venturebon crypto would be fraught with difficulties because of the amount of funding they can invest on crypto. I believe they should be holding a part and using another to fund their operational at the moment. Financial problems are an almost always occurence NGO's and they really need funds to continue their operations. https://decrypt.co/9966/bitcoin-cryptocurrency-adoption-ngo-chaarity-report
Quote
The number of charities accepting crypto donations has doubled in North America, Europe and Australia, says the 2019 Global NGO Technology Report.
But the numbers are still small. While the number of charities accepting crypto donations has doubled in North America, Europe and Australia, cryptocurrencies still form only 2 percent of total donations.
Africa has the largest amount of NGOs accepting crypto with 5 percent, Asia follows with 4 percent, while Latin America trails with 1 percent.
But the numbers are still small. While the number of charities accepting crypto donations has doubled in North America, Europe and Australia, cryptocurrencies still form only 2 percent of total donations.
Africa has the largest amount of NGOs accepting crypto with 5 percent, Asia follows with 4 percent, while Latin America trails with 1 percent.
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
That way, these underbanked and unbanked people can access the global forex and labour markets (if they have the necessarily means to doing so) with the help of cryptos at a low cost, and an internet access may not even be needed through a third party SMS wallet service.
And what would those unbanked people do on global markets? They don't have any skills to do freelance jobs or work remotely, their best shot is some extremely low paying work like solving captchas or data entry, but those things will get automated eventually, and also you can't improve anyone's life significantly with those earnings - it's only enough to just survive.
I think it does matter. Suppose they use the crypto they receive to pay locals in crypto - that way you start to build up an economy based on crypto. For parts of the world that are unbanked, this could be revolutionary.
I think one of the main reasons why they accept a crypto donation is because it's easy to set up, and everyone in the world can use it. Unlike Visa or bank transfer, crypto has a relatively low fee, which is an excellent thing if you want to donate with ease.
I doubt they start accepting crypto just because there are a lot of crypto users over there, or because they want to build a crypto-based economy because that's too difficult. Do you believe local people over there have enough phone and internet connection to use crypto in their daily lives? Not to mention that most resources are still priced with fiat.
Now, whether the receiving NGOs converted the cryptocurrency to cash or use them to buy good/services, it does not matter to me. What is important is that we now have a good option and let's hope that a growing number of charities and developmental organizations will continue and even expand their cryptocurrency exposure.
I think it does matter. Suppose they use the crypto they receive to pay locals in crypto - that way you start to build up an economy based on crypto. For parts of the world that are unbanked, this could be revolutionary.
Well, that's another good news for everyone. In NGOs part, it would be beneficial since more people might be able to donate since bitcoin transactions are quite fast and fees are minimal, and there's no limit for a transfer. It would also promote bitcoin to increase aware percentage in the population of the benefits and concept behind cryptocurrencies and its differences to having a centralized system.
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
Nice find! It's encouraging NGOs use bitcoin to further their goals.
However, if i had to speculate i imagine that NGOs immediately sell their crypto for fiat in order to maintain operations. Speaking from experience with working with an NGO directly, i can say that not all NGOs are rich and are often hard pressed by budgetary concerns. Hopefully in the future more services open up to crypto, especially in the social sector, and NGOs spend directly on these instead of converting to fiat.
see
https://decrypt.co/9966/bitcoin-cryptocurrency-adoption-ngo-chaarity-report
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
https://decrypt.co/9966/bitcoin-cryptocurrency-adoption-ngo-chaarity-report
Quote
The number of charities accepting crypto donations has doubled in North America, Europe and Australia, says the 2019 Global NGO Technology Report.
But the numbers are still small. While the number of charities accepting crypto donations has doubled in North America, Europe and Australia, cryptocurrencies still form only 2 percent of total donations.
Africa has the largest amount of NGOs accepting crypto with 5 percent, Asia follows with 4 percent, while Latin America trails with 1 percent.
But the numbers are still small. While the number of charities accepting crypto donations has doubled in North America, Europe and Australia, cryptocurrencies still form only 2 percent of total donations.
Africa has the largest amount of NGOs accepting crypto with 5 percent, Asia follows with 4 percent, while Latin America trails with 1 percent.
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
Many of crypto donations are facilitated by crypto services which turns the received coins into fiat on receiving and provides the receiver in fiat deducting some commission. For a multinational NGO, redeeming crypto in the target country would have been a better option but the problem comes in exchanging them in the target country as most of them are third world countries and have nearly zero adoption or full restrictions on crypto use.
