Bitcoin is not all about mining hardware or mining for Bitcoin to buy stuff in the easiest way possible. No, it is also about some of the most important issues going on in the world and how this amazing virtual currency can help others.
Nonprofit United Way Worldwide has become the largest organization of its kind to begin accepting Bitcoin for donations. The charity is the largest privately held nonprofit in the world, raising more than $5bn annually. This move makes United Way the largest nonprofit yet to take on the adoption of virtual currencies and make it a viable option for donors.
However, there is no word yet as to whether United Way will be keeping any Bitcoin or if they will convert these immediately to fiat currencies. Bitcoin can be used and transferred instantly and this goes hand in hand with the US-based organization’s cause which focuses heavily on improving education, aiding people reach financial stability and promoting better health.
Bitcoin could become extremely important for a charity such as United Way since moving these cash donations from country to country sometimes means paying high transfer fees that are eliminated altogether when using the popular crypto currency. United Way will be using merchant tools provided by the payment processor Coinbase, who happened to announced a few weeks back that they have dropped all processing fees for registered 501(c) non-profit organizations.