Salvos IDEAS Crowd

Receive crypto-currency donations

by Anil Arya | 8 months ago | in Archived Ideas
Archived
Open Ideas/S1 - Sep-Nov 2019

As the bitcoin has gained a lot of popularity and facebook is going to launch its own cryptocurrency (Libra), we should consider accepting cryptocurrencies as another form of donation. This would require legal, financial and technical considerations. From Technology perspective, the solutions are easily available (different types of crypto wallets to hold the currency and exchanges to convert into other currencies).

What department are you from?

IT

Who is your target market?

Individuals and organizations who may be interested in donating through cryptocurrencies.

edited on Sep 22, 2019 by Neri Morris

Neri Morris 8 months ago

Interesting concept and one worth exploring given the growth of crypto-currency.

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Simon Fuller 8 months ago

Why doesn't the Salvation Army produce it's own cryptocurrency?
If Facebook can produce it's own cryptocurrency then the Salvation Army can also.
Many people would say that the Salvation Army is more trustworthy than FB (certainly much more trustworthy than many of the news articles appearing on FB).
There are 1600+ cryptocurrencies already available. Why wouldn't you want to join them? - it's like printing your own money.
I'm happy to write the code for this. (I was at uni with the guy allegedly behind BitCoin, studying the same stuff)
You also need to consider exchange costs.
At the moment it costs $15118.48 to buy 1 BitCoin, but if you then want to sell it you will only get $14592.00. That's like a $526.48 exchange fee. Is that per transaction or per BitCoin?
(Wasn't there some guy, a few thousand years back, who got upset at extortionate money changers?)
You also need to consider security. More than a few BitCoin 'Banks' disappeared in the middle of the night, along with the directors of the bank. It seems that cryptocurrency is very portable. $1,000,000 in Bitcoin is like $1,000,000 in cash, but much easier to move.

The Salvation Army should be prepared to accept donations in any currency, but I would recommend immediately converting it into regular currency and not holding any donated cryptocurrency longer than it takes to exchange it. Also the Salvation Army needs to be aware of exchange fees. If it is going to cost more to exchange the donation than the donation is worth, then maybe both parties need to reconsider it.

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Anil Arya 8 months ago

Its a great idea to start its own concurrency. Considering the vast global network of Salvation Army and its goodwill , it's definitely worth exploring.

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Andre D'Cruz 8 months ago

Great idea @Anil. As we move to a more cashless society and the number of charities continues to increase (currently ~54,000! in Australia), we need to find more innovative ways to raise funds.

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Neri Morris 6 months ago

Status label added: Archived

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Neri Morris 6 months ago

Moderation status changed: Removed

Archived.

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Neri Morris 6 months ago

Moderation status changed: Clear

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Neri Morris 6 months ago

Status label added: Open Ideas/S1 - Sep-Nov 2019

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