Bitcoin charity - GulfToday

Bitcoin charity


Photo has been used for illustrative purposes.

The latest Bitcoin news is that you can donate Bitcoins to charity. The idea sounds good although almost no one wants to get rid of Bitcoins at the moment much less give them away so it may be an uncharitable option.

The actual reality of the use of the imaginary currency becomes more complex when taxation donations are considered. Since the value, if there really is any, of Bitcoins is very volatile, especially over the last few weeks, what are you donating and what can you claim? If you give $50,000 to a charity at the start of the financial year and it drops in value, then you are not being so generous you would have been if you used dollars. If the value rises significantly can you claim the greater value on your taxes? Hint - don’t try it!

Perhaps it is best to use the old-fashioned approach and donate dollars.

Dennis Fitzgerald — Melbourne, Australia

Related articles