Why is crypto philanthropy growing globally? Check advantages and current status

News Delhi: In a traditional way, donations are either done in cash or digital to the right organisation. However,  everything has changed after the arrival of cryptocurrencies across the world. The augmentation of cryptocurrencies in the market is changing the old medium of donating money.

In this article below, we will discuss the what are these differences and why many people are opting for crypto philanthropy? Besides this, we will also explore the advantages of crypto funding over the conventional method.

Check the advantages of philanthropy through cryptocurrencies:

-If anyone makes a donation in cryptocurrency, he can solely focus on the cause than selecting the right organisation. The amount is directly reached to those who are in need. The cryptocurrencies switched the traditional donation pattern to cause-centric from organisation-specific.

-This also helps the smaller non-profit organisation to get an equal share in the process.

-In cryptocurrency, the transaction costs are very low. The processing fee on credit or debit card transactions can warry between 2.2 per cent to 7.5 per cent, according to reports.

-In case anyone wants to donate a big amount, there is the provision of fulling KYC and other identification requirements like regular banking obligations. Philanthropy through cryptocurrency does create any legal problems.

Notably, many international charity organisations like UNICEF, Red Cross are now accepting donations in cryptocurrencies.

Current status of crypto donation a big ammount

In the year 2021, the data suggests that 1.300 nonprofit organisations accepted crypto donations. According to reports, the average age of crypto users is 38 in the USA. The age of 60 per cent of the crypto donors are recorded as below 40 years of age.