Cryptocurrency for the Greater Good:

Diversify Your Fundraising

A Guide for Accepting Cryptocurrency to Empower Social Impact.

By WeTrust’s George Li, Alfonso Pating, and Leon Di

C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 3

Table of Contents

I N T RO D U CT I O N : 4
WeTrust, Cryptocurrency Donations, and Social Impact

CHAPTER 1: 6
Cryptocurrency and Social Impact by the Numbers

CHAPTER 2: 11
Technical Knowledge You Need to Accept Cryptocurrency Donations

CHAPTER 3: 16
Advantages of Cryptocurrency Donations

CHAPTER 4: 26
Potential Risks to Accepting Cryptocurrency Donations

C H A P T E R 5: 29
Two Options for Receiving Cryptocurrency Contributions

CHAPTER 6: 35
Cryptocurrency Resources for Nonprofit Organizations

C H A P T E R 7: 47
Closing Remarks on Cryptocurrency for Social Impact

CHAPTER 8: 49
WeTrust’s Mission and Contact Information
4 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

WeTrust, If you’re new to WeTrust, welcome.

Our mission focuses on building
Earlier this year, we surveyed our
communitymembers,allcryptocurrency
decentralized financial technologies holders who are driven by social impact
Cryptocurrency that have a positive social impact on and financial inclusion. We found that
the world. We strive to inspire a more 75% of respondents are interested in
Donations and robust blockchain ecosystem and making donations in cryptocurrency,
ultimately help create decentralized and yet, only 21% have donated in
Social Impact financial resources for all. One of our
core focuses within social impact is
cryptocurrency in the last 12 months.
Why such a small number? We think
global financial inclusion. there’s a lack of understanding and
access. So we set out to make it easier
Decentralized technology is still in its for nonprofits to get started using and
nascent stage of development. But accepting cryptocurrency donations.
believe it or not, cryptocurrency has The process isn’t particularly difficult,
been around for 10 years already. but it can be intimidating for someone
We found that 75% of Though cryptocurrency is well who isn’t already familiar with the
respondents are interested established within the tech world, technology.
many people are still intimidated by the
in making donations in technology. This includes nonprofits, Many nonprofits are understandably
cryptocurrency, and yet, who stand to greatly benefit from the concerned about the innate risks
only 21% have donated in use of cryptocurrency. of cryptocurrency and blockchain
technology. Chief on that list is usually
cryptocurrency in the last We want to make it easier for you to the volatility of cryptocurrency coins.
12 months. understand the technology behind This guidebook will help you to better
cryptocurrency, how cryptocurrency understand the benefits, risks, and how
can benefit your nonprofit, and how to start using cryptocurrency — in one
to get started using it. That’s why we easy read.
created this ebook.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 5

If you’re reading this and ever feel

lost or confused, please refer to our
resources for nonprofits and glossary
of terms at the end of this ebook. We
also highly recommend reading these
beginner’s guides on blockchain and
cryptocurrency.

Now that we’ve introduced ourselves,

let’s jump into how accepting
cryptocurrency donations can benefit
your nonprofit. Don’t forget, if you have
any problems or questions, we’re here
to help. You can find us on Telegram
or ask questions in our social impact
community on Discord.
6 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D
CHAPTER 1:
Cryptocurrency and Social Impact
by the Numbers
If you’re reading this ebook, it’s likely
that your main question is whether
or not accepting cryptocurrency
donations will benefit your nonprofit.
We cover the many advantages of
cryptocurrency in a later chapter,
but we wanted to start off with the
numbers.
When we started building Spring,
we were asking the same question
that you are right now: Are there
really people interested in donating
cryptocurrency? So, we asked our
users and social media followers.
Here’s what we found:
7.4% donated more than $10,000 7.4% OVER $10K
What this tells us is that the
majority of respondents will make
small donations. But, there’s also a
significant portion of people who are
interested in donating large amounts
of money. Many early cryptocurrency
adopters have seen rapid growth in
their investment. Those that hold
vast wealth in cryptocurrency want 92.6% UNDER $10K
to spend it constructively, which will
inevitably include donating some to
charity.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 7

HOW OFTER DO YOU DONATE?

20.8%

66.7% donate every month or every few months

The unpredictability of a nonprofit budget can be a major
stressor. Knowing there are donors who want to regularly
39.6% contribute can make budgeting a little bit simpler. The vast
majority of respondents (92.2%) said they donate once a
year or more frequently, so you can count on consistency.

26.4%

Every week Every month Every few months

Every year Every few years Never

 8 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

WOULD YOU LIKE TO INTERACT DIRECTLY WITH THE NON-PROFIT

ORGANIZATION (NPO) OR THE BENEFICIARIES THAT THE NPO IS
HELPING?

