Who said Bitcoin is the creation of pure evil that makes illegal activities and crimes a lot easier? Those who seem to think so can now rethink about their initial opinion of bitcoin. According to recent news report on one of the cryptocurrency sites, Bitcoin is now increasingly being used by nonprofit and charitable organizations across the world.
Recently Fidelity Charitable, one of the major non-profit organizations in the world has decided to accept bitcoin donation. The charitable institution is following the footsteps of other huge non-profit organizations like The Red Cross Society, United Way, Save the Children etc. who also accept bitcoin donations.
While bitcoin donations are more cost efficient for the charitable institutions as they receive almost the entire amount without any deductions in the form of transaction or processing fees. However, due to regulatory issues and lack of knowledge about bitcoin has prevented many non-profits from implementation of bitcoin donation option.
Even the bitcoin community is more open towards altruism and there are numerous examples of the community coming together during the times of disaster and distress. The recent bitcoin fundraising campaigns during Nepal Earthquake, dam burst in Brazilian mine are some of the examples.
Fidelity Charitable is the charitable arm of Fidelity Investments and it is responsible for guiding the non-profit entity in financial matters. Fidelity Charitable is accepting bitcoin as an asset and then converting it into cash. Those interested to donate bitcoin will have to create an account with Fidelity Charitable, undergo certain verification procedures before they can make a donation.
Once the process is completed, the investor/contributor can transfer the bitcoins to Fidelity Charitable through Coinbase. The organization is open to exploring new technology and the success of it is entirely dependent on the response garnered from people.