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Article - While Bitcoin has been around for roughly a decade, it has recently become the "flavor of the month" over the last few years, as supporters across the world have been raving about it through social media and other platforms. Bitcoin is a digital currency that eliminates the dependencies of banks, and allows Bitcoin owners to make purchases anonymously. These purchases can be made from well known companies like Dell and Subway or for more illicit purchases like drugs, etc.
While there are many other ways in which Bitcoin and other digital currencies are being used today, one trend that appears to be picking up steam is the use of Bitcoin in the social sector. Bitcoin along with Blockchain has been used for fund raising to nonprofit organizations such as The Red Cross, United Way, Greanpeace and Save the Children (Lamb, 2018). Bithope, which is a crowdfunding site for social and political causes hosts fundraising events which only accept Bitcoin as payment (Lamb, 2018).
Organizations are typically able to receive the entire donation of Bitcoins, as there is no processing fees attached to donations through digital currencies(Lamb, 2018).
While Bitcoin users are able to give anonymously, transparency in charity giving is an area that is being addressed. According to Lamb (2018), "the Bitgive Foundation has launched an initiative called GiveTrack, which they call the 'Bitcoin charity 2.0 initiative. 'According to Bitgive, the system will 'allow donors and the public to trace nonprofit transactions on a public platform in real time to see how funds are spent, ensure they reach their final destination, and track the results generated from contributions' ".
Using Bitcoin for good is certainly something that I believe is pleasing to God; in proverbs 19:17, the bible states " Whoever is generous to the poor lends to the Lord, and he will repay him for his deed". Hopefully we continue to see more positive impacts of Bitcoin on the social sector.
References: Lamb, P. (2018) Transforming the Social Sector: Bitocoin and Blockchain for Good.