The use of the internet and smartphone has now become a ubiquitous part of social interactions. For most people, life without a smartphone would be next to impossible. Today, smartphones contain not just social connections but important financial data as well. For instance, today, you can access a credit card directly from your smartphone.
The Switch To Digital Wallets
Most smartphones today double up as mobile digital wallets. Consequently, many establishments today will allow users to pay directly from their phones. The growth of the smartphone market has also played an important role in the growth of cryptocurrency users. As the sector has grown, developers have launched apps that allow users to access their crypto holdings from their smartphones. Today, users can send or receive crypto or cash payments by simply scanning a QR code.
Tithing And Offerings
The church, which has remained conservative in many aspects, has not been left behind when it comes to smartphones. Most churches in the US will allow parishioners to pay tithe or give offerings using their smartphones and online payment options. However, one church in Mississippi has gone a step further. It has become the first church in the US to accept cryptocurrency from parishioners.
COVID19 And The Back Bay Baptist Church
When the COVID19 pandemic struck, one church decided that all parishioners would now start giving tithe and offerings via online platforms. Back Bay Baptist Church, located in St. Martin, stopped passing around the offering basket to protect its members. According to the church’s Pastor Adam Bennett, they have their little basket in the back of the room.
The church decided to not only accept online payments but crypto payments as well. Starting on September 26, 2021, all parishioners could give in to crypto. While discussing the development, Pastor Bennett stated that:
“Cryptocurrency is a new technology called the blockchain and it’s a network. Basically, in order to use this network, you have to have crypto assets or cryptocurrencies like Bitcoin, Theorem, Litecoin. And so, with these assets, you can use the network.”
The decision by the church makes it the first southern Baptist church to accept cryptocurrency, according to the Baptist Press.
Limits On Donations
Pastor Bennett noted that there was no limit on what parishioners could donate. He said that since crypto could be divided down to 16 digital, people could pick what amount they want to give. The pastor noted that “you can give $10 worth of Ethereum or you can give $100,000 worth of Ethereum.”
The pastor went on to explain that crypto should not be viewed in terms of dollars but instead as value transfer, like when transferring stocks. He went on to give the analogy of video games and tokens. He noted that to play video games, you needed to buy tokens. According to Pastor Bennett, “You can’t use their video games unless you buy their tokens, it’s kind of like that.”
The church will accept seven types of coins: BTC, ETH, Dogecoin, LTC, DIE, BCH, and USD Coin. It will also continue to accept other online payment options. However, the church’s pastor does not have faith in the future of fiat transactions. According to Bennett,
“Adopting these technologies early on, I realize this is not a common thing. But I’m of the opinion that in 20 or 30 years, cryptocurrency is going to be a way of life and using blockchain technology. Hopefully, our church will be leading the way.”
Thus far, only a few members have used the cryptocurrency option.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.
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