In addition to expanding the socioeconomic donor pool, cryptocurrencies also expand the geographic pool. Thanks to the internet, the world is a lot smaller than it used to be. Websites and social media are viewable by people across the globe, which means the audience of potential donors is much larger than it used to be.
However, while the internet provides global access to a nonprofit’s work and messages, the current financial system significantly limits that global audience’s ability to respond. It’s also not just fees that hamstring the global response, it’s also limited or no access to the financial system itself.
For example, when people see the devastation of a natural disaster on the internet – many people that would want to provide aid simply cannot under the current system because they do not have access to a bank – let alone a Visa or Mastercard. This is another area where cryptocurrency can help – to bank the unbanked and provide a seamless avenue to send value across the globe.