Značka: christmas

Spreading holiday joy through charitable giving with cryptocurrency

The holidays are the perfect time of the year for giving back, and the rise of cryptocurrencies has created even more opportunities for charitable initiatives. This was highlighted during Giving Tuesday 2021, the Tuesday after Thanksgiving which saw over $2.4 million raised in cryptocurrency from the nonprofit fundraising platform The Giving Block.As crypto philanthropy becomes a new subsector of the cryptocurrency economy, some in the industry believe that crypto donations will only continue to increase. Alex Wilson, co-founder of The Giving Block, told Cointelegraph that last year the organization raised about $4 million in crypto donations, noting that this year, over $100 million in crypto donations will likely be received.According to Wilson, this growth is partly due to the fact that donating crypto is more tax efficient than fiat donations. “Anyone who donates before December 31 is able to claim a deduction for the 2021 tax year. This is a great way to offset some of your gains.” Wilson added that over 1,000 nonprofits currently accept crypto donations through The Giving Block, a few of which include St. Jude, Save the Children and United Way. “Next year, we have a lot of partnerships that are going live and we expect our growth to accelerate. We’re estimating that we’ll process nearly $1 billion in donations next year and work with over 6,000 nonprofits.”Cryptocurrency giving campaigns for the holidaysWhile a number of nonprofits have started to accept crypto donations, it’s also notable that campaigns centered around cryptocurrency philanthropy are being launched this holiday season. For example, in early December, Upbring Innovation Labs — a Texas-based organization seeking to advance technology in the nonprofit sector — launched the Give Big TX Crypto Fund. Ryan Park, vice president of innovation of Upbring, told Cointelegraph that the fund is a joint cryptocurrency campaign working with twelve Texas-based nonprofits: “You can think of this as a ‘cause fund.’ The cause here is to make Texas a better place to live. This is also about showing nonprofits that they can adopt new Web 3.0 technologies to advance. The larger goal overall is to see Texas emerge as a leader in crypto philanthropy.” Park shared that the Give Big TX Crypto campaign is partnering with organizations including Austin Pets Alive, Big Brothers Big Sisters Lonestar, Catholic Charities of Central Texas and eight other nonprofits. He added that the Texas Blockchain Council — a 501 C (6) organization — is also part of this initiative given the group’s involvement in advancing blockchain throughout different industries in Texas. Kelsey Driscoll, senior innovation program strategist at Upbring, further told Cointelegraph that the campaign will be accepting over 40 different types of cryptocurrencies for donations through Dec. 31, all of which are facilitated by The Giving Block. “When donations are made, The Giving Block automatically converts them to United States dollars, so accepting crypto has been just as easy as accepting fiat donations, if not easier,” she remarked. Driscoll added that the subreddit group r/Bitcoin will be matching Bitcoin (BTC) donations when contributions are made to any of the charities supported by The Giving Block. Pawthereum, a decentralized community-run project supporting animal shelters, has also launched a charitable cryptocurrency campaign this month. John Weathers, community manager for Pawthereum, told Cointelegraph that its 12 Days of Crypto Giving campaign allows for crypto donations to be made for specific projects that help animals in need. The Pawthereum project was created as a fork of the meme cryptocurrency project Grumpy Cat Coin, which raised $70,000 in crypto funds for the Sterling Animal Shelter in Massachusetts. Most recently, Pawthereum raised $25,000 through crypto donations for Muttville Senior Dog Rescue, a San Francisco-based animal shelter caring for dogs with special needs. According