28.3%
15.1%
52.9% of respondents would like to interact directly
with the nonprofit
With cryptocurrency, donors can then see exactly the
impact their money is having on the world. With the ability
to track dollars from donors to recipient fund, donors can
get more interaction and value from your nonprofit, with
minimal additional effort from your team.
52.8%

Non-profit Organization (NPO) Beneficiary of the funding

Neither, I just want to donate Individual

and move on
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 9

RATE YOUR LEVEL OF CONCERN IN REGARDS TO DONATION FRAUD

11.3% 11.3% 17% 15.1% 15.1% 11.3%

5.7% 5.7%
3.8% 3.8%

Donors are concerned about fraud

Whether their concern is grounded in research or not, our survey shows that
donors are concerned about fraudulent activity among nonprofits. Because
cryptocurrency can be more easily tracked and traced, you can give donors some
peace of mind.
10 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

IF YOU RECEIVED A DIGITAL BADGE OF HONOR FOR DONATING (ERC-721),

HOW WOULD YOU FEEL?

39.6%
22.6%
17% 18.9%
1.9%

Neutral about digital token of appreciation

Many nonprofits offer a small token of appreciation to Many Cryptocurrency by the numbers can help you to understand
nonprofits offer a small token of appreciation to people who that there are people out there who want to donate in
make a donation. Maybe a hat, t-shirt, or coffee mug. One cryptocurrency. This is an opportunity for your nonprofit.
idea we’ve come up with is to offer cryptocurrency donors a
digital badge of honor.

What we found in our survey is that people are currently

torn over the idea of digital badges of honor. There are
people who strongly don’t care (1) and there are others who
would be motivated or very excited (5) by it.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 11

CHAPTER 2:
Technical Knowledge You Need to Accept
Cryptocurrency Donations

For many technologies we use on a daily basis, we don’t fully

understand their working mechanisms. Think about how much
you know and understand about how the internet and your
smartphone work. Probably not very much — that’s ok. We also
know that not understanding can go hand in hand with fear.

Learning about the technical background and inner workings of

cryptocurrency and blockchain can alleviate fears about using
this new technology. This chapter can get complicated, but
we’re going to simplify as much as possible to make it readable
and interesting. And, if you already understand the basics, feel
free to skip ahead to the next chapter on the advantages of
cryptocurrency donations.
12 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

HOW BLOCKCHAIN AND

CRYPTOCURRENCY WORK

At its most basic, blockchain is a way of recording

transactions on a digital ledger. Each time a
transaction happens over a blockchain network,
computers connected to the blockchain network
perform a complex set of calculations known as
mining to make sure that the transaction is valid. If
the transaction is determined to be valid, it’s added
to the block and recorded on the digital ledger by
every computer on the blockchain.

Using the blockchain, the “balance” of a digital asset in

various accounts (or wallets) can be maintained by every
computer in the network. In addition, every transfer of a
digital asset from one account to another can be validated
and confirmed. Taken together, this means we have a digital
asset that can’t be counterfeit or spent more than once.

The two most globally popular cryptocurrencies are Bitcoin,

which is primarily used for payments, and Ether, which
allows users to both transfer the value of their digital asset
AND run applications on the computers connected to the
Ethereum blockchain.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 13

IS BLOCKCHAIN SECURE?

One of the most common questions people ask when first faced with
any new technology is whether or not it’s safe. Cryptocurrency is a
new form of money. Combine new technology and new money, users
are understandably very preoccupied with the security and safety.

There are multiple features of blockchain technology that make

cryptocurrency transactions secure and trustworthy.

Blocks on the blockchain are connected to every other block on the chain. It’s
incredibly difficult for a hacker to tamper with a single record on this chain,
since they would also have to change every other block connected to the chain.

In addition, everyone using the blockchain has their own private key that acts
like a digital signature. Every transaction is cryptographically “signed” using this
private key.
14 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

Blockchains are DECENTRALIZED. That means the digital ledger is maintained

by a number of peer computers all over the world. To make a change, a hacker
would need access to a majority of those computers and an unfathomable
amount of power.

The distributed ledger and complex mining process prevents counterfeiting and
double spending.

A number of software libraries are used to check the digital contracts processing
cryptocurrency transactions, making sure that hackers can’t exploit unwanted
behavior due to calculation overflows.

Now that you understand how the blockchain works and the security of the decentralized digital ledger, we
hope you feel safer accepting donations and completing financial transaction on the blockchain.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 15

CRYPTOCURRENCY STORAGE AND TRANSFER

Your digital currency is stored in what’s known as a wallet. Just

like the wallet in your pocket or purse, this digital wallet holds
your digital assets.

You can think of your digital wallet like a PayPal or Venmo account. This is where
your funds are stored. When you want to receive cryptocurrency, you give others
your wallet address (also known as a public key) and other users can use it to
send the funds to you. In chapter 5 of this ebook we offer you step-by-step
direction in how to set-up a cryptocurrency wallet.

