How will donations received via Bitcoin be used?
For donors, using bitcoin ensures that 100 percent of the funds donated go towards the non-profit mission of Seafood Nutrition Partnership (SNP), which is to address America’s public health crisis through seafood nutrition. SNP equips health and nutrition influencers and the general public on the important of eating a balanced diet with a focus on sustainable seafood. Donations can be made online by visiting https://bitpay.com/279099/donate.
Who can donate Bitcoin to Seafood Nutrition Partnership?
Bitcoin is a global payment network, and accepting it enables Seafood Nutrition Partnership to accept donations from anywhere in the world. Anyone with an Internet connection and a bitcoin digital wallet can donate bitcoin to Seafood Nutrition Partnership.
Will Seafood Nutrition Partnership make a profit from users’ donations?
No. As a non-profit organization, Seafood Nutrition Partnership does not make a profit from its activities.
Are US donors eligible for a tax deduction when they make a donation using Bitcoin?
In March 2014, the IRS issued guidance that bitcoin is to be treated as a property for Federal tax purposes. See more here.
Given the IRS guidance that bitcoin is to be treated as property, donating bitcoin offers compelling tax benefits. Donating appreciated property to charity is an often overlooked tax strategy. It allows taxpayers to deduct donated property that would otherwise be subject to capital gains tax.
Donors should consult with a tax advisor for properly recording this donation on personal tax return.
How do donors use Bitcoin?
- Getting started: Bitcoin payment is distinct from other forms of payment in that the donor must send funds to a specific order address. Donors who wish to give to Seafood Nutrition Partnership via bitcoin must first obtain the specific order address by visiting this site: https://bitpay.com/279099/donate.
- Donating: Once the donor proceeds with the contribution, he or she will be presented with a bitcoin address and a 15-minute payment window. He or she can then use his or her bitcoin wallet to send funds to the address within the given time window.
- Finalizing the transaction: As soon as the recipient is in receipt of the payment (within the allotted time), the transaction is complete and the donor receives a confirmation email.
Where can I learn more about Bitcoin?
For more information on Bitcoin, you can review this frequently asked questions document at bitcoin.org: https://bitcoin.org/en/faq.