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Bitcoin and Coinbase reach out to non-profits

Bitcoin has risen far up the ladder since the “Wild West” days of Silk Road and the Mt. Gox mismanagement fiasco. Coin Desk reported yesterday of activities to promote charitable non-profit groups to accept and benefit from bitcoin contributions. Coinbase will be removing processing fees for contributions to non-profit organizations.

Bitcoin Conference Held In New York City
Photo by Andrew Burton/Getty Images

Coinbase blogged yesterday that non-profit organizations could receive the bitcoin donation transaction cost free and exchange to US dollar without any other charges hidden in the donation. Coinbase stated that bitcoin transfers across borders which will allow the ease of donating to a non-profit should have the extra benefit of saving the non-profit additional costs to receive a donation.

Pay Pal has a fee of a slightly lower rate for non-profits which is 2.2 percent + 30 cents per transaction, down from a standard charge of 2.9% + 30 cents. Credit card transactions incur standard charges of around 1.5-3 percent.

Wikipedia announced yesterday that it would accept Bitcoin for payment. “It has always been important to the Foundation to make sure donating is as simple and inclusive as possible,” stated Lisa Seitz Gruwell, the chief revenue officer. She added in the official statement released: “Currently, we accept 13 different payment methods enabling donations from nearly every country in the world, and today, we’re adding one more: Bitcoin.”

Gruwell also stated to the media that Coinbase would handle the bitcoin transactions. She made it a point to offer that Wikipedia is very conscious of transparency in its financial guidance. The annual budget for Wikipedia is $50 million.

CoinDesk listed a number of smaller non-profits, including Sean’s Outpost and the Women’s Annex Foundation as non-profit organizations that accept bitcoin donations. Dogecoin has been used to support drought stricken Kenya.

Getting on board today with bitcoin is a major UK charity of the RNLI (Royal National Lifeboat Institution). It is one of the oldest charities in the UK. The fleet has 400 active boats which rescues an average of 23 people per day. The RNLI has a tally of saving 140,000 lives since its beginning in 1824. You can go online to The RNLI website and find it has a bitcoin section, complete with a wallet address and QR code. Bitcoin makes it easy to support a long standing and admirable group.

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