There’s a lot of new terminology to comprehend when learning about

cryptocurrency and blockchain technology for the first time. None of the
technology itself is overly complicated, but getting mired in the details of
cryptography, hashes, and mining can be overwhelming. At the end of this ebook,
you’ll find a resource guide with links to primers on blockchain technology and
cryptocurrency. We also have a dictionary of common terms if you see words
you don’t recognize.
16 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

CHAPTER 3:
Advantages of Cryptocurrency Donations

As a nonprofit, you have multiple By accepting donations in cryptocurrency

audiences to think about. You have to
consider your internal operations, your
donors, and your donation recipients.
It’s no easy task to balance the needs
of all those groups at the same time.
as a nonprofit, you gain access to a
wider audience of donors, can move
money more easily across borders,
and are able to strategically use an
appreciating asset.

We’ve broken this chapter down

into two sections to help you
deeply understand the advantages
cryptocurrency donations will bring
your nonprofit and the benefits it can
provide to your donors. By marketing
the benefits of cryptocurrency
donations to your donors, you open a
promising new channel for donations.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 17

BENEFITS FOR By accepting donations in cryptocurrency as a nonprofit, you gain

access to a broader pool of donors, you can move money more
NONPROFITS easily across borders, and you’re able to strategically hold an
appreciating asset.

ACCESS A GLOBAL One of the major benefits for charities accepting donations in cryptocurrency
AUDIENCE is access to a large global donor pool. By accepting cryptocurrency donations,
your organization can streamline the acceptance of donations from anyone,
anywhere in the world. Instead of paying international exchange fees, changing
currencies, and dealing with international banks, you can focus on what’s
important — taking care of your community.

This global access to donors is crucial for nonprofits that have a presence
in countries with a comparatively-weak local currency. By making it easier
to donate cryptocurrency and avoid international exchange fees, nonprofits
can expect to attract more donors from countries with stronger currencies.
International donors can also be assured that part of their donation isn’t being
used to pay banking fees.

Exchange rates on fiat currency donation can be expensive, taking from 3%

to 11% of each dollar to pay exchange fees. With cryptocurrency donations,
especially in large amounts, those fees can be substantially lower, making it
more cost effective for charities to accept international donations, and giving
donors the satisfaction of knowing that more of their donation is being spent
on making a difference.
18 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

MOVE MONEY ACROSS

BORDERS

Not only are international transfers costly due to banking and exchange fees,
they can take days or even weeks to complete. Between steep banking fees and
slow processing times, it’s no wonder that charities and donors are interested
in a better way.

Accepting cryptocurrency donations can make moving money across borders

much easier and much faster than international donations in fiat currency.
With cryptocurrency, there’s no need to wait on a bank to verify the transaction
and then to process it. Instead, the transfer of cryptocurrency is verified on the
blockchain and can be completed within minutes instead of days.

Another benefit of using cryptocurrency to move donations across borders is

that they’re insulated from corrupt government actors and political influence.
One of the known risks of donating to international charities is the possibility
that some of the donation might be skimmed to pay off a corrupt government
official. With cryptocurrency, there’s greater transparency and, therefore, less
likelihood of donations lining the pockets of corrupt individuals abroad.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 19

TRACK HOW DONATIONS

ARE USED

On the topic of transparency, the cryptocurrency feature that is most exciting

to many users is the transparent nature of its transactions. Once a transaction
is executed, it will exist forever on the decentralized, digital ledger that is the
blockchain. As a result, donations made on the blockchain are less likely to
be susceptible to unscrupulous charities who misuse funds or outright scams.
Where there are generous people, there are also those who are looking to
take advantage of that generosity, but cryptocurrency donations can foster a
greater degree of transparency.

Cryptocurrency can make tracking funds donated to a charity easier. Since

anyone on the blockchain can see every transaction that’s made, a donor who
sends cryptocurrency to a charity could then track those funds to see how the
money is used. As the cryptocurrency ecosystem grows, it will become easier
to track funds from recipient to recipient.

The transparency of the blockchain has the potential to make donors more
trusting of charities, and in turn, more generous with their donations. This
transparency gives charities a way to connect with donors on a deeper level,
letting them know exactly how their donation goes to support the community
and the cause.
20 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

GROW YOUR CRYPTOCURRENCY FUNDS

LIKE AN INVESTMENT

Since the value of cryptocurrency tends to fluctuate but increase over time, like
most investments, it can be an appreciating crypto-asset for an organization
that is able to hold onto their funds for a time. As with any appreciating asset,
there’s also the potential for depreciation, so you need to be aware of the
market trends and always think strategically.

Donors who bought into cryptocurrency early on, in particular, have seen their
assets grow substantially. For some donors, this massive growth is more wealth
than they’re interested in managing or keeping for themselves. Many people,
such as the Pineapple Fund, have taken to donating those proceeds, which we
think is a truly wonderful way to share the benefits of cryptocurrency.

It might be possible for your nonprofit to take advantage of the potential

for cryptocurrency to gain in value, but it’s important to recognize the risk of
volatility in any asset.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 21

SECURITY

Blockchain transactions are verified by multiple, independent sources before

a transaction is executed. This decentralization is part of what makes the
blockchain so secure. Instead of a centralized entity, such as a bank, checking
transactions, each transaction on the blockchain is verified by a node or user
of the blockchain who maintains an independent record the transactions on
the blockchain. Once they’ve verified that the sender has the funds and the
right to send the funds, the transaction can be approved and completed. The
node takes a small fee for performing this task. In general, transactions on the
blockchain are cheaper and faster than any other digital transfer.

Another security feature of blockchain and cryptocurrency is its immutable

nature. Immutable is a fancy word to describe the fact that the blockchain
ledger cannot be changed or amended. Once a transaction is executed on
the blockchain, it cannot be removed or altered. This characteristic of the
blockchain acts as a security feature because anyone can check the ledger for
every transaction that has been executed on the blockchain and no changes
can be made to past transactions.

The security of blockchain is one reason investors have been drawn to

cryptocurrency and many of those investors are interested in donating funds
through this new secure method of contribution.
22 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

APPEAL TO BROADER
DEMOGRAPHICS

Accepting cryptocurrency opens the doors to accepting donations from

a broader base of contributors. Many early adopters of new technology and
millennials are interested in donating in cryptocurrency, however, they’re lacking
in options of nonprofits that are equipped to receive these contributions. Be
one of the few that do, and we think you’ll see new donors.

Just because cryptocurrency benefits your nonprofit doesn’t mean that donors
are going to be interested in using it. Luckily, there are benefits for donors too.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 23

BENEFITS FOR Understanding how cryptocurrency can benefit donors can help
you as the nonprofit to encourage its use and show donors how
CRYPTOCURRENCY donating in cryptocurrency might be better for them than using
DONORS fiat currency.

ACCOUNTABILITY

Cryptocurrency allows anyone to track donations to see where they’re going

and how they’re being used. Currently, the majority of nonprofits off-ramp
cryptocurrency into local currency, but donors can at least know that the funds
made it to the correct destination.

With continued development, someday, donors will even be able to track

how their specific donation is used and support individual projects within an
organization. This accountability and access helps donors to feel closer to the
cause they’re supporting and may motivate them to make further donations.
24 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

DEDUCT THE FULL VALUE In the United States, cryptocurrency is treated as property, giving it a slightly
OF AN APPRECIATING ASSET different status than cash when considering tax liability. The IRS allows people
WITH CRYPTOCURRENCY to donate property with no tax liability as long as they have owned that property
TAX BENEFITS for over one year. Let’s break this down in plain English.

By donating cryptocurrency that has been held for over one year, donors can
write off the full, fair-market value of the donated property. If the coins have
been held for less than one year, donors would be required to pay tax on the
short-term gains.

If a potential donor wanted to donate but the charity didn’t accept

cryptocurrency, they would need to exchange their coin for cash, incurring a
capital gains tax. For cryptocurrency donations over $500, both the donor and
the receiving charity must file IRS Form 8283 in recognition of the donation of
property over that value.

Charities that don’t accept cryptocurrency are missing out on a donor base
that is interested in making a social impact, and can’t off-ramp their money
without significant loss in value.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 25

ENCOURAGE ADOPTION The dream of every early cryptocurrency adopter is that use of these digital
currencies will become widespread. It’s a bonus that the same technology can
also be used to make the world a better place.

When donors request that charities accept donation in cryptocurrency, it’s

raising the visibility of cryptocurrency and encouraging wider adoption. As
well-known charities promote donating in cryptocurrency, the benefits could
encourage those who haven’t yet started using cryptocurrency to join in.

As a charity, there’s a benefit to being an early adopter: you get access to a

large amount of wealth that other charities don’t yet have access to. There is a
financial and time cost to setting up the technology to accept cryptocurrency
as donations, but being an early adopter can also have its benefits.

Cryptocurrency is still in the early stages of development and use, but there’s
no need to wait; if you’re ready and willing to put in a little effort, accepting
cryptocurrency could gain you access to a global market and a new stream of
fundraising revenue.

Disclaimer: WeTrust and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes
only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and
accounting advisors before engaging in any transaction.
26 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

CHAPTER 4:
Potential Risks to Accepting
Cryptocurrency Donations

For many charities that have already

adopted the use of cryptocurrency
for contributions, the benefits far
outweigh the risks. Though the
risks are few, it doesn’t mean you
should walk in blind to accepting
cryptocurrency contributions. It’s
important to understand the security
of the many cryptocurrency tools on
the market and the volatility of the
asset.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 27

TOOLS

Though blockchain itself is very secure, the tools used to interact with the
blockchain may not be. Cryptocurrency wallets have a history of being unreliable
and hacking scandals are more frequent than cryptocurrency enthusiasts would
like you to believe. It’s important to seek out secure, trusted tools when you begin
using cryptocurrency. The next chapter offers you step-by-step instructions on
setting up your own wallet with examples from two popular wallet providers.

USER ERROR

In conjunction with the tools used to manage cryptocurrency, another issue

faced by many cryptocurrency holders is user error. Who among us has ever
forgotten a password? I bet everyone. For a traditional website, you just hit
the “reset your password” button and all is good. It doesn’t work that way with
cryptocurrency wallets. If you lose your private key, you’re simply out of luck.
Without the key, there’s no way to regain access to your funds. Full stop.

