{"id":235,"date":"2020-10-16T14:57:01","date_gmt":"2020-10-16T14:57:01","guid":{"rendered":"https:\/\/wpmu.mau.se\/nmict202group9\/?p=235"},"modified":"2024-04-19T09:17:06","modified_gmt":"2024-04-19T09:17:06","slug":"cryptocurrency-for-development","status":"publish","type":"post","link":"https:\/\/wpmu.mau.se\/nmict202group9\/2020\/10\/16\/cryptocurrency-for-development\/","title":{"rendered":"Cryptocurrency for development"},"content":{"rendered":"
<\/div>\r\n\n

Estimated reading time: 4 minutes, 40 seconds.<\/p>\n\n\n\n

For many years, Bitcoin has proved to be enigmatic. Is it a capitalist\u2019s dream, a tool for criminals, or the ultimate open source creation? Cryptocurrencies have long been shrouded in controversy and deemed too risky for nonprofit organizations to touch<\/a>, until recently, when many have come round to their benefits<\/a> and started accepting cryptocurrencies as donations. But what potential is there for cryptocurrencies in development? <\/p>\n\n\n\n

Bitcoin basics<\/h2>\n\n\n\n

Before we answer this question, let\u2019s look at the difference between the Bitcoin system and a regular banking system. They are both intended to move payments from one party to another using a database, but the two main differences with Bitcoin are:<\/p>\n\n\n\n

\u201cFirst, the database that is used to record payments between people is public, rather than the privately held account databases of the normal banking system. Second, the intermediaries that change that database are a decentralized network of people (\u201cminers\u201d) running special Bitcoin software, rather than banks running their own private software systems.\u201d <\/p>Scott (2016)<\/em><\/cite><\/blockquote>\n\n\n\n

The Bitcoin system is based on a completely public, decentralized database called a Blockchain, which makes it highly transparent. <\/p>\n\n\n\n

\"Cryptocurrencies
Cryptocurrencies. View image licence.<\/figcaption><\/figure>\n\n\n\n

Nonprofits and cryptocurrency<\/h2>\n\n\n\n

So far, so good. But the system carries with it many risks, which have traditionally led nonprofit organisations to steer clear of it: Bitcoin\u2019s value and stability depends on how many people use it, and since it is not yet mainstream, it is very volatile. This in turn puts people off using it, which in turn means it remains volatile. There have also been security concerns, with Bitcoin having been subject to various security breaches, although this has improved over the years. There are also many questions over how Bitcoin is regulated, taxed and accounted for, all of which could be an administrative nightmare for nonprofits. Added to this, the association of Bitcoin with criminals and money laundering is not something that nonprofits wanted anywhere near their brand.  <\/p>\n\n\n\n

Over time, however, Bitcoin and cryptocurrencies in general have matured, and their reputation softened. An industry has sprung up around them, with organisations like The Giving Block<\/a>, which helps nonprofits to accept cryptocurrencies, and other products enabling nonprofits to minimize volatility, like Stablecoins. Many charities have begun accepting donations in cryptocurrencies, such as Save the Children, UNICEF<\/a> and Oxfam. But what are the benefits?<\/p>\n\n\n\n

Benefits of accepting cryptocurrency donations<\/h2>\n\n\n\n

Cryptocurrencies allow nonprofits to bypass bank fees, move money around the world quickly, and enable donors to track their donations and see where their money goes. In a pilot project by Oxfam, cryptocurrency was used to get aid to Vanuatu:<\/p>\n\n\n\n

\u201cSome 200 residents were given tap-and-pay cards which they could use to unlock the aid payments to buy food from designated local stores via a smartphone app. Previous cash-based payments were delayed and hampered by the need for ID checks and bank visits.\u201d <\/p>Charles Hymas, The Telegraph<\/em><\/cite><\/blockquote><\/figure>\n\n\n\n

For nonprofits, cryptocurrency users are a niche but untapped market, and because of the appreciation of Bitcoins over the years, many of them have Bitcoins to burn. And it\u2019s not just for altruistic reasons that they think of donating Bitcoins to charity; donating them allows donors to avoid paying capital gains tax.<\/p>\n\n\n\n

Some risks are still there, but nonprofits are learning how to manage them<\/a>. For example, wallets – digital tools that can store, send, receive, and sometimes exchange cryptocurrencies \u2013 have to be chosen carefully, taking into consideration factors like privacy rules, fees, vulnerability risk, and control over your money. UNICEF, which was the first organization to accept \u2018crypto as crypto\u2019 and not immediately convert it to a fiat currency, follows the Principles for Digital Development<\/a> \u2013 guidelines agreed to for best practices in technology for development \u2013 in choosing which cryptocurrencies to accept. And to get around the fact that the Bitcoin wallet is anonymous, and the donor could be anyone, UNICEF has put in place rigorous checks that donors need to pass before they\u2019re allowed to deposit Bitcoins. <\/p>\n\n\n\n

\"Blockchain<\/figure>\n\n\n\n

Blockchains 4 development? <\/h2>\n\n\n\n

Cryptocurrencies like Bitcoin have often been associated with free-market capitalism and conservative libertarianism. But they also appeal to those with a more left-wing libertarian view, <\/p>\n\n\n\n

