How will donations received via Bitcoin be used?
For donors, using bitcoin ensures that 100 percent of the funds donated go to United Way Worldwide's Innovation Fund, which is transforming United Way and the social sector through technology, relationships, and efficiency. In communities around the world, United Way Worldwide is working to ensure every child has a quality education, every family has a stable income, and people enjoy good health. United Ways’ impact in communities creates real change that goes beyond charity. Achieving our vision for the world – where all individuals and families achieve their human potential – requires innovation powered by new technology and outreach methods. Donations can be made online by visiting www.unitedway.org/bitcoin.
Who can donate Bitcoin to United Way Worldwide? Can I donate from outside the United States?
Bitcoin is a global payment network, and accepting it enables United Way Worldwide to accept donations from anywhere in the world. Anyone with an Internet connection and a bitcoin digital wallet can donate bitcoin to United Way Worldwide.
Will UWW make a profit from users' donations?
No. As a non-profit organization, United Way Worldwide does not make a profit from its activities.
Are U.S. donors eligible for a tax deduction when they make a donation using Bitcoin?
In March, the IRS issued guidance that bitcoin is to be treated as a property for Federal tax purposes. See more here: http://www.irs.gov/uac/Newsroom/IRS-Virtual-Currency-Guidance
Given the IRS guidance that bitcoin is to be treated as property, donating bitcoin offers compelling tax benefits. Donating appreciated property to charity is an often overlooked tax strategy. It allows taxpayers to deduct donated property that would otherwise be subject to capital gains tax.
When you make a donation with your Coinbase account, you will receive an email receipt of the transaction.
Donors should consult with a tax advisor for properly recording this donation on personal tax return.
How do donors use Bitcoin?
Getting started: Bitcoin payment is distinct from other forms of payment in that the donor must send funds to a specific order address. Donors who wish to give to United Way via bitcoin must first obtain the specific order address by visiting this site: www.unitedway.org/bitcoin.
Donating: Once the donor proceeds with the contribution, he or she will be presented with a bitcoin address and a 10-minute payment window. He or she can then use his or her bitcoin wallet to send funds to the address within the given time window. The donor can alternatively log in with his or her Coinbase account to complete payment.
Finalizing the transaction: As soon as the recipient is in receipt of the payment (within the allotted time), the transaction is complete and the donor receives a confirmation email.
How can I buy Bitcoin?
Visit coinbase.com for information on how to buy, sell, make purchases and donations with a Bitcoin wallet.
Where can I learn more about Bitcoin?
For more information on Bitcoin, you can review this frequently asked questions document at bitcoin.org: https://bitcoin.org/en/faq