They are being treated just like every other method to send someone money. They aren't using them as investment products, just transaction tools. I'm sure most are pulling the money out of the cryptocurrency as soon as they receive it.
this post was submitted on 27 Jul 2023
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Yep it can still be converted to actual currency pretty easily and it will likely never be valueless completely. So why not?
My thinking was mainly that due to the values being volatile and the trend of people being encouraged to treat it as an investment instead of currency that it just wouldn't see many donations anyway. On the rare occasion someone may have donated, it may be such a minimal amount that it may not even result in much of anything after whatever processing fees may be involved.
At least with more widely used currencies there's the accepted use of them primarily as currencies and there may be fewer conversions/processing fees involved (albeit this may vary & I suppose this may be where crypto finds its space).
You realize that every form of donation platform takes fees right?
Yes, but from my understanding, at least depending on the cryptocurrency involved, this can be either similar to those or worse at times. With the more popular cryptocurrencies in particular it seems to lean towards worse.
I have absolutely no interest in owning cryptocurrency but if anybody wanted to donate some ETH or BTC or USDC or XKCD or MPH or whatever to me, I'd take it, sure (and then exchange for real world money, obviously). Why would you reject free money? Especially if you're a smaller project that doesn't get too many donations anyway.
> Why would you reject free money?
Because it's as likely to be worthless as worth anything at all? One of the many problems with cryptocurrency is its volatile valuation...Which is a knock-on result of its failure to function as a currency at all for the most part. It's a lot less like free money and more like free arcade tokens to an arcade that's as likely to be shut down for health & safety as it is to have any functioning machines at all.
Yeah, I should probably qualify and say "one of the bigger, more stable currencies". From what I know about this stuff, which isn't very much admittedly, those seem worthwhile if you don't plan to keep them anyway. I don't care about volatility if I'm not hodling, do I?
Since you don't want to use cryptocurrencies no one else should /s
I've donated plenty via crypto so haven't seen it as an issue, if the receiver is cool with it then why not? Also for me it's better than anything PayPal related, I've been banned on their platform so whenever I see any PayPal/Venmo links I just don't donate since it's impossible for me.
And of course if the receiver doesn't want crypto that's fine too, but hopefully they are accepting donations via some method I can donate with. The whole point is to be able to accept donations via some method both sender & receiver can work with.
Cryptocurrency now is closer to being a real money alternative than ever before. Many banks are considering creating their own central bank digital currency to rival some of the benefits cryptocurrencies offer.
Anyone who still has an address up keeps it because
- It costs nothing to own a crypto wallet/recieve funds
- Cryptocurrency has no borders so anyone can donate
- Crypto currently counts as an asset and often isnt taxed until cashed out into a fiat currency.
There's a project I'm using that has a lead dev from Russia, so for him that's the only way to receive money. Crypto has been overwhelmingly overtaken by grifters, but there are still uses that just made easier by a decentralized currency.
Your perception of the status of cryptocurrencies seems to be from within a bubble.
Monero is much more private than any other donation method besides mailing someone cash.
Mail stil has to go to a physical address, it's also not trustless as the mailman could pocket the cash. Monero addresses aren't tied to a real world location, just whoever knows the key and there is no mailman to trust for delivery.