What’s all the buzz about Blockchain?
All over, you’re 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, we’re here to talk about that.
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 and with so many people trying to find out about so many different projects, there’s overlaps and misunderstandings between different projects. But, fortunately, from what we’re seeing, it’s a lot more simple than it seems.
For non-profits, there are two ways to look at it:
1) From a marketing perspective, accepting crypto-currency shows that you’re progressive and high tech.
2) 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.
This is what we encourage you to start thinking about:
- Set up an account and open a wallet to accept cryto-donations (i.e. Bitcoin)
- Get familiar with the process to be able to accept 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 crypto-currency, but there is an accounting nightmare that they’re facing. This is because you can’t see who sent the actual transactions!
So, what should you do right now? Keep learning and preparing. We recommend if you’re looking to begin accepting crypto-currency, start by including a sentence on your website letting people know you accept it and to call you. That way, you know who is giving the donation and also track it.
Listen to this podcast to hear lots of advice for nonprofits about Blockchain and Bitcoin. Crypto-currency expert Scott Silverstone gives the low-down on how to accept Bitcoin, immediately mitigate your risk and avoid getting burned!
One key takeaway, which Scott discusses in depth: “Organizations should be open to accepting Bitcoin, but have policies in place that mitigate risk.”
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.