About a week ago I read Darren Rowse's post on Donations and found amazingly useful.

http://www.problogger.net/archives/2...on-to-my-blog/

What he says is that donations buttons aren't 'in' as they used to be. But if you still want to try, you'll have to fill some criteras:
  1. a very large readership - a small % will always be willing to donate but to get enough to live off you’d need a large readership
  2. a very loyal readership - obsessed readers who simply couldn’t live without the blog who were willing to dip into their own pockets to keep it running. Of course to get this high loyalty you need to provide readers with something that they can’t live without whether that be some kind of service or fulfillment of a need of some kind.
  3. no other forms of income - I think sites with lots of other income streams (advertising, affiliate programs) would be likely to see a decreased chance of readers contributing as there would be a perception that the blog was already making money
I kept on reading (I suggest you do so) and saw an comment from someone named Alexander (comment #17). The guy adds a link to the Donate Plus plugin for WordPress. It's like a top commentators wall, but for donnors.
The donor can promote his name and website, along with some comments on the Recognition Wall

Do you have or consider ading a donation form on your website?

I do. But only when my website will become famous enough.