News nonprofit starts taking donations in Bitcoin

San Diego news nonprofit inewsource began accepting donations in the online currency Bitcoin Monday. It took the plunge because “a potential donor indicated he’d like to contribute bitcoin,” inewsource Executive Director and Editor Lorie Hearn tells Poynter in an email. “And he did, the equivalent of $205 US.”

According to this list, only a few news organizations accept donations in the currency: Among them, two that say they’re affiliated with the hacking collective Anonymous and Juice Rap News.

Setting up the donation mechanism “was easy,” inewsource reporter Brad Racino, who arranged the method, tells Poynter in an email. He used a site called Coinbase that was free but requires a verified bank account, which receives the donations in cash. “The site generates a code for a bitcoin ‘button’ you can place on a website. It’s the same as, say, a Paypal button,” Racino writes. “Donors just click the button, log into their bitcoin account, and choose an amount to donate from their digital wallet.”

As of the time I’m writing this, 1 bitcoin is worth $1,056.53.

Related: I’m Changing My Mind About Bitcoin (Business Insider)

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  • Robert

    China’s prohibition of Bitcoin trading is the second instance a country has moved to regulate the virtual currency’s usage. The Central bank of Thailand had imposed a ban on the currency earlier this year.http://bit.ly/1aCBaYZ

  • Chris Yates

    Enough talk, Bitcoin is valuable because it will disrupt almost every financial services industry. Not hard to figure it out. On to next topic. Did you know there is a burgeoning alternative cryptocurrency market. They trade against Bitcoin and they are are starting to move upward at a very fast rate.

    Come to http://www.crypto-coins.org to learn about them and how to procure them.