Use cases of Bitcoin and other cryptocurrencies have increased simultaneously with growing Bitcoin adoption rates. The cause and effect formula here is very simple – the more the number of users, the greater the possibilities of use. In the context of growing cryptocurrency adoption, one sector has shown unexpected promise.
When Bitcoin first came into existence, few people would have thought it would be where it is now. Fewer people would have guessed that Bitcoin can be a potent tool for social causes. However, that is turning out to be truer with every passing day. Charitable organizations are now accepting donations in Bitcoin en masse.
Many leading cryptocurrency investors have donated substantial amounts to charitable organizations. Vitalik Buterin donated $2.4 million in Ethereum to the SENS Research Foundation. Others have followed suit, and presently cryptocurrencies are a completely functional mode of giving and accepting donations.
There are merits to using cryptocurrency for philanthropic purposes as well. Since banks and intermediaries are taken out of the equation, the receiver and sender have a greater sense of trust. Perhaps the greatest benefit of using cryptocurrency for philanthropy is transparency. When donors can see where their coins are going and what goals they are accomplishing, the act of donation becomes more fulfilling. The Giving Block has made groundbreaking progress in this field. It allows any non-profit organization to accept donations in Bitcoin. Not only does it serve a social purpose, but it also weeds out corruption, money laundering and gives donors the results they want to see.