Are you looking for new sources of financing for your nonprofit? Or are you willing to make a positive input, reach out and help people, who are in need? In both cases, the answer is fundraising.
Let’s talk about Bitcoin fundraising and how it works. Bitcoin fundraising can stream in several directions — fundraising for the further development of the Bitcoin industry or raising BTC for the sake of common social and environmental causes.
There are numerous ways of starting a Bitcoin fundraising project; however, there are pitfalls that one should be aware of when gathering funds for whatever beneficial cause. That’s being said, here are some tips when launching a Bitcoin fundraising project:
1. One goal, one achievement
Pick one specific task that you want to fulfil with a strict timeframe and a metric for the progress of the project. Dedicate yourself to that concrete goal and work hard towards it. By setting the SMART objectives, you will easily comprehend what to do. Very soon you will be able to evaluate what has been done.
Make sure to pick a team that will share your vision and passion. The Bitcoin world very often attracts utopian idealists and indecisive youngsters lacking a clear concept, organisational skills and the capability of executing the projects from the beginning to the end. Fundraising, especially in developing countries, is often a full-time job that requires focus and significant effort. It is most likely done by experienced volunteers and non-profit professionals, who are knowledgeable about the specific challenges of a particular community or region.
Remember that Bitcoin can be a confusing concept for people, who are not involved in cryptocurrency. Be explicit when conveying your ideas, goals and achievements. Make sure that your target audience understands your concept, framework and business model.
4. Transparency and accountability
There are standard procedures that the project manager should follow when receiving donations in BTC. These schemes aim to make the accounting process transparent and viable. Clarity and transparency are crucial in any fundraising and often has a significant impact on the success of the project. Those, who donate the funds what to know how the money is spent and whether it is going to the right place. Legal charity organisations must be registered will the local authorities and should receive a charity certificate from the local governmental institution.
5. Look around
There is a great variety of fundraising projects with strong support networks, infrastructure and networks. Maybe it would be more efficient to join an existing project than establishing something from the ground zero. Projects such as Sean’s Outpost and Bitgive Foundation are considered to be well-established Bitcoin-focused projects, whereas other ones are simply supported by exchanges or other entities with the Bitcoin industry.
Here are few examples of fundraising projects:
Cryptor Trust Inc. is a global crypto think tank and investment company in Bitcoin and crypto-related assets. The Foundation is dedicated to funding research, development and outreach activities. It also starts and supports educational programs as well as develops the Bitcoin economy on a global scale. The Foundation is committed to empowering local communities across the world. The Foundation has representative bodies in different regions and countries, including Latin America (excluding Brazil), Europe, Africa, North America, Asia Pacific (excluding India), Middle East; India and Brazil.
The Water Project raises BTC for the sake of a common social and environmental cause. The Water Project is a non-profit organisation working hard on various sustainable water projects in sub-Saharan Africa, where clean water and proper sanitation remains an urgent issue. The charity assists communities in digging wells, constructing small sub-surface dams, catching rain, protecting fresh-water springs, filtering surface water and maintaining proper sanitation and hygiene.
These are only two projects among many of them. So if you willing to dive into this fascinating opportunity and contribute to making the world a better place for living, that will undoubtedly aid you.