to Weathers, close to $400,000 worth of crypto has been donated since the campaign was launched on Dec. 14.Related: Is crypto a boys’ club? The future of finance is not genderedNonfungible tokens, or NFTs, are also being leveraged for donations this year. Given that the market growth for NFTs sales is expected to reach $17.7 billion by the end of 2021, this sector is launching one of the largest crypto charity events this season. Known as Right-Click, Give!, this is an auction open to the public hosted on the NFT platform Opensea. The auction ran through Dec. 24, and all proceeds will be donated to Blankets of Hope, a charity that provides warm blankets to the homeless while also teaching kindness to children in school. Mike Fiorito, co-founder of Blankets of Hope, told Cointelegraph that as an avid NFT collector, he is well aware of how welcoming the NFT community is as a whole. As such, he believes that more NFT-focused charitable campaigns will emerge. “There are a lot of kind people in the NFT space that are making fortunes — no matter how big or small — and want to give back,” he said. Park also pointed out that the Give Big TX Crypto campaign is allowing NFT artists to work directly with nonprofits to donate proceeds earned from minting nonfungible tokens. “Many artists doing NFT drops are looking to work with nonprofits and this is an opportunity to do so. We have two NFT projects donating proceeds from their mints to our fund.” Will charitable crypto campaigns catch on?Although there are currently only a handful of charitable crypto campaigns present, the benefits associated with cryptocurrency donations may result in mainstream adoption moving forward. While U.S. donors don’t have to pay capital gains taxes on any crypto assets they donate to a registered nonprofit, there are other technological advantages. For instance, Nawzad Amiri, community leader for Pawthereum, told Cointelegraph that the transparency provided by a blockchain network, along with the speed of transactions, is impressive when it comes to crypto donations versus fiat. Moreover, statistics from The Giving Block found that crypto donors may be willing to contribute more to charity, noting that $11,000 is the average cryptocurrency donation size on The Giving Block. Donation data from Giving USA found that $737 was the average charity donation for Americans in 2020. While the benefits may be clear to some, education seems to be the biggest challenge hampering adoption. For example, although Texas is growing into one of America’s biggest crypto capitals due to its friendly stance toward blockchain and mining power capabilities, Park shared that it has been challenging to bring Texas nonprofits on to the Give Big TX Crypto campaign: “We reached out to about 60 nonprofits and are partnering with 12 total. It seems like this would have been a shoo-in but there is still a long way to go in terms of educating the world on the potential of crypto philanthropy.”Another challenge worth mentioning is that while NFT’s may appear as ideal donation assets, there is uncertainty regarding tax deductions. Fiorito explained that he is still trying to determine if donating NFTs is considered a tax-deductible event. “This is a cloudy area because we are so early in the NFT space,” he commented. Due to this uncertainty, the Right-Click, Give! Auction is also accepting cryptocurrency donations through The Giving Block. Related: Biggest NFT drops and sales in 2021Challenges aside, it’s clear that crypto philanthropy has opened a new door of opportunities to a generation eager to give back. For instance, Park pointed out that the donor base for many of the nonprofits partnering with the Give Big TX Crypto campaign is over the age of 70. According to statistics from The Giving Block, the average age of crypto users is 38 years old, as Wilson added:“The people donating here are individuals that live and breathe Web 3.0 or that have held crypto for a long time. A big piece of this now is just educating those people that this opportunity exists.”

