What makes crypto donations better than credit card donations?

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If you’re looking for a special and practical gift, cryptocurrency might be a great option. Currently, more than 29% of Americans own cryptocurrency, and as the world evolves, the adoption of digital cryptocurrencies will become much more common.

People who wish to promote cryptocurrency to others (friends or family) and save a lot of money on taxes may find it to be a nice present. There are several ways you can donate Bitcoin or another cryptocurrency. Let’s examine why it can be more beneficial to donate crypto than credit cards.

Key points:

  • Donating cryptocurrency can yield significant tax savings.

Why donate crypto?

One of the biggest goals of the cryptocurrency business is to build a more balanced financial system by enabling low-cost cross-border value transfers that will assist more individuals to join the global economy and pull the unbanked out of poverty.

The following are just a few of the various explanations for why people and businesses donate cryptocurrency worldwide:

  • Crypto donations are safe and efficient.
    Donating using crypto assets is more secure than doing it with a cheque, credit, or debit card. Due to the high level of security surrounding blockchain transactions, you, your gift, and the organization you are supporting are all protected.

Crypto donations vs credit card donations

The majority of individuals can donate with a credit card, but some also have access to cryptocurrencies. If you have both, which one should you use? To assist you to decide which of the two donation options is best for you, we will compare donating using credit cards and cryptocurrencies in this section.

Features

Intermediary
- Crypto donation: No Intermediary.
- Credit card donation: Goes through financial middlemen.

Security
- Crypto donation: Cryptocurrency’s public and private keys are extremely hard to hack, although they can be lost or accidentally deleted.
- Credit card donation: Although credit cards and their associated numbers can be stolen or misplaced, the issuer often protects against fraud.

Chargeback
- Crypto donation: Not possible.
- Credit card donation: Possible.

Speed
- Crypto donation: Depending on the network, crypto transactions can take up to or less than a minute.
- Credit card donation: Funds can be deposited within one to five business days.

Fees
- Crypto donation: Depending on the currency, low or no fees.
- Credit card donation: Depending on donations, 2.2 to 7.5% per transaction.

According to a new Give.org poll, the majority of Americans across all age categories are concerned about their data privacy. Donating cryptocurrency is a great way to keep your donation confidential, unlike credit cards, which expose the donor’s identity.

How to accept crypto donations with NOWPayments?

Prior to accepting donations in cryptocurrency, you must decide which currency you want to use. It’s best to pay attention to factors such as speed, transaction fees, and popularity among your supporters. You’ll need to create a dedicated or multi-currency wallet to hold your funds. There are plenty of options for every popular coin, both custodial and non-custodial, online and offline. Once you have a wallet address, go to the NOWPayments website and create an account using your email address and wallet.

You can begin using the donation tools as soon as your account is created.

  • Donation widgets enable you to input your API key and embed the code into your website in order to accept donations.

NOWPayments is also offering custom solutions if none of these options are suitable.

To use one of these tools, for example, creating a donation link, go to your account dashboard. In the menu on the left, open Payment Tools and choose Donations.

Customize your link by picking a name and inputting it in the top field. Choose which fields are shown or required from the donor to make the donation or select none. After completing these simple steps, your link is now operational and available for use.

Conclusion

Just a few years ago, cryptocurrency might have seemed like a passing trend, but the blockchain’s private nature makes it the perfect tool for payments and donations. Cryptocurrency investors are now eager to contribute to a worthy cause while maintaining their privacy and security.

Cryptocurrency can be a part of whatever you need to do on your typical day, whether it’s paying for a coffee, giving to your church, or supporting friends, family, or charities through crypto donations.

Try crypto donations NOW

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