Recently the UK’s Royal National Lifeboat Institute (RNLI) had some great success on its recent experiment with Bitcoin donations. It’s fantastic to see charities starting to realise the ease of use and efficiency in cryptocurrencies. Low transaction fees makes this a great medium for donating to your favourite charity on line instantly. According to Blockchain.info, the RNLI bitcoin address has received 7.36122515 bitcoin since July 2014.Thanks to the innovation that Bitcoin brings, not only do donations get to charities faster, but they can easily be tracked in real-time through the Block Chain (the engine under the hood that drives the Bitcoin network). This gives supporters and donators unparalleled transparency in how much is being raised and brings new levels of accountability to the charity sector. At today’s Bitcoin market value that makes RNLI better off with £1500+ additional funds raised in donations…Hoooray!!
So why isn’t Bitcoin being used by more charities?
The truth is Bitcoin is still in its infancy and has a long way to go before it is truly mainstream. One of the biggest hurdles for users to adopt Bitcoin is that it appears pretty complicated to use. Dealing with long, gibberish style Bitcoin addresses and securing your Bitcoin wallet seems quite intimidating (except for internet geeks of course). In actuality, it’s really easy and there are a number of exhanges out there e.g Cryptopay, Blockchain. Just remember to keep a record of your wallet and private key.
Using tibdit: our service takes the Bitcoin headache away as tibbers don’t need to know anything about Bitcoin if they don’t want to use it; they can use debit/credit cards in their own currency from mid January. The Bitcoin bit is at the tibbees’ side of the process.
We are really happy to see RNLI are at least experimenting with crypto currencies; we want to see more charities take the plunge and we are working to make online micro-donations as easy and frictionless as possible, as simple as 2 clicks via a tib button on any site and BOOM, you’ve supported your favourite cause, no more complicated than a Facebook “like” or tweet. We want to provide the tools to make the gift economy thrive.
If you know of any charity that you think could really benefit from online micro donations, please let them know about tibdit, or do get in touch with us yourselves! We would love to hear from you.
“A tib a day, means my charity is here to stay”
We wish you every success for the New Year,