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Child prodigy with 162 IQ wants cryptocurrency for Christmas and gets it

The wish of owning cryptocurrencies this Christmas came true for a 12-year-old schoolkid with an intelligence quotient (IQ) higher than Albert Einstein. Barnaby Swinburn, a resident of Bristol, England had asked for two Christmas presents, a Mensa test for testing his IQ and a cryptocurrency portfolio. According to BristolLive, Swinburn scored the highest possible score of 162 on the test, beating Einstien’s IQ of 160. As a result, the schoolboy became a member of the high-IQ society, which intakes the top 2% of the highest Mensa scorers.Speaking about cryptocurrencies, Swinburn’s mother Ghislaine said:“He’s been watching the markets. He’ll be getting an envelope with money in it for Christmas which he’ll turn into cryptocurrency.”However, the Swinburn family is yet to reveal the monetary amount and the cryptocurrencies that have been purchased this Christmas.In tune with his interest in crypto, Swinburn wants to grow up to become a programmer. “He’s already looking at university courses, and he wants to go to Oxford,” Ghislaine added.Related: Brazilian toddler makes over 6,500% profit on her first Bitcoin holdingA Brazilian father gifted his newborn daughter 1 Bitcoin (BTC) back in 2017 when it was priced at roughly $915.80. Fast-forward four years, the young girl witnessed a return of over 6,500% as BTC surged above $60,000 back on Oct. 17.The father, João Canhada, who is also the founder of a Brazilian crypto exchange Foxbit, later realized that the year 2017 was the last chance for him to purchase Bitcoin under $1000:“As soon as my daughter was born, in 2017, I bought 1 Bitcoin for her, not just as a gift, but as a way of investing in this new economy. At the time, BTC cost 5,000 Brazilian Real.”

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Bitcoin battles bears 'on offense' as Christmas delivers a $50K BTC gift

Bitcoin (BTC) held $50,000 into Dec. 25 as BTC bulls avoided an unwelcome Christmas Day surprise. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView”Bears become bulls” short term?Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining $50,000 support into the weekend, having ranged after local highs above $51,500.The pair was calm as the holiday season got underway, with thinner liquidity yet to show itself in the form of volatile price moves.With most taking a break from trading and analysis, the nearest target to the upside remained the $1 trillion market cap valuation level at $53,000.For popular trader Pentoshi, a point of friction could come in the form of sellers actively driving down BTC/USD to liquidity at $46,000, only to then buy back in for a rebound.”Right now beras on offense. They take price down to 46k but there was a lot of resting liquidity there = stop price from moving. They begin to close shorts and buy some spot back,” he offered as a forecast. “Bears become bulls short term like myself.”BTC/USD scenario chart. Source: Pentoshi/ TwitterFurther out, the yearly close was yet to form a major topic of interest, with Bitcoin nonetheless up $21,000 versus the start of 2021.$100,000 halving cycle average not dead yetTaking stock at the end of the year, meanwhile, was stock-to-flow model creator PlanB. Related: Missed out on hot crypto stocks in 2021? It paid just to buy Bitcoin and Ethereum, data showsHaving attracted fresh criticism over Twitter comments he says were misconstrued, the popular analyst said that Bitcoin was still abiding by his model’s predictions this month.As Cointelegraph reported, stock-to-flow’s parameters provide significant room for maneuver when it comes to spot price, this nonetheless of value to PlanB and others.Ad2 – S2F model intactKey is that BTC $51K is still within 1 standard deviation band of S2F model (roughly $50K-$200K, see chart). If BTC stays within 1sd band for the next 2.5 yrs, then S2F model is still valid and indeed useful for me. Of course you should make your own call. pic.twitter.com/cFpRdewUJ5— PlanB (@100trillionUSD) December 24, 2021While $135,000 this month, a forecast from the newly invalidated floor model, turned out to be overly optimistic, that figure as an average price this halving cycle remains in play.

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'Twas the Night before Christmas: A Cointelegraph Story

