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Record Donation To Donorschoose.org Makes Cryptocurrency Company A Teachers Pet - The Chronicle Of Philanthropy

Record Donation To Donorschoose.org Makes Cryptocurrency Company A Teachers Pet - The Chronicle Of Philanthropy

News and analysis: Cryptocurrency Giants $29 Million Gift Funds Every Request on DonorsChoose.org Cryptocurrency Giants $29 Million Gift Funds Every Request on DonorsChoose.org Chris Larsen, co-founder of Ripple, a company specializing in cryptocurrency, is the worlds richest man in cryptocurrency, according to Forbes, which estimates his net worth at $7.5 billion. Late last night, the crowdfunding website DonorsChoose.org featured more than 35,000 requests from teachers seeking cash for field trips, computers, musical instruments, and even an incubator for chicks. But when the clock ticked past midnight, those requests vanished. All the teachers needs had been answered by a single donor a company specializing in cryptocurrency. The unusual benefactor is Ripple , a San Francisco business that develops global payment networks through which banks, businesses, and institutions make cryptocurrency transactions. The company and its executives agreed to cover the cost of every project on the nonprofits website following an email pitch from DonorsChoose founder Charles Best and just a few weeks discussion. Ripples donation $29 million in XRP, the cryptocurrency it developed is the largest gift in the 18-year history of DonorsChoose. One in six public schools across the country will benefit, according to the nonprofit. Ripples gift of $29 million is in XRP, the cryptocurrency it developed. The gift is also believed to be the largest ever made in cryptocurrency to a single charity and reported publicly. Forbes recently touted Chris Larsen, Ripples co-founder and chair of the company, as the worlds richest man in cryptocurrency, estimating his net worth at more than $7.5 billion. Best says he set the gift in motion in January with an email to Brad Garlinghouse, Ripples CEO. Best Continue reading >>

Crypto-philanthropy: How Bitcoin And Blockchain Are Disrupting The World Ofgiving

Crypto-philanthropy: How Bitcoin And Blockchain Are Disrupting The World Ofgiving

Paul is a nonprofit management consultant, social entrepreneur, and writer. Crypto-philanthropy: How Bitcoin and Blockchain Are Disrupting the World ofGiving Much of the growing interest in bitcoin and other digital currencies has focused on individual financial gain. At the same time there is an exciting trend toward leveraging so-called cryptocurrencies for philanthropic purposes. Not only are a number of charities accepting bitcoin and other digital currency donations, but new philanthropic entities are emerging which utilize digital tokens and their underlying cryptography-based technology, called blockchain , in powerful and innovative ways. Over time these bold experiments have the potential to transform and upend the philanthropic sector. Over the last few years a number of charities and foundations have been trialing bitcoin donations. These include such well-known organizations as the Red Cross, Save the Children, United Way, the Wikimedia Foundation, and the Electronic Frontier Foundation. Once established, an online wallet allows charity institutions to accept bitcoin and other cryptocurrency donations and to exchange them for fiat currencies such as the dollar. In some cases online wallet providers offer 0% processing fees for nonprofits, compared to the 2% or more required by traditional donation processors. This means that potentially 100% of donations can end up in the pockets of charity organizations or donation recipients. Bitcoin donations to charity are also tax deductible and offer donors the added benefit of avoiding capital gains taxes on the dollar amount value of their cryptocurrency donations. While it is difficult to say how much money has been generated through bitcoin and other digital currency donations in the United States, there is eviden Continue reading >>

Bitcoin Charity Donations Soared 10-fold Last Year, Fidelity Says

Bitcoin Charity Donations Soared 10-fold Last Year, Fidelity Says

Bitcoin owners had a very good year in 2017 as the cryptocurrency leapt from $1,000 in January to nearly $20,000 by end-of-yearwhich is probably why some of them are sharing their financial windfall. Donors contributed nearly $70 million in Bitcoin and other digital currencies to their favorite causes last year through Fidelity Charitable, according to a new report by the organization, an independent charitable arm of the Fidelity investment bank. This amounts to a nearly ten-fold increase from the $7 million that people donated last year, says Fidelity Charitable, which helps support more than 255,000 non-profits. The report didnt, however, break out individual recipients or specify how much of the $70 million was in Bitcoin versus other digital currencies like Ethereum. The Bitcoin bonanza is a welcome windfall for charities, of course, but the contributions are also a means for crypto investors to blunt the tax hit they owe on their new fortune. As Fidelity Charitable notes: [the] ability to accept cryptocurrency donations allowed cryptocurrency holders to take advantage of the surge in appreciation to benefit charity. By donating these assets, the donors could eliminate the significant capital gains taxes on the appreciation while giving the full fair market value to charity [my emphasis] As Fortunes The Ledger explained in its Q&A on taxes , Americans who sold cryptocurrency last yearor even converted one type of digital currency into anothermust pay the IRS the taxes they owe on any gains. As with stock sales, the amount owed depends on how long the currency is held. If an owner sells cryptocurrency after holding it less than a year, its taxed as ordinary income, while longer-term holdings are taxed at the lower capital gains rate. Continue reading >>

Top 5 Companies Which Helps You Accept Bitcoin Donationsand How To Doit?

Top 5 Companies Which Helps You Accept Bitcoin Donationsand How To Doit?

Top 5 companies which helps you accept Bitcoin donations And how to doit? NGOs and many other not-for-profit organizations are run by the virtue of donations from people who like do their part by giving back to the society. Unfortunately, the process of accepting donations which is also a financial transaction is constrained by the world of banking protocols. Bitcoins and cryptocurrencies directly address these constraints and are helping organizations get donations seamlessly from across the world. Today, it is possible for any Bitcoin owner siting anywhere to send financial help to a cause which is close to their heart - immediately and without any hurdles which were abundant previously like high transaction costs and complicated formalities. And they are! As the prices shoot up, crypto community is coming forward in a big way and sharing their gains in a generous manner. Reports tell that crypto donations went up by 10x times in 2017. From US olympians to political parties, all are now accepting crypto-currencies to cover for their operational costs. Although Bitcoins are perceived to be highly technical in nature, accepting Bitcoin donations on your website is fairly easy and you can get started in minutes. Here are the top five companies which can help you: Pros: Blockonomics transactions are charged a cheap 1% fee for unlimited transactions, with your first 10 transactions are free. Payments go direct to your own wallet too letting you own your Bitcoins instead of holding it at an exchange. You can customize the button to use own logo and ask customized details from your donors. Cons: Blockonomics does not allow for instant fiat conversion upon payment delivery, meaning youll have to periodically send it to your local bank. Pros: Coingate allows you to customize Continue reading >>

Silicon Valley Galas Are Taking Crypto Donations

Silicon Valley Galas Are Taking Crypto Donations

Many of Silicon Valleys tech moguls, venture capitalists and financiers are still building their empires, and most have decades to go before they have to start worrying about their legacies. But at a gala Thursday night in San Francisco, Americas newly wealthy showed they can raise some serious money to fight poverty in the Bay Area. The nonprofit Tipping Point Community brought in more than $14 million by the next day. Promoting the virtual currencies accepted during the pledge drive. In a sign of just how new much of the wealth is, the organization accepted Bitcoin, Ripple and Ethereum for the first time this year. A whos who of the digital currency world had gathered: Chris Larsen, CEO of Ripple; Brian Armstrong, co-founder and chief executive of Coinbase; Dan Morehead, founder and CEO of Pantera Capital Management; Micky Malka of Ribbit Capital and Ted Janus of J Capital. Its great to see in the Bay Area because this is all about making sure that wealth is getting to people who need it most, and this helps lubricate that goal," Larsen said. Morehead sat one table over. Its a productive and worthwhile application from a nonprofit thats driven by some of the most innovative minds in San Francisco." I think a lot more charities will be accepting crypto in the future," Armstrong said. Micky Malka of Ribbit Capital, Coinbases Brian Armstrong and David Marcus of Facebook Trust me, no one is doing this in New York yet," said auctioneer Lydia Fenet, who made the trip from Christies in Manhattan to lead the donation drive after dinner. The crypto gifts -- made with a QR code printed in the program -- will be converted to dollars and spent within the next fiscal year, Tipping Point spokeswoman Marisa Giller said. The organization raises money from scratch annually to support Continue reading >>

Donationcoin - The Cryptocurrency Of Charity

Donationcoin - The Cryptocurrency Of Charity

Traditional ways of donating to charities, sending dollars and cents, leaves a lot of room for uncertainty and much to be desired. Using Donationcoin you can remove a lot of the uncertainties and gain much certainty your donation is being received as you intended. Thanks to blockchain technologies open ledger, you can verify that your donation, and all of your donation, was received by the charity you intended. No more guessing if some "middle-man" charged some "administration fee" and lessen the impact of your good intention. Donationcoin makes the charities balance public. When you make a donation, you will be able to instantly verify your donation is in the hands of who you intended. It does not matter where in the world the charity is, your donation will cost you and the charity next-to-nothing to send and receive. No stamps to buy. No waiting or, even worse, losing in the mail. No credit card information to expose. In fact, none of your personal information is exposed. Therefore, you have zero risk of identity theft, credit theft, or any theft at all! With Donationcoin, your charitable donation is safe and sound. To get started, the first thing you should do is download a Donationcoin wallet, launch it, and allow it to synchronize with the network. Synchronization will take a long time. Many hours to even a day or more over slow Internet connections. Continue reading >>

Ripple Gives Away 'the Largest Donation Of Cryptocurrency' To Support Public Schools

Ripple Gives Away 'the Largest Donation Of Cryptocurrency' To Support Public Schools

Ripple Gives Away 'The Largest Donation Of Cryptocurrency' To Support Public Schools Cryptocurrency startup Ripple donated $29 mln worth of its own cryptocurrency XRP to support public schools via DonorsChoose charity platform. Blockchain -based payments network Ripple recently donated $29 mln of its own cryptocurrency XRP to support US public schools, fulfilling over 35,000 funding requests from teachers via DonorsChoose charity fund, as reported by ABC7 March 28. We're so happy to give back to teachers like @kinder_roxs and all their students across the country! Help us build on this momentum up by donating to projects on @DonorsChoose and continue the #BestSchoolDay According to CNBC , DonorsChoose will convert the donations into US dollars over the course of two weeks in order to avoid the volatility of the cryptocurrency market, and to comply with the companys policy to sell the donated currency immediately. The donated money will be used to equip more than 30,000 classrooms across all 50 states; approximately one million students are receiving books, school supplies, technology, field trips, and other resources vital for learning through DonorsChoose.org, Ripple said in a public statement March 27. According to founder and CEO of DonorsChoose Charles Best, who sent a donation request to Ripple, the move would be the largest donation of cryptocurrency. San Francisco -based Ripples XRP altcoin token, currently trading at $0.53, is the third largest cryptocurrency by market capitalization, which amounts to over $20 bln at press time, according to the data from Coinmarketcap . Ripple is not the first company to donate cryptocurrency to charity. As previously reported by Cointelegraph, Ethereum (ETH) cofounder Vitalik Buterin partnered with decentralized payment netwo Continue reading >>

Silicon Valley Galas Are Taking Crypto Donations

Silicon Valley Galas Are Taking Crypto Donations

Many of Silicon Valleys tech moguls, venture capitalists and financiers are still building their empires, and most have decades to go before they have to start worrying about their legacies. But at a gala Thursday night in San Francisco, Americas newly wealthy showed they can raise some serious money to fight poverty in the Bay Area. The nonprofit Tipping Point Community brought in more than $14 million by the next day. Promoting the virtual currencies accepted during the pledge drive. In a sign of just how new much of the wealth is, the organization accepted Bitcoin, Ripple and Ethereum for the first time this year. A whos who of the digital currency world had gathered: Chris Larsen, CEO of Ripple; Brian Armstrong, co-founder and chief executive of Coinbase; Dan Morehead, founder and CEO of Pantera Capital Management; Micky Malka of Ribbit Capital and Ted Janus of J Capital. Its great to see in the Bay Area because this is all about making sure that wealth is getting to people who need it most, and this helps lubricate that goal," Larsen said. Morehead sat one table over. Its a productive and worthwhile application from a nonprofit thats driven by some of the most innovative minds in San Francisco." I think a lot more charities will be accepting crypto in the future," Armstrong said. Micky Malka of Ribbit Capital, Coinbases Brian Armstrong and David Marcus of Facebook Trust me, no one is doing this in New York yet," said auctioneer Lydia Fenet, who made the trip from Christies in Manhattan to lead the donation drive after dinner. The crypto gifts -- made with a QR code printed in the program -- will be converted to dollars and spent within the next fiscal year, Tipping Point spokeswoman Marisa Giller said. The organization raises money from scratch annually to support Continue reading >>

Donating Bitcoin To Charity | Fidelity Charitable

Donating Bitcoin To Charity | Fidelity Charitable

How donating bitcoin directly to charity increases the size of your gift Before you sell bitcoin and donate the after-tax proceeds, consider donating your bitcoin directly to charity. This model includes two significant benefits, both for you and the charity: Your tax deduction will be equal to the fair market value of the donated bitcoin (as determined by a qualified appraisal). Your gift to charity will be larger because instead of paying capital gains taxes, the 501(c)(3) charity will receive the full value of your contribution. Theres another upside to donating bitcoin to a public charity with a donor-advised fund program such as Fidelity Charitable: the opportunity to recommend how the contribution is invested and potentially grow it tax-free, ultimately providing greater charitable/philanthropic support. Contributing bitcoin to Fidelity Charitable means your tax deduction and your charitable gift may instantly increase over 20%. Charities are exempt from paying capital gains on the sale of assets, so the full value of your gift stays intact. Consider this example: 1This assumes all realized gains are subject to the maximum federal long-term capital gains tax rate of 20% and the Medicare surtax of 3.8%. This does not take into account state or local taxes, if any. 2Amount of the proposed donation is the fair market value of the appreciated property held more than one year that you are considering donating as determined by a qualified appraisal. 3Assuming a contribution of 100 bitcoin. Alexs tax basis assumed to be $100/bitcoin. If Alex sold 100 bitcoin for $250,000, he would have $240,000 in capital gains and would pay $57,120 in tax. What could this extra funding mean for charity? Depending on the organizations you choose to support, consider this example Support Continue reading >>

Bitcoin & Crypto Donations Hawkeye Wrestling Club

Bitcoin & Crypto Donations Hawkeye Wrestling Club

The Hawkeye Wrestling Club plays a vital role in providing the best coaching, training and resources to our members to provide the best opportunity for them to become World and Olympic Champions. The club has helped produce 13 Olympians, and four Gold Medal Champions. It wouldnt be possible, however, without the generous donations of Hawkeye Wrestling Club supporters. One hundred percent of your contribution goes toward the support of HWC athletes, covering things such as transportation, food, lodging, tournament entry fees, stipends for athletes living expenses, as well as to help offset fees for overseas tours and tournaments. Be part of it all. Help our wrestlers become legendary. The Hawkeye Wrestling Club is a non-profit 501(c)(3) organization. Donations may be deducted from your income tax under IRS's IRC Section 170. After your donation you will receive information either in the mail or by email with forms for tax purposes. If you have any questions regarding donations or fundraising please feel free to contact us at [email protected] and we will email or call you back as soon as possible). The Hawkeye Wrestling Club plays a vital role in providing the best coaching, training and resources to our members to provide the best opportunity for them to become World and Olympic Champions. The club has helped produce 13 Olympians, and four Gold Medal Champions. It wouldnt be possible, however, without the generous donations of Hawkeye Wrestling Club supporters. One hundred percent of your contribution goes toward the support of HWC athletes, covering things such as transportation, food, lodging, tournament entry fees, stipends for athletes living expenses, as well as to help offset fees for overseas tours and tournaments. Be part of it all. Help our wres Continue reading >>

Donate With Crypto To Fight For The Future

Donate With Crypto To Fight For The Future

Warning: Transactions may take a while to complete or incur higher fees if your transaction is processed during a time with heavy network traffic. The Bitcoin network requires transaction fees that can be very high. Small donations may be better sent through Litecoin or Ethereum, which have significantly lower fees. Its not. Donations to our 501(c)(3), Fight for the Future Education Fund , are tax deductible and if you are a U.S. taxpayer, donating with cryptocurrency may also be tax-free (if you donate in the original asset, you may not pay gains on that donation, but we recommend you check with an accountant on the specifics). If youre interested in making a cryptocurrency donation to FFTFEF, please contact us directly. Were paying close attention to the integrity of this page, so copying and pasting should be fine. But if youre planning a very large donation and would like to verify the address, feel free to contact us . Continue reading >>

Accept Crypto Payments And Donations With Coinbase Commerce

Accept Crypto Payments And Donations With Coinbase Commerce

Easily Accept Crypto Donations With Coinbase Commerce Coinbase have launched a new service named Coinbase Commerce . It allows website owners to accept crypto payments and donations by easily integrating Purchase and Donation buttons into their webpages.Website owners can accept payments in any of the four digital currencies currently supported on CoinbaseBitcoin, Bitcoin Cash, Ethereum and Litecoin. This quick tutorial will show you the process of setting up an account and adding your first donation button to your website. The first step is to sign-up for a new account. Existing Coinbase consumer account logins do not work hereyou need to create a new account. Click the Sign-Up button and enter your email, followed by a strong password. Create a new account at Coinbase Commerce. Once submitted, you will need to activate your account by clicking a link in the verification email sent from Coinbase Commerce. After you verify the account, you will taken to your Dashboard and immediately be prompted to complete some security settings. Getting started with Coinbase Commerce requires some security steps. The first step is to secure your account with two-factor authentication. Click the arrow to begin the process. You will be shown a QR code that you can use to add the account to your Google Authenticator app on your phone. Adding two-factor authentication to your Coinbase Commerce account. After clicking Confirm, you will be back at the Getting Started screen, and the next step is to secure your funds. Again, click the blue arrow to begin the process. This involves two steps. First, generate your recovery phrase, then verify your recovery phrase. Click Next to start the process. The two-step process to securing your funds on Coinbase Commerce. You will now be shown a warning Continue reading >>

Crypto Donation - Resonance Science Foundation

Crypto Donation - Resonance Science Foundation

Donate cryptocurrency to RSF and deduct the full present market value against your adjusted gross income without recognizing any taxable gain! We have had many requests from our community around accepting Bitcoin and other cryptocurrencies as donations. We, like you, are excited about the possibilities raised by this new form of distributed blockchain-based currencies and financial transactions and have been listening to your requests and feedback. Accordingly, we are happy to announce that starting today we are accepting donations in the following cryptocurrencies: We can add other cryptocurrencies based on feedback and demand so please let us know if you would like see something added. We are also continuing to investigate the possibility of accepting cryptocurrencies for purchases of RSF services and products and will update you on our thinking here in the coming months. Now for the most exciting part of this announcement! For anyone who is facing the possibility of paying gains on their cryptocurrency purchases you can choose instead to donate those funds to RSF and then deduct the full present market value against your adjusted gross income without recognizing ANY taxable gain. For example, lets say you purchased $100 worth of Bitcoin that is now worth $10,000 your taxable capital gain at sale would be $9900 with an approximate tax due of $3500 to net $6500. Conversely, if you donated that $10,000 worth of Bitcoin to RSF RSF would receive the full value of the donation with no capital gains due and you would receive the full value ($10,000) as a deduction against your income, saving approximately $4200 on your taxes. This means that you are only paying $2,300 to donate $10,000 SUPERFRACTALISTIC! This is, of course, just an example and each situation is unique with Continue reading >>