It’s important to keep your private key in a secure, digital and hard copy. You
also need to have a legacy plan in place. If you’re managing the cryptocurrency
wallet for your charity, make sure that someone else knows where the private
key exists and how to access the wallet.
28 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

VOLATILITY

The value of cryptocurrency has been known to fluctuate. This volatility can
make cryptocurrency holders nervous as something that had value yesterday
may not retain that value tomorrow. And, depending on how you look at this
asset, the volatility can be a benefit or a risk.

For nonprofits that off-ramp cryptocurrency to fiat immediately, most of this

risk it mitigated. When you receive cryptocurrency, it should have the same
value when you off-ramp it immediately. That being said, changes can happen
quickly and it’s possible that the cryptocurrency will lose value before you can
off-ramp it into fiat currency.

Over the long term, most cryptocurrency holders view it as an appreciating

asset that will increase in value over time. Unfortunately, similar to stocks,
cryptocurrency can go up in value, but it can also go down.

If you have any concerns that we didn’t address here, don’t hesitate to join our
social impact community on Discord and ask. If you’re thinking you’re ready to
begin, keep reading to learn just how you set-up your account to begin accepting
cryptocurrency donations.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 29

CHAPTER 5:
Two Options for Receiving
Cryptocurrency Contributions

To begin receiving cryptocurrency contributions, you’ll need

a way to store and receive that money. Each option has
certain tradeoffs that it’s important to understand before
choosing your provider.

Depending on the amount of resources your nonprofit has,

your comfort level with blockchain technology, and your
need for security, you may want to choose to use either
a cryptocurrency wallet or exchange. In this chapter, we’ll
offer recommendations and comparisons.
30 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

CRYPTOCURRENCY
EXCHANGE
A cryptocurrency exchange provides
you with ease of use, but may be less
secure and more prone to hacks than
a cryptocurrency wallet. With that in
mind, it’s important to choose a wallet
that has a strong reputation, is widely-
used, and is considered respectable by
a broad community.

COINBASE
Coinbase is one of the most popular digital currency exchanges and wallet providers, and their service is very easy to use.

TO SET UP YOUR DIGITAL WALLET WITH COINBASE:

1 From their website, click “Sign Up”, and fill in the 3 After one more page of personal information and a few
required information. identity verification questions, your account will be ready.

2 They’ll send a verification email to the address you Next, you’ll be taken to your Coinbase dashboard, which
provided. Click the link they provide and you’ll be asked 4 will show how much of each cryptocurrency you have. At
to provide a cell phone number for further verification. present, Coinbase supports only four cryptocurrencies:
Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 31

TO START RECEIVING 1 Click on “Accounts” in the top tab. This will take you to your four wallets,
CRYPTOCURRENCY one for Bitcoin, one for Bitcoin Cash, one for Ethereum, and one for Litecoin.
DONATIONS: 2 Click “Receive” below a wallet to see that wallet’s address. Coinbase will
display both a QR code and a hexadecimal string (letters and numbers)
corresponding to your address.
3 Simply share the wallet address or QR code with contributors, and they can
start donating cryptocurrency into your nonprofit’s Coinbase wallet.

ADVANTAGES OF 1 Easy to use

COINBASE: 2 Well funded and backed by Silicon Valley venture capitalists
3 Provide tax tools to simplify reporting

DISADVANTAGES OF 1 Supports only four types of cryptocurrency, so you can’t receive donations
COINBASE: in other crypto-denominations

As one of the largest cryptocurrency exchanges, you’ll be in good company

setting up a wallet with Coinbase. Many other charities use Coinbase to accept
and hold their cryptocurrency contributions.

If you’re interested in a cryptocurrency exchange but would like one that’s more
charity-minded, we think highly of BitHope. This exchange requires you submit
an application, so use is depended upon acceptance.
32 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

CRYPTOCURRENCY Using a platform or middleman is a great way to begin accepting cryptocurrency

donations, especially if you’re less comfortable with blockchain technology. If
WALLET you’re interested in using a traditional cryptocurrency wallet and have the time
or resources to set it up, you gain extra security and control over your funds.

Though there are many options when it comes to cryptocurrency wallets, the
one we most often discuss at WeTrust is MyEtherWallet.

MyEtherWallet is an open-source interface for generating an Ethereum wallet.

What this means is that the wallet you create is accessible only by you. There’s
no support system to help you manage your wallet or remember your password.
With MyEtherWallet (and other, similar wallets) you interact directly with the
blockchain. This has the benefit of increased security, but the disadvantage of no
support or recovery method.

Once you have an account with MyEtherWallet, you can share your wallet address
with contributors, who can then donate cryptocurrency to your wallet.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 33

SETTING UP MYETHERWALLET:

Start by going to the MyEtherWallet.com and set up an

account. They’ll ask you to provide a password and download
a Keystore file. Please remember your password and keep
your Keystore file in a safe and accessible place.

After that, MyEtherWallet will display your private key.

Copy and paste this private key (it’s the string of letters
and numbers) and save it in a secure place. Consider saving
a digital and physical copy, just in case.