There are really sectors that are benefited by the smooth transactions that cryptocurrencies have to offer. As the adoption in cryptocurrencies in physical stores or business aren't that wide yet, depending on countries and governments they are up too. I think they purely convert it to fiat without the risk of lowering its value any time soon, besides they have tons of product needed to operate their organization. Nevertheless, whatever transaction they doing it to converting or exchanging products from companies or stores that accept crypto I'm already thankful that they are helping the needy, I have some charities helping and I would like to rely them this solution in transactions since they are not using it yet.
see
https://decrypt.co/9966/bitcoin-cryptocurrency-adoption-ngo-chaarity-report
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
https://decrypt.co/9966/bitcoin-cryptocurrency-adoption-ngo-chaarity-report
Quote
The number of charities accepting crypto donations has doubled in North America, Europe and Australia, says the 2019 Global NGO Technology Report.
But the numbers are still small. While the number of charities accepting crypto donations has doubled in North America, Europe and Australia, cryptocurrencies still form only 2 percent of total donations.
Africa has the largest amount of NGOs accepting crypto with 5 percent, Asia follows with 4 percent, while Latin America trails with 1 percent.
But the numbers are still small. While the number of charities accepting crypto donations has doubled in North America, Europe and Australia, cryptocurrencies still form only 2 percent of total donations.
Africa has the largest amount of NGOs accepting crypto with 5 percent, Asia follows with 4 percent, while Latin America trails with 1 percent.
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
Donations in Bitcoin is much better than fiat because they don't cost much. Aside from that, there is what we call as donor's tax. This might vary from one country to another but if that is applied, that will lessen the donation amount. With Bitcoin and other cryptocurrencies, we can possibly get away from this donor's tax and maximize the amount we donated. Every satoshi will go to the beneficiaries.
They will convert those cryptocurrency donations most probably. Depending on the specific country in Africa, but I guess it is very hard to buy using cryptocurrencies in depressed areas where donations are largely focused.
From the article it is clear that NGO's have known about the cryptocurrency. When someone gives donation in terms of cryptocurrency, the other have begun to accept cryptocurrencies. Out of the total only 12.5% have known about the blockchain technology and the way it gets used. This could be helpful only if the people are educated to use it.
It is good to see Africa leading in all aspects, particularly they are the one with good understanding about blockchain technology compared to Europe, Latin America and Asia. This can be a beginning for the rebuild of new Africa.
It is good to see Africa leading in all aspects, particularly they are the one with good understanding about blockchain technology compared to Europe, Latin America and Asia. This can be a beginning for the rebuild of new Africa.
Now, whether the receiving NGOs converted the cryptocurrency to cash or use them to buy good/services, it does not matter to me. What is important is that we now have a good option and let's hope that a growing number of charities and developmental organizations will continue and even expand their cryptocurrency exposure.
I agree! I guess one of the main benefits of accepting cryptocurrencies like Bitcoin as a source fund for donations is that it will provide an accessible, fast, transparent and efficient remittance channel that will further encourage donators to donate more and influence other prospective donators to do the same.
In fact, some big philanthropists who wants to help any cause wants to remain anonymous as much as possible, and they would find the use of cryptocurrencies as a means of sending donations very appealing! As such, I think this would drive more adoption in the charity sector.
this is if the adoption rate in Africa is much higher that they can see service providers are accepting BTC. i don't see much news about the adoption in Africa though so i'm not sure. good to see some enthusiast are teaching how crypto and wallets work for the NGOs. how about they let Angelina Jolie do it for them, she use to be active in this field. the word will spread quickly than just let Song do it.
The real question is whether the NGOs immediately sell their crypto for fiat, or whether they then use it to buy services in the target sector using crypto. lf they did the latter, then adoption would soar in places like Africa.
It would depend on the rules for charities in those countries, if they would be allowed to hold currencies for exchanging later. Even if they are, it would depend on their operations. If they are always short on cash they'd probably convert cryptos as they come in to fund their day-to-day activities.
Cryptos already benefit these charities anyway with the transfer of funds. Donors can afford to send more if the cost of doing so is less.
It is a small step but still could influence the growth of adoption. I guess for an NGO they will not store their crypto funds for long unless they are knowledgeable on how they can utilise and profit from it. By using crypto as their medium of donations will also speed up their financial transactions in the organisation.
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