Exploring the Dynamics of Cryptocurrency Donations by Blockchain Data Analysis

Donors increasingly use cryptocurrencies to support charitable causes with the underlying blockchain technology maintaining an anonymity-preserved, readily-accessible and re-liable record of transactions being made. This record can be analysed to extract information about donor behaviour for any given cause and to adapt fund-raising strategies for charities working on that cause. For example, donor fatigue that negatively impacts non-profitable organisations can be deduced in early stages and mitigation be put in place. This paper focuses on Bit-coin blockchain data and demonstrates how this and other useful information can be extracted using off-the-shelf technologies and Time Series analyses. For demonstration, it analyses the two-year long Bitcoin data available on donations made for the Ukrainian Cause. It illustrates the impact of various factors, such as the market value of Bitcoin, on donation behaviour since February 2022.