In , around 2 percent of U. One indicator of this growth is Fidelity Charitable, through which individuals open donor-advised funds and support charities in a structured and forward-thinking manner. Perhaps tellingly, a representative of corporate communications stated no recollection of Fidelity research pointing to cultural organizations accepting crypto.
Image: Fidelity Charitable. If the burgeoning popularity of donating crypto to donor-advised funds such as Schwab Charitable and National Philanthropic Trust promises future blessings for non-profits — ones that could potentially benefit cultural institutions since donations to funds can be granted belatedly — other organizations are facilitating the benevolent opening of cryptocurrency wallets in real time. One such initiative is the Giving Block, a leading platform that makes crypto donations simple by arming non-profits with website donation widgets.
Yet a browse through the hundreds of non-profits it represents reveals a paucity of arts and cultural organizations. Image: The Giving Block. At a time when cultural organizations are openly debating the potential implications of NFTs, blockchain technology, and the cryptosphere, the impact of an abstract conversation on century old practices awaits to be seen. In other areas of the non-profit sector, however, many are already experiencing very concrete benefits.
The blog is not a substitute for obtaining any legal, financial or any other form of professional advice from a suitably qualified and licensed advisor. The information on this blog may be changed without notice and is not guaranteed to be complete, accurate, correct or up-to-date.
What does Elliptic's analysis tell us about DarkSide, the cybercrime group that held the US's energy infrastructure to ransom this week? Updated: 15 May Elliptic clients can now use our transaction screening software to Although cryptocurrency can be used for illicit activity, the overall impact of bitcoin and other cryptocurrencies on money laundering and other crimes is sparse in comparison to cash transactions. CryptoPunk - donated to the Ukrainian government Several million dollars in crypto donations have also been received by Come Back Alive, a Ukrainian NGO which supports the military — as described in previous Elliptic research.
Disclaimer This blog is provided for general informational purposes only. May 14, Featured. Mar 11, Featured. Sep 18, Featured. Subscribe to Updates Go.
Crypto payment solutions come with the tools that would project prices based on the current exchange rates of cryptocurrencies, allow customers to make instant payments, and store the funds in predefined storage facilities. Some solutions even go as far as allowing merchants to receive crypto payments in their preferred traditional banks. The second model caters to brick and mortar outlets, thereby allowing customers to physically pay for goods or services with cryptocurrencies.
Therefore, the ideal way to go about this is to provide PoS machines specially designed to work with crypto debit cards. With this, merchants can offer goods to customers who walk into their stores in the hope of using their crypto plastic cards to facilitate payments. Note that the only difference between these models is the inclusion of a hardware device in the latter framework. Other than that, both models incorporate integrations that enable a systemic pathway for crypto transactions ideal for online and physical stores.
In some cases, these platforms incorporate both models to give them better coverage of a multifaceted retail business. While there is no doubt that stores and service providers would have to implement conventional payment processors to appeal to a traditional user base, there is, however, an ongoing debate about the safety and viability of adopting crypto payment gateways.
This argument stems from the assertion that cryptocurrencies are extremely volatile and lack the level of liquidity that fiat money avails. Since cryptocurrencies experience unprecedented price fluctuations, it becomes a tad difficult to peg the crypto equivalence of the prices of goods and services.
More so, there is no guarantee that the crypto price of a product at the time of executing an order would still be valid at the time of processing the transaction. The safety of crypto storage facilities and exchange platforms is also a recurring issue. Merchants are skeptical about incorporating a payment system that makes them susceptible to crypto thefts and scams. This notion holds as retailers would have to convert cryptos to fiat money in exchanges, which might expose them to all sorts of threats.
Besides, holding crypto automatically puts merchants at risk of falling victims to crypto attacks. Although these reservations are valid, nonetheless, there are ways merchants can bypass apparent challenges. First, opting for a quality crypto payment processor allows merchants to circumvent issues relating to volatility. These solutions are adept in facilitating payment services that are free from the effects of price fluctuations.
Regarding the threat associated with crypto payments, viable processors offer a myriad of storage facilities and features that make it a tad difficult for hackers to steal funds. In some cases, crypto payment gateways do not offer third-party custodial services, in turn, providing full autonomy to users.
Also, a majority of solutions enable multifactor authentication systems just as traditional gateways. Likewise, you can transfer funds directly to a hardware wallet, which is perhaps the safest way of storing crypto. Better still, you can convert it to fiat currency and get paid via your bank. Needless to say, the apparent improvement in the security standards of the crypto industry has rubbed off on the crypto payment gateway niche. Having highlighted the fundamentals of the concept of a crypto payment processor and some of the benefits of using one, the next section will discuss factors that you should consider when choosing a platform for your crypto payment needs.
The Jurisdiction and Fiat Currencies Supported Assessing the jurisdiction of crypto payment gateways is the first factor to consider before going all out to subscribe to one. The information garnered from this analysis will help you gauge the compatibility of cryptocurrency merchant services with your business model.