For anyone who’s wondering, the private key shown below is

for a wallet with nothing in it! :)
34 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

FINDING YOUR From MyEtherWallet, click “View Wallet Info” in the upper right hand corner and
MYETHERWALLET then select the “Keystore / JSON File” button. Select your Keystore file, then
PUBLIC ADDRESS enter the password and click “Unlock.” You should be taken to a screen with your
public address displayed at the very top, just below the text, “Your Address.”
Simply copy this public address and provide it to anyone who wants to send
donations to your organization.

By using MyEtherWallet you have a greater risk of losing your funds, compared
to a cryptocurrency exchange, because there’s no recovery system. If you do
decide to use MyEtherWallet, please make sure to keep your keystore file and
private key safe! We can’t emphasize this enough.

ADVANTAGES OF A 1 Your organization can accept donations in a wide variety of cryptocurrencies.

CRYPTOCURRENCY
WALLET: 2 Your organization has complete control of your funds with minimal risk of
hackers and no middlemen.

DISADVANTAGES OF 1 You are completely responsible for keeping your wallet private key. There’s
A CRYPTOCURRENCY NO WAY for you to recover your cryptocurrency if you forget this information.
WALLET:
If you’re not interested in MyEtherWallet, there are plenty of other wallets you
can use to accept contributions. As well, there are desktop wallets such as
Exodus you can use. These types of wallets function just like online wallets. You
provide contributors with the address and they send you donations.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 35

CHAPTER 6:
Cryptocurrency Resources
for Nonprofit Organizations
One of the most important things we want
you to recognize in your journey to accept
cryptocurrency donations is that you’re not alone.

There are many other nonprofits who’ve already made the

leap towards accepting cryptocurrency donations. As part
of our goal for global financial inclusion, we’re constantly
looking for others who are part of the fight.

We want to share with you this coalition of do-gooders

and dreamers. That’s why we’ve put together this resource
list of financial inclusion organizations, charities accepting
cryptocurrency donations, and cryptocurrency companies
focused on the great good.
36
As well, you’ll find a glossary of common terms. Those of us
in the cryptocurrency world speak our own jargon. Getting
to know this industry can be like learning a new language.
Use this guide to help you translate the language into
something more understandable.
As always, if you have any questions, don’t hesitate to
reach out to us directly. We put this together to answer
common questions, but we recognize that it’s by no means
comprehensive. You’ll find out contact information in the
next chapter or you can find us on most major social media
channels.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D
ORGANIZATIONS WORKING
ON MAPPING THE ROAD TO
FINANCIAL INCLUSION
When we launched our Trusted Lending Circle
product for collaborative saving, we had no idea
that we were joining a community of people
focused on using the blockchain for social
impact.
Change isn’t only coming from companies and innovators
but also organizations, nonprofits, and groups of people
gathering to think of new ideas.
Here are some of the groups we’re keeping an eye on.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 37

Blockchain for Social Impact is a one stop shop for anything you want to do
or need while developing a blockchain project for social impact. This group
functions as an incubator, developer, and connector. Financial inclusion is just
one of the many items on their list for social impact.

GPFI or Global Partnership for Financial Inclusion is a group created by the G20
to focus on global financial inclusion. Each year, the GPFI member countries
gather to discuss progress and new technologies that can be implemented to
help them reach their goal. The GPFI has shown a strong interest in blockchain
technology. They even asked our founder, George, to speak at the conference on
a panel in 2018.
38 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

How can you participate in the world if you don’t have an identity? That’s the
main question that motivates the World Identity Network. Part of achieving
global financial inclusion requires that each person has an identity. Through the
use of blockchain technology, WIN wants to give each person in the world an
identity so that they can participate on an equal footing.

OTHERS Unleashing the Wealth of Nations

Children and Youth Finance International
Ye!

There are so many organizations out there that it would be impossible to

name them all. We continue to be amazed by just how many organizations are
motivated to work to make the world a better place.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 39

CRYPTOCURRENCY We’re all in this together. As part of that, we want

to recognize and support our fellow cryptocurrency
COMPANIES BENEFITING companies who are working to make the world a
THE SOCIAL GOOD better place. When we’re all working towards the
same goal, we’re not competitors but collaborators.

Bloom’s tagline says it all: “Take control of your credit and identity.” Building a
decentralized system for tracking financial history and identity doesn’t only make
it more secure, but also more accessible. By decentralizing the system of tracking
financial history and identifying information, you give individuals control. That
means, you don’t have to participate in the system in traditional ways, such as
using a credit card, but can participate in the way that works for you, such as cash
transactions. Bloom is out to change how we track financial history and award credit.
With Bloom, your credit is tied to you, not your bank or your country of residence.

stellar At its core, Stellar makes easy and affordable transactions across borders. Who
doesn’t want that? With Stellar, you don’t have to worry about exchange or
processing fees, even when moving money internationally. Stellar’s contribution to
financial inclusion is two fold: affordable financial transactions and open source
software that anyone can access, integrate, and use. Through these steps, Stellar is
making financial resources more accessible to those who may not have been able
to access or afford them otherwise.
40 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

Most people who are considered unbanked and underbanked can’t access credit
and therefore aren’t eligible for loans. These people won’t be able to buy a home, car,
property, or start a business. That’s where ETHLend steps in. The platform they’ve
built is a peer to peer network for lending using blockchain technology and smart
contracts. No banks and no central authority. You simply lend Ether to anyone you
want to or ask to borrow if you’re in need. ETHLend’s interest rates aren’t based on
geographic location, politics, or personal details. They believe everyone deserves a
low interest rate.

