How will donations received via Bitcoin be used?
For donors, using bitcoin and bitcoin cash ensures your gift will be applied 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 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?
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.
Donors should consult with a tax advisor for properly recording this donation on personal tax return.
How do donors use Bitcoin?
For donors interested in making a bitcoin donation, here are instructions provided by BitPay, our cryptocurrency vendor.
- Get a wallet: This is basically an app that stores your bitcoin and bitcoin cash. Here are a few that work with BitPay.
- Move Bitcoin or Bitcoin Cash into your spending wallet: Transferring your BTC and BCH is easy. Now that you have a spending wallet, you'll want to send your cryptocurrency there.
- Make a payment: depending on which device you're using, you can either scan a QR code, open your wallet app directly, or you can copy and paste the URL for the invoice.
Don't worry, it's easier than it sounds. If you run into issues, email email@example.com for assistance.
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