What is blockchain technology?
Blockchain, also known as distributed ledger technology, is a database that is shared among nodes of a computer network. Popularized by a person (or a group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency Bitcoin. The implementation of the blockchain within Bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. Once a record (block) has been added to the chain it is very difficult to change. The network checks constantly to ensure all the copies of the database are the same. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As each block contains information about the preceding block, they form a chain, with each additional block reinforcing the ones before it. To be used as a publicly distributed ledger, blockchain is typically managed by a peer-to-peer network, where nodes collectively follow a protocol to communicate and validate new blocks.
What would you need for cryptocurrency donations?
You are a charity, an organization or business that wants to take donations in cryptocurrency? BlockchainCrowdFund.com is the place. Here you will find everything that you will need in order to accept donations in the form of crypto. Before we dive into details, let us start with the basics.
Firstly, you will need a crypto wallet, which is safe and secure enough in order to store and use your coins. No, this is not like the wallet you have in your pocket. The main difference between a pocket wallet and a crypto wallet is that you are not actually keeping your assets inside. Cryptocurrencies and all transactions related to them are stored on the blockchain. This means that the wallet is the key to accessing your funds. There are four types of wallets - Desktop, Hardware, Web and Mobile.
Nowadays, there are several ways to accept crypto for donations. More information can be found below.
Ways to accept crypto
The donation button is a simple donation widget that you can add to your website to receive crypto donations. After the visitor clicks on it, it will be redirected to a page where they will confirm the crypto donation. Every is such a platform. Here is a detailed guide of how to code the button.
Payment processors such as The Giving Block and Engiven help nonprofits accept donations to their own wallet, allowing them to hold onto crypto as an investment, if they wish. For a service fee, these companies handle transactional aspects like automatic conversion to cash and tax receipts and may assist with crafting marketing campaigns to the crypto community.
BitPay and Coinbase offer embeddable checkout experiences with automatic conversion to cash for minimal fees. However, since these are generalized consumer experiences and not specifically created with donations in mind, nonprofits will need to handle donor support, tax receipts, and collection of donor information. This approach is suitable for nonprofits that want minimal fees, and still want an embeddable widget, but don't mind handling the administrative and operational work themselves.
Charities accepting crypto you can check out
What is the future of crowd funding using blockchain technology?
We believe that in a few decades crypto money will replace real money. It’s easier, faster, and more secure. So why continue spending fiat money when it’s possible to use crypto? We can save the headaches from using bank accounts and managing unnecessary documents.
Blockchain allows for the necessary financial transparency to steer clear of fraud and money laundering and still deliver funds to those in need. The future will most certainly include much more crowd funding platforms that accept cryptocurrency than the ones listed above. We are planning our own crypto-friendly donations platform for people to simply connect wallets and spread happiness. Stay tuned!
About Us
We are a team of technologists and creatives who believe in the ability of humanity to reach one other. We think it should be as easy as pressing a button to give assistance to someone in need. If you run into any trouble or have any ideas for this site, please don’t hesitate to contact us here and we’ll get back to you soon!
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