Cryptocurrency
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What is a Cryptocurrency?
Cryptocurrency is a digital or virtual form of currency that uses cryptography for secure and decentralized transactions, operating independently of a central authority like a government or bank.
- Cryptocurrency is a type of digital or virtual currency that relies on cryptographic techniques for secure transactions and to control the creation of new units.
- It operates on a decentralized network of computers using blockchain technology, which records all transactions across a distributed ledger.
- Unlike traditional currencies, cryptocurrencies are not issued or regulated by any central authority, making them immune to government interference or manipulation.
- Cryptocurrencies offer a high level of anonymity and security, as transactions are encrypted and recorded on a public ledger that is immutable and transparent.
Benefits from Cryptocurrency:
- Potential for tax deductions: In many jurisdictions, donations of cryptocurrency to Cure SMA may be eligible for tax deductions at fair market value, similar to donations of cash or securities.
- Lower transaction fees: Cryptocurrency transactions typically have lower fees compared to traditional banking methods, allowing donors to maximize the impact of their contributions.
- Efficient cross-border transactions: Cryptocurrency donations enable quick and cost-effective transfers across borders without the need for currency conversion or intermediaries, facilitating global philanthropy.
- Transparency and accountability: Blockchain technology provides a transparent and immutable record of transactions, ensuring accountability and enabling donors to track the use of their contributions.
How your donation will benefit the SMA community
- Basic research to pave the way for new SMA muscle treatments and a cure
- SMA advocacy initiatives like caregiving access and transportation
- Improving standardized care for every person with SMA
“If it weren't for Cure SMA, we might not have the treatments in place that have helped my daughter to thrive while living with SMA. I'll forever be grateful and do what I can to support Cure SMA."
How Cryptocurrency Works
Cryptocurrency operates on decentralized networks using blockchain technology, where transactions are recorded on a public ledger and validated by network participants known as miners. Users store their cryptocurrency holdings in digital wallets, which are secured using cryptographic keys. When a user wants to make a transaction, they broadcast it to the network, and miners verify and record the transaction on the blockchain. The decentralized nature of cryptocurrency networks ensures security, transparency, and resistance to censorship or manipulation.
The first and most well-known cryptocurrency was created by an anonymous person or group of people using the pseudonym Satoshi Nakamoto in 2009.
A decentralized platform that enables the creation of smart contracts and decentralized applications (DApps), with its native cryptocurrency known as Ether.
A digital payment protocol and cryptocurrency designed for fast and low-cost cross-border transactions, primarily targeted at banks and financial institutions.
Contact Us
If you have any questions, would like further information, or want help making your contribution, then please contact us at [email protected] to get started.
Legacy giving typically takes many conversations and is not a fit for everyone. Conversations with Cure SMA about planned giving should be considered general in nature and intended to be used for informational purposes only. It should not be relied upon as legal, tax, accounting, or other professional advice. To determine how a gift or estate planning decision might affect your circumstances, it is expressly recommended that you consult an attorney, financial advisor, or other qualified professional.