A charity or giver reaches out to me to see if we can take their coin. We are members of an SEC registered Exchange Coinzoom. What makes COINZOOM unique is that our account there has some pretty cool features. When we are holding US Dollars in our account, we receive the standard 250k FDIC insurance. When we hold COINS, all the COIN wallets are held offline in cold storage. These two facts make this a much more secure environment to facilitate COIN gifts. Once we know the COIN that the giver wants to give, we request a wallet for that COIN. All coins have to have their own wallet that can only hold that coin. Once we receive that COIN wallet address we send the wallet address to the giver. 

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The giver then will send BITCOIN to our wallet. At that point they would have a time stamp and detailed info as to what they sent to our wallet. This is the point where the givers charitable deduction is actually recorded. The giver needs to keep that data to give to their appraiser so they can get a qualified appraisal to attach to their form 8283 they will file with their taxes (only if gift is larger than $5000).

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We will be notified by our wallet of the receipt of BITCOIN and it is then we would research current market depth and trends to exchange the BITCOIN for US dollars. Once we have US dollars, we wire the US Dollars to our US bank Account at First Citizens Bank. Once received there we either ACH the dollars to the charity the giver wants it to go to or send a check to the charity.

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The cost to do this for the giver is 1% OF THE US DOLLARS REALIZED IN THE EXCHANGE FROM COIN TO US DOLLARS WITH A $250 MINIMUM. That covers all fees to get the dollars to the charity. NOTE Wire fees to send the US Dollars to the charity are an additional charge of the charity.