The Benefits of Bitcoin for Philanthropic Efforts

credit: John Peter Lee, Ltd.

If you've never heard of Bitcoin, well, you're not alone.

The digital currency has become a "powerful tool for philanthropic endeavors," as an article at GiveForward.com puts it, offering "numerous benefits to charitable organizations, donors, and the groups they serve."

Among them: It's easier for donors to give in Bitcoin than with cash, it's cheaper than credit cards, and transactions are recorded on a public ledger, meaning they're transparent.

It's also tax-deductible.

"By leveraging Bitcoin for philanthropic purposes, donors can make a contribution to social causes, even by selling the adoption and popularity of virtual currencies," the article says.

And it's not just in the US: A number of countries, including the US, are already allowing Bitcoin donations to be tax-deductible.

The Bitcoin Foundation, for example, is accepting donations in the virtual currency for a charity of the user's choice.

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