What You Need to Know About Using Cryptocurrency in Your Nonprofit

In other articles, I've talked about how adding more payment options has helped my organization. By including mobile and online payments, we've seen an increase in donations across our donor demographic. This includes praise for direct debit, debit and credit cards and mobile payment tools.

Now, with the advent of digital currency, also known as cryptocurrency, we began exploring the potential for adding it as a new payment option in our fundraising efforts. Some nonprofit foundations like Beamand the Royal National Lifeboat Institution started accepting Bitcoin as early as 2014. And in 2017, there were stories of more nonprofits starting to migrate to this payment-acceptance method. With numerous nonprofits already using cryptocurrency, it seemed to me like there should be a wider adoption.

With the spotlight on cryptocurrencies like Bitcoin, with a value that has skyrocketed as well as experienced roller-coaster pricing, it led us to tally up the benefits and risks of using cryptocurrency in our nonprofit. Here's what we found.