Webdefs: BitDaf, Bitcoin

Bitdaf /bit·daf/ – Noun: Contributing highly appreciated bitcoin to a public charity.

Bitcoin /bit·koin/ – Noun: A type of digital currency. Specified in units, bitcoin is considered a cryptocurrency because of the encryption techniques used to regulate the generation and transfer of the units. 

 

Bitcoin was created in 2009 after being described in a White Paper in 2008 by Satoshi Nakamoto.  Bitdaf is a newly coined word, that refers to the contribution of this new form of currency  to a charity, through a donor advised fund (DAF).   It’s a similar concept to contributing low basis stocks to charity.   

If you’ve been contacted about a donation of bitcoin through a donor advised fund, contact your bankers and legal advisors and proceed with caution.

Categories WebDefs | Tags: | Posted on November 13, 2017

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