Cryptocurrency: The Rise of Digital Money

Things are changing rapidly, and it's essential for businesses and non-profit organizations alike to keep up with the times. Did you know that 90% of Americans now use digital payment methods? That's right, according to a study by McKinsey & Company in 2022, we're diving headfirst into the world of digital transactions.

Imagine this: you're making a purchase, the checkout process is a crucial moment that can make or break your experience. Well, businesses all over the place have caught on to the power of digital payments in boosting their profits. Whether they have physical stores or online shops, they've realized that staying up to date with digital payment trends is a must to keep customers happy and stay ahead of the competition.

Digital payments aren't just for businesses. Non-profit organizations can also benefit from using digital payment systems. By doing so, they can make it easier for people to donate and support important causes. These contributions can truly make a difference and empower these organizations to do even more good in the world.

Now, let's talk about one aspect of digital payments that's skyrocketing: cryptocurrency. It's digital money that keeps your transactions safe using unique codes. And it doesn't need a government or a bank to manage the transaction. Instead, it relies on a revolutionary technology called blockchain. Blockchain keeps a record of all transactions and ensures they are fraud-free and secure. With cryptocurrencies, you can buy things online, invest your money, or trade with others without any middleman getting in the way.

According to NBC News, approximately 20% of Americans owned cryptocurrency in 2022. Interestingly, these cryptocurrency owners are more likely to have higher incomes and fall into the younger Millennial segment, and there is a higher representation of males being crypto owners.

Can you believe that cryptocurrencies like Bitcoin started out being worth just a few pennies in 2009 and then soared to a staggering high of $68,000? You might find yourself saying, "I wish I had bought Bitcoin back then!" Some lucky folks did invest in Bitcoin early on and have become billionaires because of it. But here's the catch: cryptocurrency values can be highly volatile. What's worth a fortune today could be worth next to nothing tomorrow.

But despite the ups and downs, cryptocurrency is gaining widespread acceptance. According to PYMNTS.com, a whopping 85% of big retailers now accept crypto. That means you can use cryptocurrency at your favorite places like Starbucks, Amazon, and Home Depot. Even the leading e-commerce platforms like Shopify, BigCommerce, and Magneto are embracing cryptocurrency, which is why the number of cryptocurrency transactions keeps growing each year.

Oh, and get this—the United States currently has a whopping 36,000 Bitcoin ATMs!

You initial thinking might be that crypto and philantrphy don't mix. Surprisingly, crypto donations have been booming lately. Despite the volatility of cryptocurrency, there's one area where it continues to grow—philanthropy. Nonprofits are embracing crypto, with half of Forbes' Top 100 Charities fundraising via crypto and non-fungible tokens (NFT).

According to The Giving Block, the leading platform that facilitates cryptocurrency donations to charities and nonprofits, crypto donations to nonprofits surpassed $69 million in 2021. Remarkably, this number increased to $125 million in 2022, a year-over-year growth of 81%

So, what are your thoughts on digital payments and cryptocurrency? Have you ever used digital wallets or explored the world of crypto? Share your experiences and insights below—we'd love to hear from you!