‘Twas the night before Christmas, when all thro’ the TwittersphereNot a troll was stirring, not even a financier;The crypto was HODLed in cold storage with care,In hopes that Satoshi would soon reappear;The newbies avoided FUD and slept in their beds,While visions of lambos danc’d in their heads. And Pomp being occupied, and Schiff spewing crap,Weren’t calling attention to traders stacking sats.When in the trends came mentions of Nakamoto,I had to be sure it wasn’t just FOMO. Away to my portfolio my fingers did fly,And checked on the prices — man, were they high!Then, for a moment, I thought I was wrong.But no — a huge bull run, and eight altcoins going along.Who could have done this? Who answered my prayer?I knew in an instant the answer: Michael Saylor.He’s making a list. He’s checking it thrice. #HappyHodlDays pic.twitter.com/cb6yzLKEbc— Michael Saylor⚡️ (@saylor) December 24, 2021A purchase so massive that all tokens mooned,Out of character he tweeted, and shouted, all to CT he crooned: “Now! Ether, now! Maker, now! Luna, and Solana,”On! Matic, on! Litecoin, on! Doge and Shiba;”To the top of the charts! To new all-time highs!”Now to the moon! Let the whales make the buys!”And then in a twinkling, I thought more than once,“Maybe this is the time to cash out, after months?”So on the sell button my cursor did hover,As I drew in a breath, and heard myself mutter:“Maybe,” I said, “Crypto has other plans.”Maybe, perhaps, Christmas is the time for diamond hands.I nodded to Saylor, and turned off my monitors,Even as users flew in from all corners,The tokens went wild, but I was content,Holding my Bitcoin, no matter where the price went.My message before signing off, bracing for a fight?“Happy Christmas to all, and to all HODL tight.”

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Robinhood enables US users to gift crypto for the holidays

Trading app Robinhood has announced that its users will be able to gift friends and family crypto over the holiday season.In a Thursday announcement, Robinhood said its users — with the exception of those in Hawaii and Nevada — could send as little as $1 in Bitcoin (BTC) or six other cryptocurrencies with a personalized digital card starting on Dec. 22. To ensure the crypto is not lost by a recipient unwilling or unable to use it, the trading app has set up a 14-day window to accept the gift, at which point the user will not be charged.”Crypto gifting is a great way for our customers to help remove the emotional and economic barrier of their friends and family taking their first step into crypto,” Robinhood Crypto COO and Lead Christine Brown told Cointelegraph. “It is also an easy and immediate gift for those that are already crypto fans.”Gifting crypto through Robinhood. Source: RobinhoodRobinhood’s offering is similar to those currently offered by Block, formerly Square, in addition to PayPal and Coinbase. It’s unclear if the trading app intends to make the crypto gift giving feature available after the holidays. Cointelegraph reported on Dec. 7 that a study by lending firm BlockFi showed many Americans would be willing to accept cryptocurrencies including BTC, Ether (ETH), and Dogecoin (DOGE) as gifts this holiday season. However, the same survey revealed that the majority of respondents did not have the skills to transfer crypto. Related: Gifting crypto to loved ones this holiday? Educate them firstWith more than 22 million users, Robinhood is currently testing its digital wallet feature expected to launch for all customers in early 2022. Since going public on the Nasdaq in July, the share price of Robinhood (HOOD) has steadily declined from an all-time high of $70.39 on Aug. 4 to $18.16 at the time of publication, a drop of roughly 74%.

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Crypto Santa: Trader nets $34K shorting AVAX and LUNA, buy toys for kids

