How will my cryptocurrency donation be used?
Similar to any other unrestricted donations, your cryptocurrency donation will be used to help support the mission of Burning Man Project to facilitate and extend the culture that has issued from the Burning Man event into the larger world. This includes supporting our various program areas…
Global Art Grants
Big Art for Small Towns
Black Rock City Art
Civic Art Program
Burners without Borders
Grants for Community Initiatives
GLOBAL NETWORK OF EMERGING COMMUNITY LEADERS:
Regional Network of over 250 volunteer Regional Contacts on 5 continents
Global Leadership Conferences and Summits
Online Learning Portal
Skill sharing through trainings, workshops, lectures, conferences, and seminars
What is cryptocurrency?
Cryptocurrency (crypto) is a digital or virtual currency that is secured by coding called cryptography, which makes it nearly impossible to counterfeit or double-spend. The word ‘cryptocurrency’ is derived from the encryption techniques used to secure the network.
- Cryptocurrency is a version of money printed using coding that’s set on a predetermined timeline (rather than arbitrarily printed), so there’s only so much of it, and each crypto has its own unique identifier.
- Unlike many forms of currency, cryptocurrency is not made or controlled by the government, which makes it impossible for governments to print it. Thus, similar to gold, no one can make more of it. Also, no one can manufacture counterfeit cryptocurrency.
- Crypto is trackable due to a unique preset code embedded in it. All transactions are tracked on an immutable ledger (blockchain), and no one (including banks or governments) can alter transaction records.
- Since there’s no need for an intermediary or bank (middle person), individuals can quickly and confidently send cryptocurrency to one another within seconds.
Who can donate cryptocurrency? Can I donate from outside the United States?
Cryptocurrency is a global payment network that allows Burning Man Project to accept donations from anywhere in the world. The only requirements are that you have a digital wallet and an internet connection.
Are donors eligible for tax deductions when making a donation via cryptocurrency?
For donors in the US, donations via cryptocurrency offer compelling tax benefits. The IRS has issued guidance designating cryptocurrency as property for federal tax purposes. Donating appreciated property to charity allows donors to deduct donated property (crypto) that would otherwise be subject to capital gains tax. When you make your donation, you will receive an email receipt of the transaction. Donors should consult a tax advisor for proper recording of this donation on tax returns.
How much is cryptocurrency worth?
Similar to other currencies, the exchange rate varies daily. Here is an online cryptocurrency converter for its current exchange rate (to USD and international currencies).
How do I use cryptocurrency?
Getting started: When making a donation from the Burning Man Project donation page, you’ll see BitPay included as one of the options for making a payment. After selecting a donation amount and your desired cryptocurrency via BitPay, you’ll be presented with options to donate directly from your crypto wallet, donate from an account or scan a QR code that allows for donating via mobile cryptocurrency apps.
Donating: Once you initiate a contribution, you will be presented with a BitPay address and a 10-minute payment time limit. You will have 10 minutes in which to make your donation. During this time the crypto value is locked in. After 10 minutes, your cryptocurrency order will expire.
Finalizing the transaction: As soon as the recipient receives the payment (within the allotted time window), the transaction is complete and the donor will receive a confirmation email.