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Are You Prepared to Accept Bitcoin Donations?

Virtual currency can be given to your church without donors paying taxes on gains realized.

Last Reviewed: October 5, 2021
Are You Prepared to Accept Bitcoin Donations?
Image: Getty Images

Virtual currency (sometimes called “cryptocurrency”) is a big new thing, and lots of people are getting into it. And that makes virtual currency very relevant for churches and nonprofit organizations.

But what is it?

Wikipedia defines “cryptocurrency” as a “digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.”

Bitcoin, created in 2009, was the first significant virtual currency. Today, there is a growing number of others. In addition to Bitcoin, a few of the more highly recognized and used virtual currencies are Bitcoin Cash, Ethereum, and Litecoin.

Virtual currencies have experienced major swings ...

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Posted:
  • June 19, 2018
  • Last Reviewed: October 5, 2021

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