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Forgotten Children Worldwide is now accepting donations via cryptocurrencies like Bitcoin, Ethereum, and many others. Click below to donate crypto today!
(After clicking the button, you will be re-directed to our secure crypto donation platform.)
Cryptocurrency, also known as Virtual Currency or “Crypto,” is a digital asset designed to function as a replacement for fiat (US Dollars, for example) whereby transactions between two parties are verified through a public, distributed ledger, also known as a blockchain. Most people think of Bitcoin when they hear the word “Crypto.” While Bitcoin was the first cryptocurrency introduced, there are thousands of unique cryptocurrencies in circulation, each with its own specific properties and values. Learn more at: https://en.wikipedia.org/wiki/Cryptocurrency
The Engiven platform is a third party vendor provided donation software technology that enables nonprofits to safely and securely receive cryptocurrency donations and then convert those donations into usable fiat currency such as US dollars. Learn more about Engiven here.
Yes. It is lawful for a nonprofit to accept a donation in the form of a cryptocurrency. On March 2014, the United States Internal Revenue Service (IRS) ruled that Bitcoin is treated as property for tax purposes (IRS Notice 2014-21).
For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of donation. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied. Donors who give cryptocurrency donations to Forgotten Children Worldwide will receive an electronic donation receipt (through the Engiven donation platform) in US dollars with comprehensive details about each transaction.
As with any form of electronic payment or transaction, there are risks, however, our vendor Engiven has created certain safeguards they believe are needed to ensure that the transaction is secure. With the transfer of cryptocurrency from donor to nonprofit, Engiven believes the transaction can actually be more secure than many other forms of payment, provided certain protocols are followed:
1) By using the Engiven platform, both the nonprofit and the donor are required to undergo a simple but effective Know Your Customer (KYC) and Anti-Money Laundering (AML) screening which provides a high level of background security to ensure both parties are properly screened.
2) As with any cryptocurrency transaction, when transferring your tokens to Forgotten Children Worldwide's wallet to make a donation, do not expose or share your wallet’s private keys at any time.