Bitcoin, Ethereum, Dogecoin: What to know before investing in crypto
From Dogecoin to Bitcoin to Coinbase, cryptocurrency is the hottest trend in investing right now. Here’s what you need to know before buying in.
USA TODAY
Parishioners at Sun Valley Community Church hear a typical message each week when it comes time to make an offering at its six suburban branches east of Phoenix.
They are told from the pulpit to give first, save second and live off the rest of their incomes.
Sun Valley’s roughly 10,000 members now have a new way to financially help the church’s ministries.
Sun Valley is among a small, growing number of churches across America that are accepting online donations in cryptocurrencies, digital money created and exchanged over a decentralized computer network where transactions are secured and verified through coding.
These churches are following the lead of nonprofit organizations that also began accepting cryptocurrency donations in the past year as digital coins became more mainstream during the COVID-19 pandemic.
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Church leaders say they are making it easier for young investors or professionals to donate.
“We are just trying to keep up with the way people prefer to give, and with younger people, they don’t really carry cash,” said Mika Casey, Sun Valley’s lead director of digital strategies. “We want to be accommodating to ways that people are transacting.”
While cryptocurrency is becoming more popular, it still has its critics.
JPMorgan Chase CEO Jamie Dimon, who runs the largest U.S. bank, said last month at a conference that cryptocurrencies will be regulated by governments, and he called bitcoin, one of the most popular cryptocurrencies, “worthless.”
Securities and Exchange Commission Chair Gary Gensler has described the crypto market as the “Wild West,” that’s ripe with fraud and abuse.
Digital offerings
Yet, cryptocurrencies have become a valid method of payment and New York’s mayor-elect wants his first three paychecks in bitcoin. The Jacksonville Jaguars’ rookie quarterback Trevor Lawrence took his signing bonus in cryptocurrency.
Casey said Sun Valley will accept crypto donations online just like it has done for several years with other forms of money such as electronic checks or debit or credit card payments.
He said the church, which has installed giant screens in its sanctuaries and now livestreams services using professional-grade cameras, has also moved away from passing offering plates because of health concerns raised by the pandemic.
Many churches like Sun Valley encourage their members to tithe, or give 10%, of their incomes. However, few do, according to the online site Church Development, which says only roughly 5% of all churchgoers donate that amount of their earnings.
According to Nonprofit…
Read more:With fewer young parishioners carrying cash, more churches accept bitcoin in their