Last week I wrote on some new methods of tithing. The bleeding edge of those ideas was to incorporate cryptocurrency as a way for people to tithe. Specifically, Bitcoin (BTC). Through some side bar conversations with folks who had read the post, I thought it would be fun to dive in a little deeper for the uninitiated. Keep with me until the end to find out how to have a chance at winning a little BTC.
Where does Bitcoin Come From?
For a quick primer on Bitcoin watch this brief video.
How does my Church Convert Bitcoin into Dollars?
This is where I want to spend a little more time. As covered in the previous article, first your church needs its own Bitcoin wallet. I recommend the Bitcoin-QT wallet software. Know this up front, your new wallet installation will need to synchronize with the Bitcoin network, and that will take a long time. Install the software on a computer that will be always on and always connected to the internet. The first sync will take nearly an entire day. Subsequent syncs will only take a few minutes, depending on how long the computer has been without and internet connection. My wallet laptop regular goes days without being connected to the web and still only takes a few minutes to sync.
Once your wallet is up-to-date you’ll be able to send and receive Bitcoin from that computer. We’ll start on the Receive tab. There you will find the address to your first wallet. There is a button at the bottom to add additional wallets. You can make as many as you like, I recommend using the labels for organization. Right click on the wallet address and you have a few options available. Copying the address allows you to post it places like this: 17QkcNgeQ5w1XVwLqsyLfdxoURmbcxy7pa. That’s one of my wallets. You can also get the QR code and save it as a .png for printing in your bulletin and/or giving envelopes. Here are my QR codes to the same wallet from before and some others, just in case you wanted a visual.
As your church members send BTC to the wallet designate for tithing, the BTC will immediately show on the computer that is running the wallet software. The BTC is stored on that computer. If that computer breaks, especially if the hard drive crashes, the BTC will be lost. Be sure to run regular, encrypted, backups.
Once you’ve accumulated a little BTC you’ll want to convert it into traditional currency in order to use the funds for the purposes it was given. To do this you’ll need to register with a currency exchange. Mt. Gox and Coinbase are two reputable services that come to mind. There are others, but do your research, there are also scammers. It also wouldn’t be a bad idea to have accounts at multiple exchanges in order to exchange at the highest available rate. I do not recommend using the online wallet options. If you store your BTC on a remote server like an online wallet then you run the risk of losing the BTC to hackers.
During the exchange process you’ll need to be familiar with the Send tab in your Bitcoin wallet. It’s pretty straight forward. Simply paste in the wallet address that the exchange gives you, enter an optional label if desired, and lastly enter the amount to transfer. Easy.
Need some Motivation?
Using the instructions above (if needed) comment on this post with your BTC wallet address and a link to show that you shared this post or its predecessor in some manner (your blog, Facebook, Twitter, G+, whatever). I will throw all the names in a hat and draw one out. That person will receive a pinch of BTC from my personal (tiny) stash. I’ll accept entries until Thursday, January 30th at 9pm Mountain Time.
As always, I want to hear from you. Do you think Bitcoin is a viable method of tithing? What about the other coins? Would you consider accepting Litecoin?
Thad White says
To answer your question I think a qualifying question is needed. Seeing as to how across America the average consistent giver in church is 50+ years old, do you think they will ever use bit coin? The answer to that question is the answer to is it viable.
TC Johnson says
I’m a little surprised at your apparent position against this idea my friend (to anyone else reading, yeah we know each other IRL). There is little to no cost nor risk associated with installing a bit of software and publishing a QR code. The simple goal here is to open another avenue of giving, not sway a church body to use a new form currency. The check writers can continue to write checks, the cash givers to give cash, and the online givers can keep doing their thing.
I will even go out on a limb to say that the majority of Bitcoin users are probably also members of the unreached club that you and I are mandated to reach out to. If a man wanders into a church, has that sudden impact of realizing his need for Christ, gets saved and wants to throw in to the offering plate… has a few tens of thousands in BTC but $5 in cash… we’ve just clearing a barrier for him to give if that’s what God is putting on his heart.
seventy8Productions says
To not do it because you are afraid that it will not work is nonsense. You need to truly address your congregation, look at how they use money, and sometimes take a risk and go for it. What happens if they do not give? You spent some time researching it, but didn’t put any money into it. Even if only one person is able to regularly give, is it worth it? I believe so!
TC Johnson says
That’s it, time is up. It looks like I’m keeping my BTC this time around.