Contactless money transfer is the way of the future, with more people than ever choosing to carry a digital wallet in their phone instead of a physical one in their pocket. Digital currency is easy to acquire and secure for anyone to use, not just those who are technologically advanced. Not only does virtual currency avoid the spread of germs associated with paper money, but it also makes it much easier and simpler to spend the currency anywhere you like. This isn't limited to online stores, gaming platforms, or big-box retailers. Even churches are starting to accept donations from parishioners in Bitcoin, with the first church to do so making national news. This Mississippi church is setting an example for other places of worship that want to modernize.
What is Bitcoin?
Bitcoin is a cryptocurrency that can be used to pay for goods and services or transfer money to another person or entity. It is a kind of digital money that can be purchased by anyone around the world and the value of the currency is not set by any particular government or bank. The technology behind the digital currency is powered by an open-source code called blockchain that makes it possible to buy, sell and determine the current value of the currency. Blockchain functions as a kind of ledger where all bitcoin transactions are recorded and tracked, no matter where in the world they take place. While some people purchase bitcoin to use as an investment and try to make money from it, others simply use it to spend money without being tracked by a bank or credit card company. There are many digital currencies on the market, but Bitcoin is the oldest and best known among nearly 6,000 options, making it a safe bet for those with little to no experience in cryptocurrency.
How do Churches Accept Bitcoin Donations?
A church is able to accept donations via bitcoin from parishioners after following a few simple steps. In order for a church to accept bitcoin donations, the organization has to set up a digital wallet if one doesn't already exist. This gives the church a unique ID to use in digital transactions. Any parishioners or community members who want to donate via digital currency can send it right to this wallet. This wallet is used to accept the donations to the church and trade the bitcoin received for the equivalent value in cash. With the cash withdrawn, the church can use it as they would any other cash donation towards missions, building improvements, and more.
Should Your Church Use Bitcoin?
It's normal for there to be some apprehension around the use of bitcoin, as there often is with a new kind of technology that's coming onto the market and isn't well known yet by the general public. But over time as usage grows and more people grow accustomed to the idea, Bitcoin is likely to grow in popularity and acceptance, like many of the paradigm-changing technologies that came before. For example, while some people were initially afraid to get rid of traditional landline phone service, now a lot of consumers opt for VOIP service, which only costs a user $20-$30 a month.
Bitcoin is just another innovation that stands poised to change how things are done in the global economy. Along with things like 3d printing and rapid prototyping, these innovations are ready to change how and when we purchase things. The rapid prototyping industry has grown nearly 30% since 2015, and the bitcoin industry is growing at a similar rate.
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