- Another major avenue falls
- Bitcoin to be used as a currency for donations
- Oldest Jewish Group spearheads the initiative
Cryptocurrency has encroached another domain of the society-Charity. The haaretz.com reports that the JNF –USA, a charity organization that is as old as the modern-day Jewish religion, will start accepting donations in the form of cryptocurrency.
The Giving Block
The Group is synonymous with the blue collection boxes. It is imprinted in the collective Jewish American memory. It accepts donations in a format fit for the digital age: bitcoin and a dozen other cryptocurrencies through a listing on a website called ‘The Giving Block.’
More than 100 Chabad-affiliated centers and organizations accept donations.
Cryptocurrencies have widely been associated with fluctuating values. Therefore any such donations to the JNF-USA will be cashed out immediately. According to Matt Bernstein, JNF-USA’s chief, they are a charity organization and not a speculation business. Chabad-Lubavitch movement appears to be the most active Group in the trend, which started in 2013. The Group has a sizeable membership of unaffiliated Jews across the world. Today more than 100 Chabad-affiliated centers and organizations accept donations in Bitcoin. The Haaretz also reported that two other Jewish institutions open to taking bitcoin gifts are located in Northern California’s Bay Area.
Like the Oshman Jewish Center, Jewish Community centers direct potential bitcoin donors to donate bitcoin just like any other stocks or contributions. The Jewish Jewish Community Federation and Endowment Fund went a step further and started its cryptocurrency initiative last December. On the same track, the San Francisco federation has partnered nonprofit called Endaoment to perfect a technology that will enable converting cryptocurrency into dollars.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.