In summary:
- Signal Messaging App now accepts donations in various digital assets
- Donations can be made in Bitcoin, Ethereum, ZCash, DAI, AMP, BAT, LINK, BCH, GUSD, LTC, STORJ and ZRX
- Signal is run as a non-profit organization and crypto donations can be claimed for Tax purposes in the USA
- Signal rose to prominence earlier this year as users fled Whatsapp
You can now donate crypto towards the development of the popular messaging app of Signal. The team at the privacy-focused project made the announcement via the following tweet and encouraged users not to ‘hodl back’ on their generosity.
As a nonprofit organization, we depend on your support. If you've been patiently waiting for Signal to accept cryptocurrency donations, you no longer need to hodl back your generosity.https://t.co/1shZcAbZLi
— Signal (@signalapp) March 15, 2021
You Can Donate Bitcoin, Ethereum, LINK, ZEC and Claim Tax Deductions
Crypto donations to Signal are via TheGivingBlock.com through this link.
Bitcoin (BTC) and Ethereum (ETH) are the first options on the donation page with Signal accepting the following additional digital assets.
- Amp (AMP)
- Basic Attention Token (BAT)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Dai (DAI)
- Gemini Dollar (GUSD)
- Litecoin (LTC)
- Storj (STORJ)
- ZCash (ZEC)
- Ox (ZRX)
Also on the Signal donation page, is the following reminder that cryptocurrency donations can be declared for tax deductions when filing taxes with the IRS in the United States.
The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax efficient way to support your favorite cause.
When donating crypto, You receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the crypto and then made a donation.
That means you’re able to donate more, as well as deduct more on your tax return. The difference? Sometimes more than 30%.
Signal Rises to Prominence due to Whatsapp’s Controversial Privacy Policy
Earlier this year, downloads of privacy-focused messaging apps such as Signal and Telegram, skyrocketed after Whatsapp attempted to roll out a new privacy policy that would share some user data with Facebook.
At the time of writing, Signal has been downloaded over 50 million times through the Google Play store. The messaging app currently has a 4.5-star rating on the platform as a result of 1.444 million reviews. Sim