A foundation was curious as to why we have Bitcoin on our balance sheet, and I thought I would explain it publicly.
Bitcoin and other Internet innovations can be useful in the non-profit sphere– this is part of it. We want to see how donated bitcoin can be used, not just sold off. We are doing this publicly so others can learn from us. And it is fun. And it is interesting.
We started receiving donations in whatsapp lead bitcoin in 2011, the first year we got about 2,700 and we sold them to an employee who was heavily involved (for the prevailing $2 per bitcoin). The next year, we held onto them and offered them to employees as an optional way to get their salary– ⅓ took some. We set up an ATM at the Internet Archive. We got the sushi place next door to take bitcoins, and encouraged our employees to buy books at Green Apple Books in bitcoin. We set up a vanity address. Started taking bitcoin in our swag store. Tried (and failed) to get our credit union to help bitcoin firms.
Another year we gave a small amount to people as an xmas bonus to those that set up a wallet (from a matching grant of bitcoins from me).
We paid vendors and contractors in bitcoin when they wanted it. Starting getting micropayments from the Brave Browser. Hosted a movie with filmmakers on living on bitcoin. We publicly tested if people are stealing bitcoins like the press was saying (didn’t steal ours).