How to Accept Crypto Donations on Websites
Alongside money and other physical assets, more and more nonprofits now accept cryptocurrencies like Bitcoin and Ethereum. With cryptocurrency breaking into the mainstream these past few years, it’s a good idea to start accepting crypto donations at your church.
But how do you accept crypto donations, and why is it a good idea? Read on for a complete guide to accepting crypto donations on your church website!
Why Should Churches Start Thinking About Crypto?
Churches should start thinking about crypto because more people are using it to buy goods and services. Additionally, cryptocurrency offers these benefits:
Fast Transactions from Anywhere
Bank wire transfers can take several business days to clear, and your church members may need to use an ATM or go to a branch if their bank doesn’t have a mobile app. Most cryptocurrency transactions take place through mobile apps and only take seconds to clear, which means you’ll receive donations right then and there.
Low Transaction Fees
Cryptocurrency transactions are usually very cheap, with popular currencies like Bitcoin and Ethereum only costing several cents for each transfer. In contrast, bank wire transfers can cost up to 5% per transaction in fees.
Crypto is a borderless currency, meaning people in another country can easily transfer funds to your church without paying high transaction fees. This international availability is essential if your church accepts donations worldwide.
Most cryptocurrency transactions are pseudonymous, meaning your church family can choose not to give their names. Additionally, its pseudonymous nature means your donor database is secure, even if a data leak happens.
Transparent Transaction Records
Cryptocurrency transactions are recorded on a blockchain, which is a tamper-proof digital ledger. Everyone can view the blockchain, so donors know where the money has been and where it’s been transferred to. Additionally, transparent records mean you’ll have an easier time calculating taxes later.
More Giving Options
Giving your church family more giving options increases their likelihood of donating. Crypto can complement bank transfers and in-person donations as another way for church members to give.
What You Need to Know About Crypto
You may have questions before you accept bitcoin donations on your website. Here, we answer some of the most popular questions about cryptocurrency:
What is Cryptocurrency?
Cryptocurrency is a virtual currency often used as a medium of exchange or traded as a commodity.
What is the Best Cryptocurrency, and How Much Is It Worth?
Bitcoin (BTC) is widely considered the most valuable cryptocurrency today, valued at over $37,000 per BTC in January 2022. One bitcoin is very expensive, so most bitcoin transactions only exchange fractions of one BTC.
Where Do You Hold Crypto?
Cryptocurrencies are stored in digital wallets. Depending on your needs, you can choose a digital wallet hosted by a cryptocurrency exchange or a hardware wallet.
Can You Exchange Crypto for Dollars?
You can exchange crypto coins for dollars by selling them on exchanges. Cryptocurrency prices often fluctuate, so the dollar value of your crypto donations may change over time.
Is Bitcoin Stable?
Like most crypto, bitcoin is volatile, and its prices may occasionally fluctuate. If you’re looking for a stable cryptocurrency, choose stablecoins that are pegged to fiat currencies like USD Coin and Tether.
Can You Take Crypto Donations?
You can take crypto donations by posting a digital wallet QR code. Your church members can scan this code on their wallet apps and send crypto coins to make donations.
Accepting Crypto Donations on a Website, Step by Step
If you want to accept bitcoin donations on your website, you need to set it up first. Here’s a step-by-step guide to set your church website up for accepting cryptocurrency donations.
1. Create a Crypto Wallet
Your first step is creating a cryptocurrency wallet. You can make a wallet on cryptocurrency exchanges like Coinbase, Crypto.com, and Binance. Generally, these websites need your name, email address, and password to sign up.
Once you’ve signed up and are verified, take the wallet address from your profile and copy it somewhere easily accessible.
2. Make a Donation Button
Creating a QR code is the easiest way to make a donation button for your crypto wallet. Once you have a QR of your wallet address, you can use free images and graphics from Tithe.ly Media to create an appealing design.
Another common method is creating a QR-free button graphic with the embedded link, so that website visitors can click the button and transfer funds to your crypto wallet.
3. Implement on Website
Once you have a button, put it up on your website. Create a heading that announces your church now accepts donations in cryptocurrencies to catch visitors’ attention and let them know how to donate.
4. Convert Crypto into Fiat Currency
We recommend converting your crypto into fiat currency like dollars as soon as possible. Turning your crypto to dollars immediately helps protect it from market fluctuations, ensuring your donation is fully received.
How Do I Create a Crypto Donation Link?
You can create a crypto donation link by copying your wallet address and posting it on your website. Here are two common ways to do so:
Accepting Donations with QR Codes
A QR code is the most common way to share your crypto wallet address. Here’s how to make a wallet code to post on your website:
- Get your wallet address: Your wallet address location differs depending on the crypto exchange, but you’ll generally find it under the “Receive Cryptocurrency” option. Some exchanges also give you a QR code, but you sometimes need to copy the address manually.
- Create a QR code: If your exchange doesn’t give you a QR code, you can make them on a QR code generator website. Insert your wallet address into the generator, and save the image result.
- Post the QR code: Once you have a QR code, you can post this to your church's social media, website, and other places to ask for donations.
Accepting Donations Through Engiven
Engiven, a Tithe.ly partner, is an easier way to accept crypto donations. Engiven allows your church to easily accept donations in bitcoin and 22 other cryptocurrencies.
If you’re a Tithe.ly user, here’s what you need to do:
- Sign up for an account: Go to the Tithe.ly and Engiven partner page and sign up for an Engiven account.
- Get a donation button: Once logged in, you’ll receive a cryptocurrency donation button linked to your Engiven account.
- Add it to your church website: Place the button on your church website next to the Tithe.ly donate button. Now, website visitors can send donations in bitcoin and other cryptocurrencies.
How Do I Ask for Crypto Donations?
Crypto is merely an additional payment option for donors – you can use it to ask for donations in the following ways:
Write Donation Letters
If you're writing donation requests to more modern companies or younger donors, consider including your digital wallet QR code in your letter. Tell the reader that your church now accepts cryptocurrency donations, and they can give by scanning the code.
Place QR Codes on Your Website
You can place your digital wallet's QR code on your website to announce your church now accepts crypto donations. Placing your QR code on the homepage helps donors find your wallet address more quickly.
Post on Church Social Media
Social media is a great way to announce church events and ask for donations. Post your digital wallet QR code alongside an announcement that your church now accepts donations in crypto, so it reaches your followers.
Many people use cryptocurrency because it offers quick and cheap transactions. You can benefit from this developing technology by accepting cryptocurrency as a donation method, increasing the ways your members can contribute to the church.