One of the biggest distinguishing factors for cryptocurrencies is that they come with a utility. Most projects are part of a movement or a cause. With more Tokens becoming a regular part of our lives and investment portfolios, it is no surprise that crypto projects for philanthropy have become a reality. Blockchain projects for land conservation, minimizing carbon emissions, education, and more charitable causes have popped up. Charity coins like Elongate, Saveplanetearth, and Aquari.io have become viable investments. Investors are now asking the question- How to Donate Cryptocurrency to Charities.
Now that more banks and retailers accept it, you can also use it to give to charities, according to The Wall Street Journal. The first thing to understand is that not all charities accept payments this way yet. Some still don’t, so it is important to ask. One of the easiest ways for you, a donor, to do this is through a donor-advised fund. In addition to giving you a tax deduction, this also allows you to control when the money is distributed.
Chief Wealth Strategist of Capital Wealth, Fred Hubler, Promotes Community Foundations For Crypto Charity
The DAF is also easy to set up. All you need is the key that allows you to access your account and a few forms to get everything started. When it comes to learning some new digital method of doing things, it isn’t nearly as complicated as you might think. Currently, only a few companies accept cryptocurrency directly. Nevertheless, if the charity doesn’t have this capability yet, they should still be able to process the payment through a third-party service. It’s just a matter of whether that extra step will be necessary or not.
Fred Hubler, Chief Wealth Strategist at Creative Capital Wealth Management Group, a Phoenixville-based company offering retainer-based advice and access to accredited investors, recommends his clients find a local community foundation. “For our clients who are interested in philanthropy, one of the additional avenues is a community foundation. Many people are becoming familiar enough with cryptocurrencies, and there are several well-run foundations in the Delaware Valley.” All in all, once you learn what you are doing, the whole process can be even more convenient than donating to charity before.