[BCMA] Question regarding charitable donations using Bitcoin cryptocurrency

[Moderated BCMA subscriber listserv.]

Hi Nancy,

An Associate with our firm has some knowledge/experience with Bitcoin and has the following advice on the process:

To accept the donation and convert it into cash the museum will have to:

  1.  Get a bitcoin wallet (essentially an address that the bitcoin can be transferred to). Wallet.btc.com
  2.  Have the donor send the bitcoin to the address.
  3.  Sell the bitcoin through a bitcoin exchange (can be done through bittrex or quebex or many others). These methods take fees for finding buyers and completing the transfer. They will vary a lot website to website. Many exchanges also don't deal with Canadian banks so some research is required.

There is a lot of bitcoin hacking happening and so I would recommend getting a hardware wallet if you will keep the bitcoin for an extended period of time. FYI: The amount donated, after converting to cash and assuming bitcoin is trading at the same value, will not be the same amount due to the conversion fees. A charitable receipt could them be issued for the final amount received.

It's a bit of an involved process, but it can be done.

If you have any other questions, please feel free to reach out.

Cheers,
Amy

Amy Calder, MA
Associate, Strategic Planning

Cornerstone Planning Group
204 - 1551 Johnston St. | Granville Island | Vancouver BC, V6H 3R9
T: 604.687.5896 | F: 604.684.6201 | cornerplan.com<http://www.cornerplan.com/>


From: <bcma-bounces at lists.vifa.ca<mailto:bcma-bounces at lists.vifa.ca>> on behalf of "Moderated BCMA subscriber listserv." <bcma at lists.vifa.ca<mailto:bcma at lists.vifa.ca>>
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Date: Wednesday, November 29, 2017 at 1:14 PM
To: "bcma at lists.vifa.ca<mailto:bcma at lists.vifa.ca>" <bcma at lists.vifa.ca<mailto:bcma at lists.vifa.ca>>
Cc: Laurel Lawry <LawryL at dnv.org<mailto:LawryL at dnv.org>>
Subject: [BCMA] Question regarding charitable donations using Bitcoin cryptocurrency

I've been off this listserv for a couple of months, so my apologies if this question has been answered recently.

What I would like to know is if anyone has had experience with Bitcoin and has advice on the situation described below:

A supporter has indicated a potential interest in making a donation from their Bitcoin holdings. The donor wants to support us, but also wants to see others start using Bitcoin.

Our gift policy does not contemplate accepting donations in cryptocurrency, so we've suggested that the potential donor cash the Bitcoin and donate the proceeds to us. Apparently, the donor would prefer to have us do the conversion. We would then, presumably, issue a charitable donation receipt for the amount we receive after converting the cryptocurrency and paying any transaction fees.

Do any of you have thoughts or advise about this situation?

Thanks,
Nancy

Nancy Kirkpatrick, Director
North Vancouver Museum & Archives
604.990.3700 x 8001  www.nvma.ca<http://www.nvma.ca>
e-mail: kirkpatrickn at dnv.org<mailto:kirkpatrickn at dnv.org>

Museum address: 209 West 4th St, North Vancouver (closing mid-2018)
Community History Centre (Archives & NVMA Offices) address: 3203 Institute Road, North Vancouver, BC V7K 3E5
NEW MUSEUM in Lower Lonsdale: Will open mid-2019!

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