How to accept donations in cryptocurrencies?

How to accept donations in cryptocurrencies? - Kyrios ChMS

Cryptocurrencies It's something we've all heard about. It's fashionable and already part of many people's daily lives.

With cryptocurrencies it is possible to transact assets without depending on banks or financial institutions.

The technology that underlies cryptocurrencies is called blockchain and is believed to be the basis of the future of the Internet and the so-called Web3 (new version of the Internet).

In this sense, the team responsible for Kyrios is already working on a series of projects based on Blockchain and one of the objectives is to bring to Kyrios the possibility of being in this new world and also allowing donations in cryptocurrencies such as Bitcoin, Ethereum among others.

Although we are currently still developing all these features, it is now possible to accept donations on the Kyrios Social Portal and the Kyrios APP.

Follow this step-by-step guide and also accept donations in cryptocurrency in your Diocese/Parish/Community.

How to create a wallet

To receive cryptocurrencies, similar to what happens with physical money, we need a place to store them. For this purpose there is the concept of portfolio. There are different types of wallets for storing cryptocurrencies, whether they are “hot wallets”, “cold wallets” or even wallets that are made available by platforms (“exchanges”) that allow the purchase and sale of cryptocurrencies.

One of the examples, to obtain addresses that allow you to receive several cryptocurrencies simultaneously, is by registering on a platform that allows you to work with several at the same time, as is the case with Binance and FTX.

For example purposes, we will use Binance, but there are many others (Ledger, Metamask, Trust Wallet, Coinbase, FTX, …) that can be used to create wallet addresses in order to receive donations for your institution.

To create an account, you must then access the Binance website and enter your email or cell phone number to start registration:

Then you must follow the steps until your account is confirmed.

How to check your wallet address

Now that you have an account on Binance, you must access it with your details and click on “wallet” - “fiat and spot”, and the following screen will appear with the various cryptocurrencies that Binance supports:

To obtain the wallet address associated with the cryptocurrency we want to accept, we must click on Deposit in the respective cryptocurrency line:

Next, we need to choose the network we want to use. There are cryptocurrencies that accept several networks and depending on the network the value of the transaction fee may be different:

In the example we are associating the Ethereum cryptocurrency, so we will select the native network which is ETH – Ethereum (ERC20):

Now the address appears, which we can copy and share to receive donations:

How to publish your address on Kyrios Social

Now that we have an address for our wallet (we can disclose the address for more than 1 cryptocurrency, being able to accept several, such as Bitcoin, Ethereum, Solana, UST, …

To display the wallet and QR code on the subscription page on the Portal, you must:

Add content with wallet addresses

It is necessary to create content, which has a title indicating that it is for donations, a phrase requesting the donation, the QR code and the wallet address:

Associate content with the structure of the Kyrios Social page and also the Kyrios APP

With the content already created, we must now open the Website settings and associate the content we created in the “Content on how to help” field:

On the Kyrios Social portal page, the content will appear in the sidebar:

In the Kyrios APP, a new yellowish button now appears:

When you click, the details appear:

Both on Kyrios Social and on the APP, you can share the content on social networks to make the most of this new way of receiving help for your community, as well as causes you are supporting.