A popular cryptocurrency trader under the Twitter pseudonym “Sicarious” donated a portion of its crypto profits to buy Christmas presents and other utilities for underprivileged children.The donations included $7,250 worth of livestock, clean water, Bibles, emergency food for Compassion International, a child sponsorship nonprofit, and another $1,500 to purchase and donate toys for kids — who would otherwise do without at Christmas — via Toys for Tots Foundation.Shorting the crypto price declinesSicarious also shared the screenshot of its profits and loss statements that showed that it had made nearly $6,500 and $27,500 in gains by shorting Terra (LUNA) and Avalanche (AVAX) recent price drops, respectively. That left the trader with enough leftover profits to continue its donation spree until the end of this year.Walmart is going to need more LEGOs… pic.twitter.com/k5X19VxOZo— Sicarious (@Sicarious_) December 13, 2021In detail, Sicarious announced on Dec. 5 that it would donate any profits made until the end of 2021 for children-related causes as a part of a so-called “Christmas challenge.” In announcing so, the anonymous trader put $100,000 into its FTX account, adding that if it nukes the amount, it would still donate whatever it can afford.A screenshot taken on Dec. 5 from Sicarious’s account. Source: TwitterOn Dec. 15, Sicarious closed another AVAX short in profits and used about $2,000 worth of proceeds to benefit a local food pantry.The trader’s initiative also inspired others to commit their realized crypto profits to causes. For instance, another Twitter user “Aeroplaine” claims to have deposited $50,000 into a dYdX perpetual exchange account, stating that it would donate all the gains to charitable causes in Malaysia.A good-hearted crypto tax strategy, meanwhileWhile Sicarious’s citizenship remains unclear, the copies of the traders’ bills and mention of the retail store Walmart in its tweets indicate that it lives in the U.S., a country with one of the most stringent crypto tax laws.The U.S. Internal Revenue Services (IRS) classifies cryptocurrencies as property. Meaning, if one’s crypto investments increase in value, s/he would need to pay a capital gain tax when they spend it. That also means keeping a tax record in check on a $2 coffee bill if paid via crypto.But donating crypto to charity somewhat allows taxpayers to brush off IRS’s tax-filing process. And since donations, on the whole, are not taxable events, one can offload their crypto profits as donations and deduct the same amount from their net tax liabilities in the financial year.But there remains a big takeaway: whether to first secure the crypto profits in cash and then donate or to pledge the money in crypto. The Giving Block, a crypto donation service, provided an answer back in 2020. The firm noted that cashing out crypto first would leave traders with a higher capital tax liabilities while donating directly via crypto would mean no tax responsibilities for the donor. Comparing crypto tax methods. Source: The Giving BlockThe direct-crypto-donation strategy seems to have worked well so far. For instance, Fidelity Charitable, the U.S.’s largest grantmaker, received over $274 million in cryptocurrencies this year, according to a company’s spokesperson quoted in the Los Angeles Times. Related: The Giving Block raises $2.4M for charity on ‘CryptoGivingTuesday’The amount came out to be almost four times higher than 2017’s peak of $69 million.Engiven, a crypto-enabled donation platform, also reported last month that it processed a $10 million Bitcoin donation to a faith-based organization.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Block, formerly Square, will allow users to gift BTC for the holidays using Cash App

Digital payments company Block, formerly called Square, has announced that Cash App users will be able to gift friends and family both crypto and stock over the holiday season.According to a Tuesday tweet, Cash App said its users — roughly 40 million active monthly — could send as little as $1 in Bitcoin (BTC) or stock as a gift in the same way they had been sending cash. The payments firm joins others including PayPal and Coinbase in allowing users to send crypto as payments or gifts to third parties.With Cash App, you can now send as little as $1 in stock or bitcoin. It’s as easy as sending cash, and you don’t need to own stock or bitcoin to gift it. So this holiday season, forget the scented candles or novelty beach towel, and help your cousin start investing. pic.twitter.com/HS0CqusiLS— Cash App (@CashApp) December 14, 2021Cointelegraph reported on Dec. 7 that a study by lending firm BlockFi showed many Americans would be willing to accept cryptocurrencies including BTC, Ether (ETH), and Dogecoin (DOGE) as gifts this holiday season. However, the same survey revealed that the majority of respondents did not have the skills to transfer crypto. Many critics have attributed sending BTC to newbies as part of the reason so many coins have been lost since 2009.Related: Gifting crypto to loved ones this holiday? Educate them firstOther projects are accepting donations in crypto over the holidays to help those in need. Fintech provider Unbanked announced earlier this month it would be enabling crypto donations for Toys for Tots, a program run by the United States Marine Corps that collects toys to distribute to disadvantaged children. In addition, platforms like the Giving Block allow non-profit organizations and charities to accept donations in crypto.

