Cryptocurrency might have been regarded as a passing fad or even a get-rich-quick scheme for a few years, but there’s no denying that its popularity is on the rise and not won’t be waning anytime soon.
That said, just as more and more savvy investors decide to back different cryptos to expand their portfolio, cryptocurrency donations are also becoming more common–There are now many charities accepting crypto donations as a means to simplify their operations and make each transfer more sustainable and cost-effective.
Among the many cryptocurrencies launched in the past few years, Litecoin has become one of the most widely known options, often regarded as a cheaper and faster alternative to the ubiquitous Bitcoin.
But what makes cryptocurrency donations so beneficial for charitable organizations and donors alike?
Why should you consider Litecoin as your next go-to currency for online donations?
Here’s a handy breakdown of the benefits of donating Litecoin to a charity of your choice, including how crypto donations can benefit your tax returns as well as make the charitable organization’s work more effective!
Why Donate Litecoin to Charities?
Cryptocurrencies like Litecoin have become the preferred donation method for international charities looking to do more with their funds. This is because crypto donations are largely considered the most cost-efficient and sustainable donation method for both the donor and the organization.
The biggest advantage for donors revolves around tax benefits: Crypto and Litecoin donations are classed as a non-taxable event, which means that you won’t owe any capital gains tax on the transaction and you might be able to fully deduct the donated amount from your taxes.
At the same time, donating Litecoin to a charity you wish to support will also help the organization do more with each dollar they get, with Litecoin donations exempt from the hefty bank and transaction fees you’ll encounter with wire transfers and other traditional methods.
About Litecoin (Charity)
When it comes to Litecoin specifically, the benefits of choosing this donation method to support a cause you feel passionate about comes down to safety.
While many cryptocurrencies available on the market do suffer from volatility, Litecoin has always followed the well-established Bitcoin in terms of value and popularity, so you’ll be guaranteed that your generous donation will bring plenty of needed funds to the charity of your choice.
Litecoin was first launched in 2011 by Charlie Lee, and in all the technical ways that matter, it is virtually identical to Bitcoin, with the main difference being its enhanced speed and lightness — hence the name!
FFLG Accepts Litecoin and Other Cryptocurrencies
While most international organizations have taken a few years to come around and accept Litecoin or other crypto donations, Food for Life has proudly been ahead of the curve for years, becoming one of the very first food relief charities to accept all major cryptocurrencies.
Thanks to our partnership with the Giving Block, our organization accepts Litecoin, Bitcoin, Ethereum, Gemini Dollar, BAT, Dogecoin, and any other major cryptocurrency used by our donors.
We believe that opening our doors to Blockchain technology is essential as a digitally forward international charity, and we believe in the unparalleled impact that each crypto donation can have on the lives of children experiencing food insecurity around the world.
As of the publication of this article, 1 Litecoin (LTC) is valued at around $195 USD, meaning that with a generous donation of 1 LTC, our team will be able to feed as much as 10 children in need for an entire month!
How Does My Litecoin Donation Affect My Tax Bill?
Like all other crypto donations, Litecoin donations are classified as a non-taxable event by the IRS, meaning that if you decide to donate Litecoin to a 501c3 charity like Food for Life, you will be able to avoid capital gains taxation and deduct the appreciated value of the currency from your tax returns.
In short, cryptocurrency donations are treated as property, so if you want your contribution to be fully tax-deductible, consider the size of your contribution and the fair market value of Litecoin at the time of the transaction as you file your taxes!
Donate Litecoin or Other Cryptocurrency to Support Us
If you’re looking to donate Litecoin to charity and have had trouble finding a Litecoin charity to accept your donation, you’ve come to the right place.
In our many years of international operations, we have provided over 7 million nutritious, plant-based meals to children and families suffering from hunger and food insecurity.
With your help, we will continue expanding our reach to create a future where no child has to suffer hunger because of poverty or natural disasters.
Donating Litecoin or other cryptocurrency to Food for Life will ensure that each dollar you choose to send will be stretched that much further to help those in need, while saving you more money in return.
Choose your cryptocurrency and donate here: