What’s all the buzz about Blockchain?
You’re probably hearing how it will affect every industry. Yes, you heard it right! EVERY INDUSTRY!
So, maybe you’re wondering how it will affect nonprofits? Well, that’s exactly we’re here to talk about.
Here’s the thing, for a lot of the Blockchains, we’re seeing a lot of hype because of the buzzword attached to it. There’s a lot of misinformation out there. With so many people trying to find out about so many different projects, there are overlaps and misunderstandings between different projects. But, fortunately, from what we’re seeing, it’s a lot more simple than it seems.
For nonprofits, there are two ways to look at it:
From a marketing perspective, accepting cryptocurrency shows that you’re progressive and high tech. An organization that is up-to-date on technological trends not only shows more credibility but is also able to make full use of available technology to help attain its goals.
From a more practical standpoint, there are people who have currency that they’d like to spend and give to a cause. Your organization can set up a wallet to be able to accept crypto-donations and be ready for the donors when they are ready to give.
It’s a great to think establishing about the following:
- Setting up an account and opening a wallet to accept crypto-donations (i.e. Bitcoin).
- Getting familiar with the process to be able to accept these types of donations smoothly.
- Choose a trustworthy person to manage the crypto-accounting
- Consider your donation process and how to handle any paperwork
Right now, many companies are already accepting cryptocurrency, but there is an accounting nightmare that they’re facing. This is because you can’t see who sent the actual transactions.
So, what’s your best course of action at this point? – You need to keep learning and preparing.
If you’re looking to begin accepting cryptocurrency, we recommend that you start by including a sentence on your website letting people know that you accept it and also leave an invitation for these donors to call you. This way, you are able to know who is giving the donation and how to track it.
In this podcast episode, cryptocurrency expert, Scott Silverstone gives the low-down on how to accept Bitcoin, immediately mitigate your risk, and avoid getting burned!
One key takeaway that Scott discusses in depth: “Organizations should be open to accepting Bitcoin, but have policies in place that mitigate risk.”
Listen to this podcast to hear lots of advice for nonprofits about Blockchain and Bitcoin and how you can use these pieces of new technology to help you grow your nonprofit.
About Scott Silverstone
Scott Silverstone is an expert in cryptocurrency. He currently handles mergers and acquisitions at JEL – Jerusalem Equity LTD. He graduated with a J.D. and Masters in Intellectual Property, Intellectual Property, Consumer Protection & Bankruptcy and Tax from Franklin Pierce Law School.