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Survey says crypto popular holiday gift for Americans — NFTs not so much

Cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE) and Ether (ETH) are set to become the gift of choice for people of the United States, a new study by crypto lending firm BlockFi revealed.Conducted in October among more than 1,250 U.S. residents, BlockFi’s “Real Talk: Happy HODLdays” survey found that nearly one in 10 Americans would give crypto to their loved ones as a holiday gift. Bitcoin is the most popular gift by a large margin (75%) for people who plan to give or receive crypto as a present during holiday 2021, followed by Dogecoin and Ether, respectively. Nonfungible tokens (NFTs), on the other hand, still need time to be accepted as a gift alternative as only 2% of respondents are interested in receiving them as a gift.Moreover, crypto will likely become a hot topic at family dinner tables, as one in three respondents prefer talking about their popular digital assets instead of politics during the holiday season, the survey showed. While boomers would still prefer to talk politics, Gen Z and millennials plan to open the conversation with crypto.The survey pointed out the lack of knowledge on how to actually give crypto. Less than a quarter of respondents actually knew how to send crypto to someone as a present. This shows that crypto is becoming a popular topic but further education would benefit an even bigger population, BlockFi co-founder and SVP of operations Flori Marquez said.Related: A quarter of Aussie crypto users plan to buy crypto Christmas gifts: SurveyBlockFi also asked respondents about their new year plans. A third of millennials plan to buy crypto in 2022 while it decreases to 25% in the older generations. Some 15% of respondents said they plan to buy an NFT in 2022. One thing to note is that Gen-Zers, born after 1997, prefers to buy Dogecoin over Ether. A similar survey, conducted in Australia by Crypto.com, found that a quarter of Aussie crypto users plan to buy crypto gifts for their loved ones ​​this Christmas.

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Projects are collecting Toys for Tots crypto donations this holiday season

This holiday season, fintech provider Unbanked will be enabling crypto donations for Toys for Tots, a program run by the United States Marine Corps that collects toys to distribute to disadvantaged children.In a Dec. 2 announcement, Unbanked said it would be allowing users to donate cryptocurrencies including Bitcoin (BTC) and Ether (ETH) as part of a fundraising effort for Toys for Tots. Until Dec. 20, good Samaritans can send any amount of money towards the program which has given 604 million toys to 272 million children across the United States, Puerto Rico, and the U.S. Virgin Islands.We are honored to support the incredible work of @ToysForTots_USA this #holidayseasonWe have set up a #crypto payment profile to enable donations in 28 #cryptocurrencies for this wonderful cause ♥️Donate here – https://t.co/jgPj47zIxy https://t.co/UxOt84klhY pic.twitter.com/APLVMLvzea— Unbanked (@UnbankedHQ) December 2, 2021“The cryptocurrency bull market has been good to all of us in this industry and this holiday season is the perfect time to pay it forward,” said Unbanked co-CEO Ian Kane. “We naturally wanted to use the benefits of crypto to give back during this holiday season.”Unbanked does not exclusively represent all crypto users’ philanthropic endeavors, however. A project operating under the name Elf Token reported it has received $41,200 to be used toward purchases for Toys for Tots as of Dec. 4, with a goal of raising $100,000 over the holiday season. In addition, the Giving Block, a platform which allows non-profit organizations and charities to accept donations in crypto, currently enables donations using many tokens for the toy collection program.End of the day. 100 toys donated, $1,200 in value bringing our total donations to date to $41,200.@ToysForTots_USA only recommendation is that you might need larger bins for @elf_token since we are not stopping anytime soon #ElfToken #ElfArmy pic.twitter.com/gQycjAMCNW— Elf Token (@elf_token) December 4, 2021

Related: Charity platform expects significantly larger crypto than fiat donations for Giving TuesdayxCharities, universities, faith-based organizations and others have stepped up the number and amount of donations in crypto as part of Giving Tuesday this year. Cointelegraph reported on Dec. 2 that the Giving Block raised $2.4 million in crypto this year, representing a 583% increase from the Tuesday after Thanksgiving in 2020. The platform is aiming to raise more than $100 million in crypto donations by the end of the year.

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