Published: 12:56, 28 July 2020
| Updated: 13:02, 28 July 2020
A small children's charity is now accepting donations of cryptocurrency.
Dandelion Time, a Maidstone-based organisation which helps young people struggling after trauma, abuse and neglect, says this will "broaden its fundraising base".
Cryptocurrency is a form of digital money. It serves the same purpose as coins or notes but has no physical form, so cannot be carried around and only exists electronically.
The currency is built on many of the principles of cryptography to implement a safe, anonymous and decentralised economy.
Bitcoin was the first cryptocurrency, launched in 2009, with many others appearing since then.
Dandelion Time is accepting the virtual money via crypto exchange platform, Coinpass.
Some larger charities, such as RNLI and Oxfam, are already doing so, but as far as smaller organisations go, Dandelion Time is an early adoptee.
Director of fundraising, Caroline Jessel, said: "This will give us a leading edge in reaching a younger, tech savvy demographic.
"We hope those trading currencies might make a gain and give some back to transform the lives of the most vulnerable members of our society.
"It’s also an effective way of using up some 'loose change' that people are sitting on in dormant Crypto accounts."
The Charlton Lane charity says crypto will mean lower transaction fees for donors, especially when making international payments, and the ability to give anonymously.
Chief executive of data analysis company Novum Insights, Toby Lewis, added: "The instinctive pull generated in many by the cryptocurrency world is due to its decentralised nature, working as an alternative to central bank-controlled mainstream currencies.
"The Bitcoin whitepaper itself is in part a strongly worded response to the failures of central banks and the banking sector in 2008. Given this, one of the sectors that is a natural adopter of cryptocurrencies is the charitable sector, with charities being autonomous organisations aiming to fill the gaps where centrally controlled government fails in helping society.”
To donate to Dandelion Time’s cryptocurrency fundraising click here