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Why South African Non-Profits Should Consider Accepting Cryptocurrency Donations
Economic growth in South Africa has been flat over the last few years, inflation continues to eat into disposable income and businesses are feeling the pinch. As businesses struggle their corporate and social responsibility projects are often placed on hold while private citizens also tighten their belts. This can make it hard for non-profits to raise money and with projects needing funding to keep going many will have to close down or find alternative means of funding.
One option is to tap into the growing international market of cryptocurrency which has made donations and remittance a quick and easy process.
Who uses cryptocurrency?
Right now, the majority of the people who use cryptocurrency are those who would be considered “early adopters.” These are the types of folks who work in tech companies, see computers or the web as a hobby or are very comfortable around computers and the Internet. That being said, the number of cryptocurrency users is growing every day, and more and more people who are less tech-savvy are being introduced to this new currency and realise the potential of the technology.
Should Our Non-Profit Accept Bitcoin Donations?
Right now, accepting or not-accepting Bitcoin donations is not likely to be a make-or-break decision for you. That being said, if your donors tend to skew younger or are generally tech-savvy or “ early adopters,” accepting Bitcoin for donations could appeal to your donor base and lead to more and larger donations.
Cryptocurrency tipping has become popular on many social media sites as well as donations for content creators so why not for non-profits? Several companies have popped-up which make it easy to accept Bitcoin (including Coinbase and BitPay).
Both of these payment processors have lower fees for Bitcoin donations than you will find at any credit card processor (at Coinbase, you can currently receive your first $1 million in donations with no processing charges). Both also make it easy to accept Bitcoin donations and immediately convert them to US Dollars, Euros or any other currency, which can then be handled as you handle other donations.
Setting up a Bitcoin donation page/capability shouldn’t take more than an hour and you can be up and running. This will require a bit of technical know-how during set up and for converting money into fiat but it should not deter you from adding it to your donation methods.
How Do We Get Started Accepting Bitcoin Donations?
Head over to Coinbase or BitPay and sign-up for Bitcoin processing or create your own hot wallet addresses for the cryptocurrencies you would like to accept. Then, set up a special Bitcoin donation page on your non-profit’s website and include “Bitcoin Accepted” logos and links on your donation pages to let people know they can donate using Bitcoin or other altcoins.
How to promote your cryptocurrency donations initiative
Once you have the facilities set up you should start promoting it to a wider audience online and reach out to those who would be more than likely to own and be willing to donate cryptocurrency to your cause or project.
Cryptocurrency projects & communities
Cryptocurrencies have a bit of a tribal appeal with investors becoming advocates of their certain currency and why it is the superior method of exchanging value online. Speaking to these communities on Forums, Reddit, Discord and Telegram can help you get in touch with stakeholders who may be interested in funding your non-profit projects.
Cryptocurrency social media sites
There are plenty of new social media sites popping up with users who are all interested in new ways of using this revolutionary technology. Creating a presence for your NGO and tapping into these social media channels is a great way to get donations.
You can create profiles on sites like:
Once you've reached out to these communties you can keep your profile going by posting updates on projects and milestones you've reached to keep your audience involved and show that their donations went to a good cause. This can also encourage repeat donations and attract new donations to your profile as the word spreads within these communities.
Advertising on traditional marketing channels
Once you've reached out to the specific communities who are advocates of cryptocurrency its time to cast your net a little wider and reach out to the general public through traditional digital channels as well as through outreach. This can be done via Facebook and other social media platforms or using Google Ads which can be pretty effective if you qualify for an NGO Google Grant.
Tell us your startup story
Have you started accepting cryptocurrency for your NGO? How is it going? Do you have any tips you feel should be added to the list? Share it with us in the comments and let's help South African non-profits benefit from your knowledge.
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Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.
If you enjoyed this post and would like to learn more about the world of non-profits and cryptocurrency, then we recommend you check out some of the following articles.
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- Why Venture Philanthropy Can Thrive In A Decentralised Economy