The US House of Representatives committee on small business held a hearing on 2nd April to discuss the growing use of bitcoin by the country's small business owners (SMBs), and the pros and cons that using this technology as a payment option offers the demographic.Entitled 'Bitcoin: Examining the Benefits and Risks for Small Business', a panel of experts spoke about the benefits and costs of the use of bitcoin by SMBs, while also touching on hot topics like Silk Road and the recent IRS decision on the tax treatment of digital currencies.Committee Chairman Sam Graves noted in his opening remarks that a great deal of uncertainty remains for small businesses thinking about accepting bitcoin as a form of payment, but that the hearing was meant to increase information about the topic."We hope that by providing information about bitcoin, small businesses will be in a better position to know whether adopting bitcoin as a payment system might be a way for small businesses to gain more customers.

This hearing will also inform [Congress] Members as we consider implications of policies affecting the use of virtual currency."In addition, he cited the collapse of Japan-based bitcoin exchange Mt.Gox and the prevalence of digital black markets which accept bitcoin as barriers for widespread adoption.Overall, Graves struck a cautious tone for the hearing that was echoed by its panel of experts.Jerry Brito, a senior research fellow at the Mercatus Center at George Mason University, suggested that the use of bitcoins can help SMBs avoid certain types of payment fraud that can result in significant repercussions, including the loss of access to card networks.Further, he said that businesses can tap into potential new markets simply because they can accept transactions from regions that are not included in current global payment networks.Still, Brito noted that volatility remains a key barrier to adoption, but that he believes the technical aspects of bitcoin do not lend themselves to the currency's now-infamous price swings.

"There is nothing inherent in bitcoin's design that makes it naturally volatile.Its volatility is likely attributable to the fact that it is a new currency, still in the process of discovering its stable price.Additionally, as a nascent currency, it is very thinly traded and as a result a single large-enough trade can affect the exchange price substantially."Capital markets and risk management expert Mark T. Williams of Boston University's Finance Department pointed out that bitcoin's position as a payment system – as well as its price – is determined largely by current users.Should these parties decide to move away from accepting virtual currency, "bitcoin [would] become worthless," Williams said.He also said that, compared to other risky investments worldwide, bitcoin poses a much bigger threat to SMBs who lack the capital or infrastructure to withstand potential losses.Williams said: "It could be argued that small businesses that blindly accept bitcoin are not actually in commerce but are in the high-risk speculative trading business."

Williams, known for his often inflammatory critiques of bitcoin, went on to say that bitcoin is perhaps better used by Wall Street trading firms that have experienced staffs that can handle the associated risk.bitcoin mining greeceLater in the hearing, both Williams and Brito voiced support for the IRS decision to designate virtual currencies as a type of property for tax treatment.bitcoin als anlageBrito noted that the IRS looked at the characteristics of bitcoin and judged it as more of a commodity compared to a currency.simple python bitcoin minerLooking ahead, he suggested that Congress and federal regulators could create a special tax category for virtual currencies that takes into consideration the extraordinary aspects of bitcoin.litecoin bot

Adam White, Director of Business Development and sales at Coinbase, and L. Michael Couvillion, Associate Professor of Economics at Plymouth State University's College of Business Administration, also addressed the committee.ethereum april 28For more information, watch the full hearings below.bitcoin foundation budgetBitcoin is still a long way from reaching the masses, but why a surge in adoption is likely in the cards for bitcoin’s future.And with Earth Day around the corner, we wanted to shine a light on bitcoin’s benefits as an efficient donation vehicle for nonprofits.We’ve also included a selection of eco-conscious nonprofits that accept bitcoin donations!Anyone in the world with a smartphone can use bitcoin.Whether you’re a nonprofit, or you’re interested in donating to one, you won’t need a bank account to receive or send bitcoin donations.

As they occur, every bitcoin transaction is recorded on the block chain, which is transparent and publicly accessible (here’s a transaction to check out yourself).In an industry where transparency can make or break your reputation, the decision to use bitcoin, a donation method that is inherently transparent, can be used as a way to demonstrate your commitment to transparent financials, and ultimately, the cause you work so hard to advocate for.No third party hassle.Most types of donations require third party involvement in the form of banks and payment processors, which means that a portion of the donor’s contribution is used to pay for any number of third party fees per donation.PayPal, , charges verified 501(c)(3) US charities 2.2% (international is 3.7%) per transaction, plus a fixed fee based on the currency.With bitcoin, your funds are sent directly to the nonprofit.The transaction fees used to power the bitcoin network are a fraction of traditional costs (recent averages are around .0007 BTC or $0.88 USD at the time of writing), plus there are no additional or hidden fees.

(SSCS) is a nonprofit that serves to protect and conserve marine wildlife and its oceanic habitat.Its founder, Paul Watson, was a founding member and director of Greenpeace until leaving in 1977 to establish Sea Shepherd.Their direct-action approach to conservation mean their crew is on the front lines of activism.Current campaigns include , where two of their ships will be actively patrolling a refuge area for the critically endangered vaquita porpoise.Another, , defends endangered sea turtles on the the coasts of Florida, Honduras, and Costa Rica.to help Sea Shepherd protect our oceans.The Galapagos Islands are home to some of the most diverse and unique wildlife on earth.And in recent decades, a rise in the local human population has meant an increase in the number of domestic animals like dogs and cats.This, in turn, increased the need for education, veterinary care, and efforts to protect native wildlife., , is headquartered in New York and was started in 2010 by Founder Tod Emko.Their mission is to provide free comprehensive veterinary care to the Galapagos animals – both domestic and wild – while preserving the archipelago’s rich biodiversity.

DAD have also expanded their efforts to Greenland, Sumatra, Belize, and most recently, Thailand.You can donate bitcoin to DAD , or by sending donations to .Founded in 2013 by Connie Gallippi, is likely the most well-known charitable organization for advocating the benefits of bitcoin and block chain technology for nonprofits.The nonprofit (which was the first bitcoin-focused charity to be given ), aims to support environmental and public health-focused nonprofits by making it easy for them to accept bitcoin and see the benefits first-hand.Their latest big news is the launch of , which uses block chain technology to track donation progress.Help BitGive by making a bitcoin donation .In 2014, environmental nonprofit began accepting bitcoin donations through BitPay.The organization calls attention to environmental abuses and attempts to educate and provide effective solutions to these problems.Current campaigns include: Saving the Arctic, Protecting our Oceans, and Living Toxic-Free.You can donate to Greenpeace with bitcoin .