We’ve caught up with 2014 (ha, ha) and Dogwood now accepts Bitcoin donations through BitPay!
What IS Bitcoin? Basically, it’s an online currency not attached to a government or a bank, using cryptography to secure communications instead. To prevent cheating, all transactions are recorded on a public ledger verified by many computers around the world so anyone can see every transaction ever made. The core innovation called ‘blockchain’ is a massive peer-to-peer network that records and secures the bitcoin system without central control (i.e. a bank). Users who help secure the network are rewarded with bitcoins proportional to the computing power they contribute to the network.
If the above description of bitcoins read like a foreign language to you but you want to know more, check out this far more simple explanation.
Anyhoo, Bitcoin is quickly becoming mainstream as the financial sector discovers the power of blockchains and as more applications beyond currency are developed, such as civic services like voting, identification and land registry which are all in active experimentation. Dogwood joins many nonprofits such as the United Way and Aga Khan Foundation in accepting the largest cryptocurrency currently in circulation. Bitcoin transactions have lower fees than other payment methods such as Visa or PayPal and allow Dogwood to reach a new donor audience.
We aren’t experts on such techno-wizardry (and luckily we don’t need to be for us to accept bitcoin donations) but there are more resources if you’re interested in diving in. The fact that you’re still reading this blog means you must be. TechCrunch has a series of shorts called Trust Disrupted on the promise blockchains hold for the future.
Not how Bitcoin donations actually work, but we’re hopeful it will look something like this:
NOTE: Currently we only accept bitcoins from donors willing to provide their name and e-mail address – we are examining the impact of BC election rules and accepting anonymous donations. If this is an issue for you, e-mail email@example.com and we will notify you when we can accept anonymous gifts, either after the election or when we determine legality.
Next step, Dogecoin donations FTW. Or maybe not…