At first glance, Civic doesn’t look like a company that’s working towards financial
inclusion, but identity is a crucial factor in approval for financial resources
and lending. Civic has built a network using blockchain technology that gives
individuals and businesses control over their identity and personal information. You
control and protect yourself instead of a centralized entity. With Civic, you can
protect your identity without a password, username, third-party authenticator, or
physical hardware token. Instead, you use blockchain, biometrics, and multi-factor
identification.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 41

NONPROFITS ACCEPTING Though starting the process towards accepting

cryptocurrencydonations might seem like uncharted
CRYPTOCURRENCY territory at moments, you’re not alone. There are
DONATIONS dozens, if not hundreds, of other nonprofits who
are already accepting cryptocurrency donations.
And, many are making it a prominent part of their
fundraising plan.

The Water Project works to provide clean access to safe, potable water
in Sub-Saharan Africa. Their website makes it easy to understand just what your
donation can provide to communities in need of clean water with these statistics:

Water and Sanitation for a School/Large Community: 3.2034 BTC

Small Community Water Project: 1.6017 BTC
Clean, Safe water for a Family: 0.0224 BTC
Clean, Safe water for 1 Person: 0.0045 BTC

IIf you’re interested in a cryptocurrency donation, you can donate in Bitcoin,

Bitcoin Cash, Ethereum, or Litecoin. The Water Project also recognizes one of the
most important aspects of cryptocurrency: transparency. They provide an app that
allows donors to see how funds, including cryptocurrency, are being used.
42 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

The tagline of the Internet Archive just about says it all: “Universal Access to All
Knowledge.” Just as libraries used to be the repository of all knowledge in the
past, the Internet Archive strives to archive and store millions of books, movies,
software, music, and websites. The Internet Archive accepts cryptocurrency
donations in Bitcoin, Bitcoin Cash, Ethereum, and Zcash. Furthermore, The Internet
Archive stays true to their message by providing visitors to their website with
some information about the history of Bitcoin. And, believe it or not, they’re even
experimenting with paying some of their employees in Bitcoin.

The Free Software Foundation works to support a worldwide mission of computer

user freedom. Don’t be confused by the term “free software,” because this nonprofit
is supporting more than software at no cost. They believe that software users
should have the right to run, copy, study, change, improve, and distribute software.
The Free Software Foundation accepts both Bitcoin and Litecoin donations. On
their main donation page, you’ll see options to donate in cryptocurrency, which, if
you hover over, will provide a QR code and a wallet address.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 43

If you’ve ever worried about your privacy online, you’ll be very interested to know
about the Tor Project. This nonprofit offers people software and an open network
that protects users from traffic analysis. The Tor Project has created a browser for
desktop, a mobile browser for Android devices, a terminal, a library of scripts, and
much more. The Tor Project offers only PayPal and credit card donations on their
main donation page, but if you click the link right below those offerings to other
ways to donate, you’ll see the cryptocurrency donations page.

There’s no nonprofit that’s better than the Electronic Frontier Foundation when
it comes to defending digital privacy, free speech, and innovation. The Electronic
Frontier Foundation has a lot of educational material to help people understand
and learn about online privacy. Navigate to their donate page and you’ll see at the
bottom the option to donate in Bitcoin or Bitcoin Cash. If you’re into it, be sure to
choose some EFF swag to represent your donation and share just how awesome
this nonprofit is.
44 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

Located in Herat, Afghanistan, Code to Inspire trains women aged 15–25 to code.
This nonprofit wants to improve women’s economic and social standing in the
community through practical education. With an ability to work remotely and to
compete with the global tech economy, Code to Inspire enables women to add value
to their families and communities. From their donation page (which is somewhat
hidden in the homepage’s footer), you can donate by scanning the QR code, typing
in the wallet code, or clicking the donate button to go to their BitPay page.

As the largest nonprofit in the United States in 2017, it’s no surprise that the
United Way has jumped on board early and started accepting cryptocurrency
donations in 2014. United Way’s stated purpose is improving lives by “mobilizing
the caring power of communities around the world to advance the common good.”
With a massive website and many projects to look through, the cryptocurrency
donation page isn’t immediately evident. You can type in “cryptocurrency donation”
and “United Way” into Google to find it or, click the link here.

