Crypto christinaity

How does it work? And should Christians invest? A land of sweeping mountain backdrops, crystal-clear lakes and home to exquisite Riesling wines. Previously shut down, the station is once more firing at full capacity — now using natural gas — but not to heat homes or boil kettles.

Bitcoin is just one of thousands of new cryptocurrencies that have made headlines in recent years as its value has soared several thousand per cent and occasionally plummeted. And what do Christians need to know about these new, powerful forms of payment? Bitcoin would not depend on banks, which can fail disastrously, but would be independent of any organisation or government; a decentralised, democratic, resilient currency, managed by its users. But where do Bitcoins actually come from?

Think about gold. This metal only has value because, as individuals and nations, we all agree that it does. On the basis of that agreement, we can use gold to barter for goods. Similarly, enough people have agreed that Bitcoin has a value, and so it has become a currency that you can use to buy and sell things on the internet.

If you are very lucky, you might find a nugget or two. Bitcoins are also mined, but not by digging holes. Each time a puzzle is solved, everyone agrees that the person who solved it owns an additional Bitcoin.

This will continue until all the Bitcoins have been found — a maximum of 21 million. But before you give up the day job, note that an average laptop running 24 hours per day, seven days a week, will take years to find even one solution, or Bitcoin. You need a warehouse full of high-end computers to have any chance. Anyone can buy a spade and attempt to dig for gold, but you need dedicated mining equipment to succeed with any reliability. Cryptocurrencies are not physical currencies; they are electronic — just like most other payments.

More than 90 per cent of your financial transactions today are electronic. When you buy an item with a card, the bank updates your account but no physical money changes hands. Similarly, Bitcoin is an electronic currency with an agreed value. Advocates argue that Bitcoin and other cryptocurrencies are simply the logical next step in payments. There is, however, one important difference: no central organisation takes care of the transactions.

There is no bank, no Mastercard, no PayPal managing your account. Instead, every computer in the world mining Bitcoin also stores an encrypted record of every transaction that has ever taken place. This is mind-boggling, but it works. We call this online ledger the Blockchain.

That makes Bitcoin transactions incredibly secure. Removing the middleman the bank also makes this system efficient, cheap and fast. So far so safe, but what of the ethical implications of cryptocurrencies? By the beginning of , Engiven had had a grand total of 40 customers. The percentage of Americans aged 18 to 49 who own Bitcoin , the most well-known cryptocurrency, rose to 13 percent, roughly the same as the percent who invest directly in the stock market.

At the same time, the value of cryptocurrency started rising. Investors who sell their cryptocurrencies are responsible for capital gains taxes but can reduce the amount they owe the government by making charitable donations. The time for crypto donations finally came, and by the fall of , Engiven had processed contributions for more than nonprofits, including the Salvation Army, Compassion International, and Ronald McDonald House Charities.

About of those recipients are churches—some quite large—but many small and medium congregations are now receiving crypto donations as well, Lawrence said. Church donations have become common enough that the Evangelical Council for Financial Accountability recently recorded a webinar about the potential ministry impact of cryptocurrency.

Longtime member Tim Totten said he and several other members were involved in Bitcoin and realized there were considerable tax benefits to donating some of it. Several regular members decided they wanted to give to the church that way, and when Fern Creek set up the system, they started receiving donations from nonmembers too. But as Greene researched cryptocurrencies, he came to believe they represented an entirely new donations stream for churches and Christian ministries. One challenge for churches and nonprofits receiving cryptocurrency is that the value of the gift can fluctuate wildly.

The price of Bitcoin in particular has been notoriously volatile. Bitcoin dropped by 30 percent in a single day earlier this year before regaining 18 points.

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