The Future of Giving? Cincinnati Charities Now Accepting Bitcoin
There’s now a novel and very futuristic-feeling new way to give back to local communities in Cincinnati. Residents from all over are starting to forget about dusty old donation boxes because charities working in and around the area have begun to welcome donations in Bitcoin.
But why have they made this move to accept digital decentralized currencies alongside more regular donation options, and which charities are leading the way here? This article explains it all.
Why Bitcoin for charity?
So, why exactly are local and regional charities offering up this new way to give back? The main reason, that makes the most immediate sense, involves the idea that giving people as many convenient options to help out their fellow man as possible is always a good thing. It’s just another way among many to give back, and other ways to donate have not fallen away. You can still go to that church bake sale and offer up your spare change the way you usually do.
In general the most stable coins, including Bitcoin, have also stopped wildly jumping around and dipping in price as much as they did in the past, when they were still new. To keep coins from losing their value, the value of Bitcoin miners’ rewards are halved every few years. As this Bitcoin price chart after halving shows, volatility is still a concept worth thinking about, but it’s becoming easier to trust that Bitcoin won’t suddenly become less than worthless overnight. This is a big part of why charities in Cincinnati, and everywhere else, are starting to accept them as donation funds.
Bitcoin donors also get special perks:
- No Borders: If you’re interested in donating to international causes, donating using Bitcoin is the way to go. This is because decentralized coins don’t have borders the same way US Dollars do, making it easier to directly support on other continents.
- Transparency: When you donate to a charity using your Bitcoins, you get to know exactly where the funds go. It’s all on the blockchain, so you get to keep an eye on your contribution.
- Tax Advantages: According to the IRS, Bitcoin assets are property assets, at least as far as tax is concerned. Plus, unlike selling a Bitcoin and having to pay capital gains tax, a Bitcoin donation allows you to deduct a more exact value come tax season.
The charities now taking Bitcoin donations
Naturally, not every charity offers this option right now. But as time goes on and more people get used to the idea of giving in this way, it’s likely that they will eventually. For now, it can be slightly challenging to figure out which local organizations have jumped on the trend early. Here’s a short list of the largest ones:
- The Greater Cincinnati Foundation
- The University of Cincinnati Foundation
- Ronald McDonald House Charities of Greater Cincinnati
As more charities get on board and see the value of offering donors as much choice in how they want to donate as possible, platforms like the Giving Block will likely keep track of them. So, if you want to donate using crypto but aren’t sure where you can, resources like this one can help. Keep an eye on their platform and consider reaching out to your charity of choice to ask them if they’ll make the new donation method an option for you. Perhaps in the future, there will be ways to support charities using Bitcoin, the same way local Cincinnati craft show events have supported initiatives like the Sweet Cheeks Diaper Bank.
Giving is getting with the times
The world doesn’t work the way it used to when donation boxes in churches and community gathering points were all the rage. Today, most people spend way more time with their noses glued to their screens, working, potentially killing their brains on TikTok and reading articles just like this one. This means charities need to make some forward-thinking changes to reach the givers and continue their vital work supporting Cincinnati communities.
Welcoming donations of Bitcoin or other such currencies is just one way to encourage new, hip generations to continue sharing what they have to spare with the needy in every way possible. There are other digital philanthropic trends also shaking up the established scene:
- Social Media Fundraising: If you’ve ever seen a friend or family member ask their followers to donate to a cause on Facebook for their birthday, you’ll have seen this trend in action. Social media platforms have made spreading the word of a worthy cause an absolute breeze.
- Mobile Giving: Instantly transferring a small donation with the casual swipe of a smartphone is making the act of giving more accessible to everyone, and especially those of us who stumble across a worthy cause while browsing online.
- Recurring Donations: Some charities have taken notes from streaming and subscription sites. It’s quite trendy now to set up a recurring payment with your charity of choice.
Gearing up the next generation of givers
Raising good, charitable members of Cincinnati means staying up-to-date with how donations in the future might look. If you’re curious about Bitcoin donations, consider exploring this new trend with your kids. Ask them which initiatives they think they’d like to donate to as they get older, and think about whether or not your curiosity about crypto donations could be a jumping-off point to discuss the value of giving back to local communities.