Giving is getting a whole lot easier as Bitcoin Tuesday draws near. Set for December 3 to coincide with Giving Tuesday, Bitcoin Tuesday aims to increase awareness of cryptocurrencies among both donors and philanthropic organizations. The observance will be fronted by a number of top nonprofits that are set up to accept donations in crypto. These pioneers will be joined by influencers, sponsors and partners in the crypto community.
Bitcoin Tuesday will help set the stage for the world’s largest cryptocurrency fundraising platform, slated for launch in the coming weeks. More information on how organizations can take part in this public-spirited event is available on the Bitcoin Tuesday platform (http://ccw.fm/aNK8z).
Giving Tuesday is a worldwide day of generosity and, since its inauguration in 2012, has been held on the first Tuesday after the U.S. Thanksgiving holiday. Conceived by the 92nd Street Y and the United Nations Foundation, Giving Tuesday is meant to revive the generosity that inspires the holiday festivities, thereby acting as a counterpoint to the crass commercialization that pervades the season. Now that Bitcoin Tuesday is twinned with Giving Tuesday, donors can give in fiat currencies and crypto. With more ways to give, donations appear certain to multiply.
Undoubtedly, cryptocurrencies are here to stay, enjoying greater acceptance and growing use. As crypto moves into the mainstream, there’s no reason why these digital assets shouldn’t serve mainstream ends as well, including philanthropic pursuit. Yet, even though Giving Tuesday inspires millions around the world to support and give to causes they hold dear, most don’t consider doing so with crypto. Bitcoin Tuesday aims to change that by introducing a way to make crypto donations. This should encourage crypto adoption, and, moreover, when nonprofits accept crypto donations, the world may see crypto in a more positive light.
The benefits of welcoming crypto in the world of giving abound. Nonprofits are likely to generate more revenue, grow their audiences, gain greater attention and attract new partners. Donors will be able to support their heartfelt causes and may find their tax burdens lowered. In addition, their involvement will accelerate the pace of adoption.
Bitcoin Tuesday provides opportunities for sponsors and media organizations, as well. Participating promoters can sponsor a wallet setup or partner with nonprofits, thus gaining access to a wider market. Media organizations will get the jump on competitors, telling their stories in ways that capture and retain their audiences. Sponsors currently include, but are not limited to, Brave, Gemini, Bottle Pay, Inca, CoinTracker, Node40, and Splunk.
Bitcoin Tuesday is the brainchild of The Giving Block, which equips nonprofits with a cryptocurrency donation solution that allows them to accept a variety of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Zcash. The platform also automatically converts crypto to cash and generates tax receipts for donors. Since the IRS treats cryptocurrency as property, there are tax incentives to donating in crypto. Crypto funds donated directly to a nonprofit are generally not liable to capital gains tax.
Bitcoin Tuesday is only the beginning. In the coming weeks, The Giving Block will launch the world’s largest cryptocurrency fundraising platform. The organization is already the world’s largest aggregator of nonprofits accepting crypto, matching donors and charities. The Giving Block will also help nonprofits put together a cryptocurrency fundraising program and build a brand in the cryptocurrency industry.
For more information about Bitcoin Tuesday, visit www.BitcoinTuesday.org
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