With a focus on health and education, Save the Children is a go-to nonprofit if
you’re passionate about giving children around the world the opportunity to survive
and thrive. Save the Children has programs in the U.S., Africa, Asia, Greater Middle
East and Eurasia, and Latin America and the Caribbean. As with many websites,
donors who want to donate cryptocurrency have to look a little bit harder. Instead
of the donate button, navigate to more ways to help, to ways to give, and then
you’ll see the option to donate with Bitcoin.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 45

GLOSSARY AND One of the most difficult things about understanding cryptocurrency
and blockchain technology is all of the lingo. We’ve put together a
HELPFUL TERMS glossary of helpful terms that you can refer to if the reading seems
too dense. All of the definitions included here are written by us or
taken from BlockchainHub.

Below this glossary, you’ll also find some links to helpful guides. The links will
take you to guides and blog posts that we find helpful but didn’t necessarily
write. As always, if you have questions that aren’t answered here, don’t hesitate
to reach out to us.

BLOCKCHAIN Shared, trusted, public ledger of transactions, that everyone can inspect but which
no single user controls. It is a cryptographed, secure, tamper-resistant distributed
database. It solves a complex mathematical problem to exist. A blockchain is a
perfect place to store value, identities, agreements, property rights, credentials,
etc. Once you put something like a Bitcoin into it, it will stay there forever. It is
decentralized, disintermediated, cheap and censorship-resistant.

BITCOIN The first cryptocurrency, or digital currency, created by Satoshi Nakamoto in 2009.

CRYPTOCURRENCY A digital currency that’s transferred and stored on the blockchain.

46 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

DECENTRALIZED No central authority. This term is often used to describe the digital ledger of the
blockchain. With no central authority, the ledger is decentralized and stored in
multiple locations. This makes the blockchain very difficult, if not impossible, to
change.

DIGITAL SIGNATURE Private keys are used for signing transactions. Each time a transaction is sent
over the blockchain it gets signed by the user’s private key. The signed transaction
is broadcasted over the network together with the corresponding public key.
Each miner is able to verify the signature by verifying the signature with the
public key.

MINING Mining is the process of adding transaction records to Bitcoin’s public ledger
of past transactions or blockchain. This ledger of past transactions is called
the blockchain as it is a chain of blocks. The blockchain serves to confirm
transactions to the rest of the network as having taken place.

FIAT CURRENCY Any money declared by a government to be to be valid for meeting a financial
obligation, like USD or EUR

HELPFUL BEGINNERS Beginner’s Guide to Cryptocurrency Investing by BlockGeeks

GUIDES AND LINKS
Blockchain 101 by HackerNoon
Bitcoin For a 5 Year Old by CoinDesk
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 47

CHAPTER 7:
Closing Remarks on
Cryptocurrency for
Social Impact

All of us at WeTrust think everyday how we can make an

impact on the world around us. We focus on harnessing
blockchain technology and cryptocurrency to bring about
global financial inclusion. But we’re only a small part of
this journey.

As we’ve progressed, refining our products and creating

new ones, we’ve realized a key ingredient was missing.
Community. We’re all in this together, so it’s important
that we can talk, plan, and grow alongside one another.
48 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D

MORE THAN Our community is for more than simply raising money or finding donors. We
want our community to be a gathering place for discussion and growth. This is
RAISING MONEY a place where those focused on social impact can meet one another, socialize,
and discuss ways to have an impact on the world. We decided to build a
community of donors and nonprofits that can work together to solve problems
and discover new ways to innovate.

Beyond donations, we’re creating a community that raises awareness,

considers solutions for the big problems, and is interested in how technology
can be leveraged to improve the world.

STRONGER There are so many others out there who are helping to make the world a better
and more inclusive place. Including you. We’re partnering with nonprofits to
TOGETHER work together and harness our combined powers to make the world a better
and more financially inclusive place. We can’t bring about social change by
ourselves. We must all band together to make it happen.

Cryptocurrency is still a relatively new technology that’s understandably

intimidating to someone who hasn’t worked with blockchain technology before.
We hope that this ebook has made blockchain and cryptocurrency easier to
understand. Our goal was to provide you with resources to better understand
the technology and to help you get started accepting cryptocurrency donations
when you’re ready.

We’re always here to help if you have any questions or concerns on your path
towards accepting cryptocurrency donations. At WeTrust, we’re all working
towards the same goal: a better world for the future. We’re so glad that you’re
interested in being part of that journey.
C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D 49

CHAPTER 8:
WeTrust’s Mission and Contact Information

CONNECT WITH US

WeTrust’s mission is to build decentralized financial

technologies that have a positive social impact on the
world. We strive to build technology that inspires a more wetrust.io
robust blockchain ecosystem, and ultimately helps create
decentralized financial resources for all. One of our core Subscribe to our mailing list
focuses within social impact is global financial inclusion.
We think cryptocurrency and decentralized financial
products can be a leading cause of better access to @wetrustplatform
finances around the world.
wetrustplatform
We have an opportunity to impact the world
together. Work with us as we continue innovating WeTrust Platform
products and solutions that benefit the greater
good. This is just the beginning.
50 C RY P TO C U R R E N CY F O R T H E G R E AT E R G O O D