Cryptocurrency and donations: How digital currency is changing how we give and receive money
Right now, the world of cryptocurrency is like the Wild West. Just think about all of the modern-day prospectors searching for their fortunes. If you’re looking for gold in the digital world, I’ve got a ton of resources to help you!
In a recent episode of Kim Komando Today, my team and I dish out all the tips you need for a successful crypto career. Basically, now is the best time to jump on the bandwagon. Retailers are also starting to accept digital currency. (We’ve even heard that Amazon will add crypto payment features!)
Get this: Some nonprofit groups are accepting donations through cryptocurrency. I recently spoke to The New York Times about how this can strike a revolutionary match in the world of giving. Here’s what you need to know.
It sounds amazing … but it’s pretty complicated, too
As with all things related to the nebulous blockchain, cryptocurrency donations are hard for laypeople to understand. That’s one of the biggest barriers to donations.
Charities may not have the money to hire IT experts who can figure out how to process these donations. They may not even understand how they work. That means they could be missing out on a ton of cash.
Secondly is the issue of volatility. If you’ve kept up with the news, you probably know that Bitcoin prices are extremely sensitive. They’ll take off one day like a rocket, soaring to new heights.
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The next thing you know, Bitcoin’s crashing down towards Earth, plummeting and hemorrhaging dollar signs in value. Let’s say a charity receives $7 million in Bitcoin on a Friday. Next Monday, it may drop to $6.5 in value. (That’s just an example; we haven’t heard of that happening, but it’s good to keep in mind.)
Overall, they can be tricky for people who aren’t tech heads to understand. They’re also a lot harder to predict than donations made in cold, hard cash. If you donate $7 million in fiat currency, it keeps that value. The same can’t be said for cryptocurrency donations.
Want to learn more about all things crypto?
I’ve been getting many requests to do a deep dive on the Wild West of cryptocurrencies. That’s why I wrote a brand-new “Cryptocurrency 101” eBook just for you! It sheds light on buying, selling and spending cryptocurrency in today’s digital world.
Get it now while you’re thinking about it so you can read it later. There’s no word yet as to which cryptocurrencies Amazon will accept. (Keep in mind, there are over 10,000 different crypto types available.)
I’m proud to say it’s already on the bestseller list! Check it out now and wow your friends with all your insider knowledge.
Crypto is one way to make money, but it’s not for everyone
There are a ton of ways to use your free time to earn extra cash. I did the work and gathered them up for you. Tap or click here for 20 ways to make money online.
We may receive a commission when you buy through our links, but our reporting and recommendations are always independent and objective.
Tags: Amazon, Bitcoin, Blockchain, crypto, Cryptocurrencies, cryptocurrency, digital currency, digital world, donations, eBook, make money online, tech, Volatility
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