At Bethel Austin, we honor God by giving our first and our best through tithes & offerings. We are so excited to provide this new, fast, secure, and convenient way to give through cryptocurrency.
GIVE TO BETHEL AUSTIN
Use Your Cryptocurrency to Impact a Generation
What is Cryptocurrency?
Cryptocurrency is a decentralized digital form of currency based on blockchain technology. Unlike the U.S. dollar or Euro, no central authority manages and maintains the value of a cryptocurrency. Instead, cryptocurrency is broadly distributed among its users via the internet.
Why does Bethel Austin accept cryptocurrency?
God provides for us in a number of ways—including cryptocurrency! Since cryptocurrency has value, it provides one more way we can worship and honor God through our giving.
Frequently Asked Questions
Is it legal for a non-profit to receive donations in cryptocurrency?
Yes. It is lawful for a nonprofit to accept a donation in the form of a cryptocurrency. On March 2014, the United States Internal Revenue Service (IRS) ruled that Bitcoin is treated as property for tax purposes (IRS Notice 2014-21).
How are cryptocurrency donations treated for tax purposes?
For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of donation. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied. Donors who give cryptocurrency donations will receive an electronic donation receipt (through the Online Giving donation platform) in US dollars with comprehensive details about each transaction.
Is the process for crypto giving safe and secure?
As with any form of electronic payment or transaction, there are risks, however, our vendor, Online Giving, has created certain safeguards they believe are needed to ensure that the transaction is secure. With the transfer of cryptocurrency from donor to nonprofit, Online Giving believes the transaction can actually be more secure than many other forms of payment, provided certain protocols are followed:
- By using the Online Giving platform, both the nonprofit and the donor are required to undergo a simple but effective Know Your Customer (KYC) and Anti-Money Laundering (AML) screening which provides a high level of background security to ensure both parties are properly screened.
- As with any cryptocurrency transaction, when transferring your tokens to make a donation, do not expose or share your wallet’s private keys at any time.
