Cryptocurrency has become more popular and after several requests from donors, we accept the following cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Zcash (ZEC), Gemini Dollar (GUSD), Base Token attention (BAT), Chainlink (LINK). Blockchain technology is a technology with a global impact: the use of digital assets allows users to send money instantly to anyone in the world without any fees or revealing their identity. Because of these features, cryptocurrencies are perfect for sending crypto donations.
What Are The Benefits Of Donating In Cryptocurrencies?
Anonymity – Based on the anonymity of cryptocurrencies, donors who donate in cryptocurrencies can remain completely anonymous to us.
Simplicity – Over flow crypto donation platform, provides tax receipts via email.
Tax Efficiency – Cryptocurrency donation is not a taxable event, meaning you do not have to pay capital gains tax on the increased amount and can deduct it from your taxes.
Crypto donations increased 1500% in 2022, ETH more popular than BTC
2022 is a big year for the cryptocurrency market with a huge influx of new investors and companies as well as new price records. According to a new survey regarding crypto donations around the world, there’s one more record to add to the list.
The crypto donations survey reports in an annual report that the amount of donations with crypto like bitcoin (BTC) and ethereum (ETH) has risen to a whopping $69.6 million in 2022. It is an increase of 1557% from the $4.2 million from 2021.
The average value of each donation increased by 236% from $3,109 in 2021 to $10,445 in 2022. The over flow organization adds that the average fiat currency donation was just $128 in 2021. On average, crypto owners gave 82x more than fiat currency holders. It should be taken into account here that many people can donate something to charities every month, while only large investors may be willing to donate a part of their crypto.
It is also striking that donations continued to increase each month in 2022. In January 2022, $300,000 in total was donated. By December, that was a staggering $20 million, or 29% of the total. 42% of the total were donated in the last two months of 2022.
According to crypto donations organizations, the increase in donations in 2022 is due to the bull market and as more and more people are venturing into this market, including non-profit organizations. According to the research, by the end of 2022, there were more than 1,000 nonprofits accepting donations with crypto.
There were 70 different cryptos used to make donations in total. Strikingly, more ether than bitcoin was donated in 2021. No less than $30.8 million in ETH was donated compared to the $25.9 million in BTC. In third place is USD Coin (USDC) with $4.7 million. Then follows dai (DAI) at $2.2 million, flow (FLOW) at $1.4 million, solana (SOL) at $1.2 million, gemini dollar (GUSD) at $0.48 million, cardano (ADA) at $0. 41 million and litecoin (LTC) with $0.34 million.