The use of cryptocurrencies is increasing in all departments, and the practicality of the technology is also rising. When it started, crypto was mainly used for trading, and hardly any transactions were made with it. But now, cryptocurrencies are being used much more widely for payments, donations, smart contracts, NFTs and more. In fact, the US Country treasurer has also started to accept them as a payment method for donations. Anyone willing to make any donation can use Coinbase to do so. And all the major cryptocurrencies like BTC, ETH, LTC, DOGE are accepted. Crypto donations also open up the campaigns to a lot more donators who are willing to part with their holdings by donations but not by converting to fiat.
The Campaign and cryptocurrencies for donations
The US county treasurer that is accepting cryptocurrencies is from Illinois Lake County. Her name is Holly Kim, and she is now bringing the use of cryptocurrencies to her campaign. Even though crypto was used for donations since 2014, it is being accepted in the campaign for the first time. It is being believed by the authorities there that crypto will open us to a lot of possibilities and will allow for a lot more to happen. Kim has already been trying for years for companies like Mastercard or Visa to start accepting crypto, and now, finally, they are coming around.
Another reason for accepting cryptocurrencies is the growth factor. A lot of time, we will see that a donation’s worth turns out to be a lot more than usual because it was paid in a cryptocurrency that increased in value. Yes, there definitely are downside potential, too, but if campaign managers just hold their crypto donations for a while, it will probably be in green. The best part about the approach followed by the US county treasurer is that she is optimistic about crypto but practical as well. She did clearly say that if something goes wrong, they can easily convert to fiat.
What are your thoughts on the US treasurer accepting cryptocurrencies for donations? And do you think in the near term, this will lead to donations value going up or down? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.