While cryptocurrency may have started as a niche interest, many in the established financial system have taken notice of its rise. Popular peer-to-peer money sending platforms like Paypal, Cash App, and Venmo have all rushed to add support for cryptocurrency, putting crypto firmly into the hands of the masses.
Among those who have taken notice of crypto’s rise is New York based philanthropist Sam Levin. Sam, along with his team of cryptocurrency experts based in Europe, have made the world’s first crypto charity platform called BitDonate. “There is about $2 trillion in the cryptocurrency market.” Sam says “Why shouldn’t more of that go to tzedaka?”
Over 100 non-profit organizations have already signed up for their free BitDonate accounts to receive donations ranging from a few dollars to one handsome gift of 3 BTC. As far as the charity is concerned, they don’t even have to know what cryptocurrency is. All the charity has to do is sign up for a free account at BitDonate.com, put the link to donate on their site, and as soon as someone donates, the cryptocurrency is converted instantly, the charity is immediately notified, and is in the charity’s bank account within 3 days.
Giving charity through BitDonate is just as easy. With the ability to give crypto to over 1.5 million nonprofits listed on BitDonate through Guidestar’s database, a potential giver has many options available to them. Giving crypto to charity in this way can also have potential tax benefits for holders of crypto (of course, always consult a tax professional). BitDonate can facilitate donations in all the popular coins such as Bitcoin, Ethereum, Doge, and many others.
Sam sees himself as part of the trend of simplifying financial technology for the masses. “Ten years ago,” Sam tells me, “if you would tell a typical charity organization that most of their donations would be through a credit card, they’d laugh at you. Now, every tzedakah collector in shul has a credit card reader.”
Many believe that the success of crypto as a currency largely depends on how widely accessible it is and how easy it is to use. People should be able to give and receive it confidently without knowing how it works or being a crypto expert. Dozens of apps and platforms have sprung up in recent years to make this a reality in a variety of fields. And now, we can give and receive tzedakah in Bitcoin as well.