The Crohn's & Colitis Foundation accepts donations in the form of cryptocurrency. Read these frequently asked questions to find out more about this donation option.
What is cryptocurrency?
Cryptocurrency is a form of global digital currency that can be exchanged without the use of a central bank. This means that forms of cryptocurrency, such as bitcoin, can be directly exchanged from user to user on peer-to-peer networks, without the need for intermediaries. Transactions are secured and verified through a technology called cryptography and recorded in a publicly distributed ledger, known as a blockchain. The value of cryptocurrency fluctuates.
How do cryptocurrency transactions work?
Users can send and receive forms of cryptocurrency, such as bitcoin, through a mobile app or an online system called a wallet. The Crohn’s & Colitis Foundation has its own wallet to accept bitcoin donations.
Users must have a BitPay or BitPay compatible wallet to make a donation to the Foundation. Check out this listing of BitPay compatible wallets for more information.
Who can donate bitcoin to the Crohn’s & Colitis Foundation?
Anyone around the world who has access to a Bitcoin wallet and has bitcoin to exchange is able to donate bitcoin to the Foundation.
Are U.S. donors eligible for a tax deduction when they make a bitcoin donation?
Yes. The IRS has issued guidelines that bitcoin is to be treated as property for federal tax purposes. Donating appreciated property to charity offers compelling tax benefits, as it allows taxpayers to deduct donated property that otherwise would have been subject to capital gains tax.
When you make a bitcoin donation to the Crohn’s & Colitis Foundation, you will receive an email receipt of your transaction for tax purposes. The receipt will list the amount of bitcoin donated. Speak to your financial advisor for information on how to properly record your bitcoin donation on your personal tax return.
How will donations received by the Crohn’s & Colitis Foundation be used?
Bitcoin donations will fund the Crohn’s & Colitis Foundation’s mission to find cures for Crohn’s disease and ulcerative colitis, and improve the quality of children and adults affected by these diseases.
Is it possible for my donation to remain anonymous?
At the time of donation, donors may select the option to remain anonymous in Foundation public-facing acknowledgements, such as the annual report.