For retail websites or stores catering to a global market, it is ideal to opt for services that have infrastructures in place to ensure that you receive crypto seamlessly from anywhere in the world. However, if you opt for a geo-selective payment gateway, ascertain that it supports your location or the region where you majorly market your products or services.
The Safety of The Crypto Payment Processor We mentioned earlier that security is one of the major challenges of crypto gateway platforms. Therefore, you ought to take the time to research the safety of the crypto payment gateway you are looking to adopt. Ensure that it enables two-factor authentication systems and encryption protocols that hides the details of customers from unauthorized entities. Also, you should opt for a service with a good reputation as regards the tenacity of its security systems.
It is advisable to avoid platforms that have little or no experience in the crypto storage or security niche. This notion is especially true for merchants who would prefer to trust payment processors with their funds. The Custodial Framework of The Gateway Service Based on the custodial framework incorporated, there are two classifications of cryptocurrency payment gateways.
Here, the safety of the funds in question depends on the security measures that the payment processor implements. In this variation, the merchant is responsible for the security of digital assets. In light of the disparity between these two classes of crypto payment processors, we suggest that you determine the framework that best suits your business as well as the upsides and downsides of adopting it.
For merchants who opt for non-custodial services, you ought to ascertain that you have the right tools to ensure that your funds are beyond the reach of hackers. You do not want to adopt a service unable to guarantee instant payment processing capabilities, which is the same as manually giving out your public wallet to customers.
Therefore, it is advisable to find out the average time it takes for the payment gateway under consideration to verify transactions. The Customer Support and The Flexibility of The Payment Gateway As it is with traditional payment gateways, it is imperative to verify the customer support culture of the crypto payment processor you are looking to adopt. CoinPayments offers a multi-cryptocurrency wallet that ensures the security of received currencies in the wallet.
If you want to remain unaffected by market volatility, you can convert it into a stable coin. Read complete CoinPayments review here. Binance Pay is the latest addition in , by popular Binance exchange. If you are from other countries, you can use Binance pay to accept payment on your e-commerce site. At the time of writing, the system is in closed beta but you can get an account by sending an email to the support at [email protected] Binance Pay is available for both peer-to-peer payments and merchant-based transactions.
If you wanna see Binance pay in action, then head over to Travala. Looking at its utility, I believe Binance pay will become a great Paypal alternative. I still feel it would take months before we see more public integration of Binance pay and popular e-commerce sites such as Woo-commerce and Shopify. For now, you may want to keep this on your radar. BitPay is a leading US-based Bitcoin payment processor that has been around since the early days of Bitcoin With the BitPay app, you can accept Bitcoin as payment for more than 40 integrations with popular e-commerce platforms and point-of-sale systems.
Besides, you can convert it into 8 fiat currencies for bank deposits in over 38 countries. You can also explore its multiple other features here. Check your currency, country, and pricing structure here and here. Apart from trading Bitcoin on Coinbase, you can also use it for accepting Bitcoin payments for your business. Coinbase has a merchant app for businesses where you can accept payments in Bitcoin and instantly convert it into fiat to save yourself from price volatility. A variety of options are available for both offline and online businesses to start accepting Bitcoin via Coinbase merchant solutions.
Currently, Coinbase is only available in limited countries. You can integrate this crypto payment gateway easily using free their plugins. You can also generate crypto invoices and get paid from your freelancing job clients. The pricing of NOWPayments is based on the volume your store will carry. The higher the volume, the lower the fees. It provides a wide range of solutions for various types of business needs like plugins for E-commerce , APIs , and point of sale applications with payment buttons for different platforms such as web, Android, and iOS.
It also supports altcoin payments with ShapeShift integration. They also provide Bitcoin payment APIs for personal or business purposes. However, they do not have ready-to-use plugins yet. That being said, they are one of the best and most trustworthy solutions for merchants.
With a little knowledge of programming languages, you can integrate their payment processor for free that also gives you access to their free Bitcoin wallet. SpectroCoin is another Bitcoin payment gateway for merchants based out of Europe. They have a decent customer base and provide a variety of options for businesses. It aims to create alternative payment options for customers and businesses around the world with their ready-to-use solutions such as e-commerce plugins , Bitcoin payment processing APIs , and other payment integration tools.
Currently, SpectroCoin supports withdrawals in the listed countries with different fee schedules. GoUrl is an open-source project that provides unique Bitcoin payment solutions for its users. Based out of the Commonwealth of Dominica, the company provides ready-to-use plugins for E-commerce and APIs along with free customer support for GoUrl payment integrations. Read about businesses that are using GoUrl Bitcoin payment solutions and see their pricing structure.
I will keep updating this list of Bitcoin payment processors as I verify. Keep an eye here on CoinSutra! How has your experience been? Did I miss any major players on this list? Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He has a background in both finance and technology and holds professional qualifications in Information technology.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra. Very useful for giving merchants some options and choice when choosing a payment processor for their store. You did however forget about CoinPayments. Yeah, try this : CoinPayments.
Is there an app that i can integrate into my e-commerce site that will automatically convert the FIAT currency into Bitcoin? I run a site like Alibaba some of the clients are in Africa.
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