Cryptocurrencies are still young. Bitcoin was invented in a little over 10 years ago. We are still in the beginning of the beginning of not just cryptocurrencies but blockchain itself. Crypto experts and analysts believe we have 10 more years to go before the currency form goes mainstream.
But this doesn’t mean that cryptocurrencies will halt their adoption progress. In fact, they are making way into the society in a quicker fashion than expected, although skepticism has been a constant barrier and a challenge to overcome. As many crypto projects emerge and prove their real world use, the road to trust and real world utility expands.
Ripple’s XRP Service
One of the crypto projects expanding this road is Ripple’s XRP for inter-banking transfer and remittance. The project is of great benefit for those using it to send money back to their families in the developing nations. The project has drastically cut the remittance costs thus making it affordable and efficient.
Ripple’s partnership with MoneyGram last month does a great deal of help to assist millions of families in need of the service. Remittance costs were reduced to a fraction of a penny, down from circa $30 as per the press release that followed the agreement
On the other hand, the Non-Governmental Organizations are warming up to cryptocurrencies. They have begun visualizing the benefits crypto would bring to the table. Some are already accepting crypto donations, others are gradually progressing from skepticism to confidence and trust in the same.
1% Of Ngos Accepting Crypto
There hasn’t been a huge leap yet by NGOs in general. Currently, only 1% of organizations accept it in donations. This is according to 2018’s Global NGO Technology Report.
The same report adds that of the more than 5000 NGOs surveyed, over 70% accept website donation and 1% accept crypto. The early adopters of crypto gain the advantage in the landscape that is becoming increasingly competitive in regards to winning new donors.
The 27 page report also predicts the domination of credit cards and of sites like PayPal by cryptocurrencies and digital wallets in the coming years as crypto becomes widely accepted.
A rise in crypto prices is likely to spark more donations, as was the case in December 2017 when bitcoin reached its peak. At the time, the Pineapple fund donated 5,104 bitcoin to about 60 NGOs.
Ahead Of The Curve
The head of Charity Affairs for Tour De Crypto Blake Rizzo claimed that NGOs that have started accepting crypto are putting themselves ahead of the game. One of the pioneers of crypto acceptance in NGOs is Houston Area Women’s Center that’s already accepting Bitcoin, Ethereum, Monero and Litecoin.
Rizzo adds that these NGOs are able to tap into a global social media network of crypto enthusiasts searching for ways to do good. The NGOs will certainly benefit in mass adoptions from their good intentions. As the crypto industry matures, more donations will pour and those who have prepared will stay ahead of the game.
Charity organizations accepting crypto were reported to be on the rise in November 2018, when Forbes reported the same. UNICEF began accepting earlier the same year in March 2018.