At this age whereby digital technologies pervade in all facets of our performance, it’s either you adapt fast or be left behind. Bitcoin, which is also referred to as cryptocurrency is a current digital currency that has been causing a stir in the digital market in recent years. It was only a matter of time before other establishments and institutions wanted a piece of the pie.
Previously, colleges and universities contended with receiving unorthodox donations such as family business shares and art in form of paintings, since these gifts may generate complex tax filings and accounting issues among others. The use of Bitcoin also raised the same concerns just like those other types of gifts. Bitcoin is unrestricted, explosive with some instances of theft by hackers. Nonetheless, over the years several alumni have pioneered in bitcoins and making college donations in form of cryptocurrencies.
Simon Fraser University (SFU)’s alumnus Simon Fraser and Scott Nelson, and MikeYeung – President of Bitcoin Club, made a Bitcoin donation of $6,000 to the Power of Engagement program. This act further prompted the establishment to accept the use of Bitcoin in form of donations, and also throughout their institution in making purchases and service payments.
Following these pro-crypto developments, the institution has recently announced that it is accepting cryptocurrencies to fund a trip for two SFU students who will be attending a women empowerment initiative in India. This makes SFU the pioneering university in Canada to embrace and enhance the utilization of donations in Bitcoin. Also, they are presently considering the possibility of enabling purchases with digital currencies in bookstores and cafeterias on its campuses and even perhaps buy essay online.
About Simon Fraser University (SFU)
SFU is popular in Canada for its community outreach, education and research. Since its establishment in 1965, this institution has expanded to 3 campuses located all over British Columbia- Burnaby, Vancouver, and Surrey. They offer undergraduate and graduate level programs in various initiatives. It is possible that SPU may in the future permit its students to pay their tuition fees using Bitcoin. In a recent press release, Yeung remarked that the reason why they are adopting Bitcoin is that it is not only entrepreneurial, innovative and an open source, but also meets SFU’s mission to engross the world.
Bitcoin at Establishments
As of now, SFU seems to be the devoted supporters of Bitcoin. The institution’s Bitcoin club, which is managed by Yeung and other students, is mainly geared towards enhancing the endorsement of Bitcoin as a mode of payment when buying an essay online and also other several possibilities cryptocurrencies generate. Yeung trusts that Bitcoin particularly can be fashioned in a manner that can be beneficial to both people and businesses in various aspects worldwide. The success of SFU’S current finding project will possibly make a huge impact on their future use of Bitcoin.
Possible Benefits and Effects of Bitcoin Donations in Institutions
Bitcoin donations are a great way for organizations to rally the participation of more donors. Donors find it simpler to send money via Bitcoin. However, the organization must have an established online wallet; for example, a buy essay service must have an online wallet for them to transact using Bitcoin. As for the organizations, they are entitled to receive funds from all over the globe from a modern donor. Sounds amazing, but like everything else, you need to read about bitcoins and know how to go about it before you can use it. The first institution that ever accepted cryptocurrencies underwent extensive research on how the system works including how to accept Bitcoin donations, tax compliance, security, how to gift Bitcoin and the potential risks of using Bitcoin.
Once you are aware of the process and the possible risks, this type of funding can generate great benefits to organizations, institutions, and students as well. Here are some of the benefits of using Bitcoin.
You are not bound by geography or amount. One can receive or send donations of up to millions in any part of the world. It also opens up new streams for charities and institutions to receive funding from.
Currently, a huge number of active Bitcoin users consist of millennials. Hence the capacity to receive Bitcoin bears a cache which may lure the attention of modern and innovative donors.
With the ongoing responses to Bitcoin use and donation payments to institutions, it will come as no surprise that students in future may very well be able to use bitcoins to pay their tuition fees, make purchases and bookstores and even buy essays online. Several universities worldwide are already on the verge of accepting the use of bitcoins, for instance, King’s College and the University of Cumbria in Lancashire, England, who receive tuition fees in form of Bitcoin.