\u201cbecause it has features that potentially allow for non-hierarchal self-organization and peer-to-peer collaboration within a communitarian network structure\u201d <\/p>Scott (2016).<\/em><\/cite><\/blockquote>\n\n\n\n

There have therefore been attempts to build cryptocurrencies that can be used only for cooperative and collaborative enterprises, such as Faircoin<\/a>.<\/p>\n\n\n\n

If we consider the underlying principle of the Blockchain system by itself, however \u2013 and separate from the economic concept of a currency \u2013 in my opinion it opens up more exciting possibilities for development. The transparent nature of a public, decentralized database, could have uses, not just for tracking where donations go, but also for making a wide range of data available, from global corporate supply chain data to land registries. <\/p>\n\n\n\n

More recently, since the global coronavirus pandemic began, there have been many ideas for how Blockchains could help fight the virus, such as apps for monitoring the health of individuals and communities, new approaches for simulating the spread of COVID-19, connecting health providers with suppliers of medical equipment, and validating a person\u2019s immunity to the virus.<\/p>\n\n\n\n

The use of cryptocurrencies for development has been accused of \u2018techno-social solutionism\u2019; for example, by encouraging people in developing countries to opt for an alternative banking system instead of strengthening those vulnerable countries\u2019 regular banking systems. There may be some truth in this, but I believe the real value lies in the transparency that the underlying Blockchain has to offer, and the potential of this has only just begun to be realized. <\/p>\n\n\n\n

Do you know of any other uses for Blockchains in development? Please tell us in the comments below. <\/p>\n\n\n\n

This post is written by Jessica Wright. Find out more about the authors of this blog.<\/a><\/p>\n\n\n\n

References<\/h3>\n\n\n\n

10 Common Misconceptions Nonprofits Have About Bitcoin Fundraising <\/em>(2020). Retrieved October 16, 2020 from Nonprofit Tech for Good, https:\/\/www.nptechforgood.com\/2020\/02\/06\/10-common-misconceptions-nonprofits-have-about-bitcoin-fundraising\/<\/a> <\/p>\n\n\n\n

5 Reasons Why Nonprofits Love Cryptocurrency<\/em> (2019). Retrieved October 16, 2020, from Nonprofit Tech for Good, https:\/\/www.nptechforgood.com\/2019\/08\/22\/5-reasons-why-your-nonprofit-should-embrace-cryptocurrency\/<\/a> <\/p>\n\n\n\n

Amoils, N. (2020). Innovation In Crypto Charitable Efforts For Coronavirus. Retrieved October 16, 2020, from Forbes, https:\/\/www.forbes.com\/sites\/nisaamoils\/2020\/05\/05\/innovation-in-crypto-charitable-efforts-for-covid-19\/#53274d46f641<\/a><\/p>\n\n\n\n

Castellanos, S. (2020). A Cryptocurrency Technology Finds New Use Tackling Coronavirus. Retrieved October 16, 2020, from The Wall Street Journal, https:\/\/www.wsj.com\/articles\/a-cryptocurrency-technology-finds-new-use-tackling-coronavirus-11587675966<\/a><\/p>\n\n\n\n

Cheney, C. (2019). Nonprofits explore the newest fundraising frontier: Cryptocurrency. Retrieved October 16, 2020, from Devex, https:\/\/www.devex.com\/news\/nonprofits-explore-the-newest-fundraising-frontier-cryptocurrency-95789<\/a> <\/p>\n\n\n\n

Cryptocurrency Fundraising: A Beginner\u2019s Guide for Nonprofits<\/em> (2020). Retrieved October 16, 2020 from Nonprofit Tech for Good, https:\/\/www.nptechforgood.com\/2020\/07\/15\/cryptocurrency-fundraising-a-beginners-guide-for-nonprofits\/<\/a> <\/p>\n\n\n\n

Hymas, C. (2020). Charities turn to cryptocurrencies to help donors see where their money has gone and speed up transfers<\/em>. The Telegraph. Retrieved October 13, 2020, from NewsBank https:\/\/infoweb-newsbank-com.proxy.mau.se\/apps\/news\/document-view?p=AWNB&docref=news\/17ADFC2BA01A1BF0<\/a> <\/p>\n\n\n\n

Menegaldo, D. (2019). Benefits of Accepting Crypto + Bitcoin Donations on GivingTuesday. Retrieved October 16, 2020, from Giving Tuesday, https:\/\/www.givingtuesday.org\/blog\/2019\/11\/benefits-accepting-crypto-bitcoin-donations-givingtuesday<\/a> <\/p>\n\n\n\n

Scott, B. (2016). How can cryptocurrency and blockchain technology play a role in building social and solidarity finance?<\/em> (UNRISD Working Paper, No. 2016-1) Geneva: United Nations Research Institute for Social Development (UNRISD).<\/p>\n\n\n\n

Tinianow, A. (2019). Bitcoin Donations Poised To Transform Nonprofits. Retrieved October 16, 2020, from Forbes, https:\/\/www.forbes.com\/sites\/andreatinianow\/2019\/11\/21\/bitcoin-donations-poised-to-transform-nonprofits\/#db9013b58132<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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