Interested in Donating Cryptocurrency to War Child?
A donation of Bitcoin or another cryptocurrency to War Child will directly support our mission to protect and support children affected by war. You can read more about our programs here, and if you have any questions at all please don’t hesitate to get in touch.
Digital, or “crypto” currencies are growing in popularity. Bitcoin is the most well known cryptocurrency, but it is just one of more than 1,500 currencies with that number rapidly increasing. If you’re new to the world of bitcoin and cryptocurrency, below is an FAQ that you may find helpful. There are also answers to questions you might have about tax receipts and management of funds.
Donating less than $10,000 (USD) worth of Bitcoin? You can give securely through out Bitpay donation page.
Donating more than $10,000 (USD) worth of Bitcoin or any other currency? Contact us directly and we’ll put you in touch with the team at CHIMP who can facilitate the transfer and tax receipting on our behalf.
If you want to give BTC directly and anonymously, our wallet address is: 1HEvEmquPddVJ7LqseK35avMUvpKxbFcSE
Mining for War Child and Donating Other Cryptocurrencies
If you’re interested in mining cryptocurrency for us, please get in touch! We can discuss the options you have and help you get started. If you are interested in donating Ethereum, Litecoin or another cryptocurrency please get in touch to discuss the best way to do so.
- What is cryptocurrency?
It is a digital form of currency not backed by any central government or bank. While buyers and sellers of cryptocurrency often refer to “coins” there is no physical paper or metal currency, it is simply a term given to a discrete denomination – 1, 10, 100, etc. Whether or not a cryptocurrency has intrinsic value is debated, but the fact of the matter is that at the time of writing this FAQ, an individual can buy and sell cryptocurrency using actual dollars. Because it is not backed by a government (like a Canadian dollar) or a specific product or service (like stocks or securities), the value of cryptocurrency is highly unpredictable.
- How can I earn or buy cryptocurrency, and is it a good investment?
The quickest way to get started with cryptocurrency is to register yourself on an exchange. From there, you can purchase cryptocurrency – often Bitcoin – using a credit card or other means. You can then buy and sell other forms of cryptocurrency listed on the exchange and eventually deposit your earnings into a bank account. It is also possible to earn cryptocurrency through a process called “mining” or, some people earn bitcoin by asking for payment in the form of bitcoin rather than cash. Whether or not it is a good investment is a decision you should come to with a trusted financial advisor.
- Isn’t cryptocurrency illegal?
No it is not illegal, but failing to report the assets and any gains/losses to the Canada Revenue Agency and pay the appropriate taxes is. Please consult with a financial professional if you have more questions about this. Because cryptocurrency can be transferred anonymously anywhere in the world, it has been used by criminals to facilitate illegal activity. Just as with any donation of any kind (cash, property, in-kind, etc.) War Child maintains the right to refuse any gift that does not adhere to our gift acceptance policies.
- What does War Child use cryptocurrency donations for?
Donations are invested in the area of most urgent need. For donations of $50,000 or greater we are are open to discussing a restricted gift to a certain country, program or population. If you would like to discuss setting up an endowment fund, launching operations into a new country, or a multi-year investment please contact Brock Warner at firstname.lastname@example.org.
- Does War Child convert cryptocurrency donations into Canadian dollars?
Yes. We have urgent program needs that require funding in the form of Canadian or US dollars. If you want to propose or discuss alternatives, feel free to reach out to email@example.com to talk.
- What is Blockchain?
Blockchain is the code and network that cryptocurrency is exchanged on. One very simplified way to think about it would be that cryptocurrency is to blockchain, what email is to internet. Blockchain is not a cryptocurrency and it is not something you or any one person can own. The network relies on many users (or, “nodes”) to verify transactions, all of which are posted to a digital public ledger. In theory, by distributing this responsibility for securing the system across many users and making all transactions public, the whole system is more secure than if there is one person or computer that can be compromised. The Government of Canada is currently experimenting with Blockchain technology for the transparent management of government contracts.
- Can I get a tax receipt for my cryptocurrency donation?
In most cases, yes. If we have your name, address and contact information along with the cash value of the gift at the point of transfer then we are able to issue a Canadian tax receipt. All donor requests for anonymity are honoured. If you give through CHIMP’s cryptocurrency donor advised fund (see link above), they can issue a tax receipt as well. War Child reserves the right to withhold the issuing of a tax receipt if it does not comply with Canada Revenue Agency standards and requirements, or if it fails to comply with any portion of our gift acceptance policy.
- I have more questions, who can I talk to?
Brock Warner, our Director of Community Giving and Innovation would be happy to talk. You can contact him at firstname.lastname@example.org or by phone at 1 (866) 927-2445.