What is Bitcoin?
Bitcoin is an innovative payment network and a new form of currency; the first decentralized, digital currency. Bitcoin uses peer-to-peer (P2P) technology to operate with no central authority, banks, or middlemen managing transactions. Bitcoin is open-source; its design is public and transparent, nobody owns or controls Bitcoin, and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses by utilizing instant P2P transactions, worldwide payments and zero or low processing fees.
How will donations received via Bitcoin be used?
Using Coinbase, Friends of the GardenAerial can accept donations directly from the digital wallet of donors via computers, tablets or smartphones. Coinbase also allows Friends of the GardenAerial to instantly convert the digital currency to dollars. For donors, using Bitcoin ensures that 100 percent of every donation goes directly to Friends of the GardenAerial programs and projects. Donations can be made online by visiting www.greentopia.org/donate.
What is Coinbase?
Coinbase is the world’s most popular bitcoin wallet. Coinbase makes it easy to securely buy, use, and accept bitcoin currency. Over 7,000 developer apps, 37,000 merchants and 2 million consumers currently use the Coinbase platform worldwide. The platform also makes it easy and safe to send smaller donation amounts as Coinbase has waived all transaction fees for registered 501(c)(3) non-profit organizations accepting Bitcoin through its merchant tools.
Who can donate bitcoin to Friends of the GardenAerial? Can I donate from outside the US?
Bitcoin is a global payment network, and accepting it enables Friends of the GardenAerial to accept donations from anywhere in the world. If you have an internet connection and a bitcoin digital wallet, you can donate bitcoin to Friends of the GardenAerial.
Will Friends of the GardenAerial make a profit from users’ donations?
No. As a non-profit organization, Friends of the GardenAerial does not make a profit from its activities.
Are US donors eligible for a tax deduction when they make a donation using bitcoin?
In March, the IRS issued guidance that bitcoin is to be treated as a property for Federal tax purposes. Learn more here.
Given the IRS guidance that bitcoin is to be treated as property, donating bitcoin offers compelling tax benefits. Donating appreciated property to charity is an often-overlooked tax strategy. It allows taxpayers to deduct donated property that would otherwise be subject to capital gains tax.
When you make a donation with your Coinbase account, you will receive an email receipt of the transaction.
Donors should consult with a tax advisor for properly recording this donation on personal tax return.
How do donors use bitcoin?
Getting started: Bitcoin payment is different from other payment forms in that donors must send funds to a specific order address. Donors who wish to give to Friends of the GardenAerial via bitcoin must first obtain the specific order address by visiting our site.
Donating: Once the donor proceeds with the contribution, he/she will be presented with a bitcoin address and a 10-minute payment window. Donors then use their bitcoin wallet to send funds to the address within the given time window. Donors can also log into their Coinbase account to complete payment.
Finalizing the transaction: Donors will receive a confirmation email once the recipient is in receipt of the payment (within the allotted time.
How can I buy Bitcoin?
Visit coinbase.com for information on how to buy, sell, and make purchases/donations with a Bitcoin wallet.
Where can I learn more about Bitcoin?
For more information on Bitcoin, you can review this frequently asked questions document at bitcoin.org.