Third-largest Cryptocurrency Donates $29 Million To Teachers In Need

Third-largest Cryptocurrency Donates $29 Million To Teachers In Need

Third-largest cryptocurrency donates $29 million to teachers in need You can't say cryptocurrencies have never done anything good. Wednesday, education crowdfunding website DonorsChoose.org announced an enormous donation from cryptocurrency company Ripple, and its eponymous cryptocurrency ripple . The company behind the unique crypto, which has quickly risen to be the third-largest alternative currency behind ethereum and bitcoin, announced that it has donated $29 million to fund every project currently posted on DonorsChoose. DonorsChoose allows teachers to ask for crowdfunded donations to give their classrooms books, educational technology, field trip assistance, and more. With Ripple's donation, DonorsChoose said in a statement that all 35,000 classroom requests on the site have been funded. The donations will affect roughly 1 million students and teachers in about 1 in 6 of all American public schools. SEE ALSO: Apple announces new iPad with classrooms in mind "DonorsChoose.org reached out to Ripple, and it is indeed the largest donation that DonorsChoose.org has ever received as well as the largest reported donation of cryptocurrency to a single charity ever," a spokesperson for DonorsChoose said via email. "The projects are currently in the process of being fulfilled thanks to this donation and all requests on the website ... are new." Ripple, in a blog post announcing the donation, hoped its donation would inspire others to follow suit and support those new requests. "You can join us by contributing to the new projects that teachers are already creating on DonorsChoose.org . As part of the #BestSchoolDay campaign, you can give to teachers and students within your community, where you grew up or just because they inspire you," the blog post read. "Were proud to b Continue reading >>

Bitcoin Campaign Donations Pose Potential Fraud Risks

Bitcoin Campaign Donations Pose Potential Fraud Risks

Bitcoin Campaign Donations Pose Potential Fraud Risks Rising bitcoin values have launched a new type of campaign donor: suddenly -wealthy cryptocurrency holders who want to support candidates that value the technology. These virtual currency donations are raising concerns among campaign finance transparency groups who worry bitcoins potential for anonymity combined with a flawed reporting system could mask a wave of fraudulent campaign giving. The Federal Election Commission last offered guidelines but not rules on how to report bitcoin donations in May 2014 when bitcoin was worth about $427, compared to roughly $8,000 today. Gaps in FEC policy around crypto donations mean even if a campaign is trying to be compliant, bad actors could take advantage of cracks, Adav Noti, senior director at the Campaign Legal Center and former associate general counsel for policy at the FEC, told Bloomberg Law. Its much easier to give false information in the bitcoin context, Noti said. As long as the amounts are small, its not a big deal, but if you start getting maxed-out donors through bitcoin, it becomes potentially a very big deal. Noti may be better placed than most to see the potential for abuse. He helped write the FECs 2014 advisory opinion explaining how a nonpartisan political action committee, Make Your Laws PAC, should report bitcoin donations up to $100. One of the biggest shortcomings with the FECs 2014 effort is that it doesnt have teeth to mandate that campaigns use bitcoin collection methods that are subject to traditional know-your-customer rules that banks and other entities must follow, Noti said. Campaigns are required to collect donor information for bitcoin contributions, but it is harder to confirm that information compared to credit cards or checks, he said. Th Continue reading >>

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