Wikipedia’s non-profit organisation, the Wikimedia Foundation, has stopped accepting cryptocurrency donations, citing the impact that cryptocurrencies such as Bitcoin and Ethereum have on the environment. “The Wikimedia Foundation has decided to discontinue direct acceptance of cryptocurrency as a means of donating … we are making this decision based on recent feedback from [volunteers and donor] communities,” the foundation said in a statement.
The decision to stop accepting crypto as a donation was made based on a request by the community, following a three-month discussion that ended in April, according to a Wikipedian named Molly While on Twitter.
The pitfalls and promises of cryptocurrencies were discussed in the three months-long discussions, and voting was organised where 400 Wikipedia editors participated, out of which 232 users—71.7 percent were in support of the proposal against crypto donations and 94 editors voted for crypto donations, others (75 users) were excluded from voting.
Wikipedia’s non-profit organisation, the Wikimedia Foundation, has stopped accepting cryptocurrency donations, citing the impact that cryptocurrencies such as Bitcoin and Ethereum have on the environment. “The Wikimedia Foundation has decided to discontinue direct acceptance of cryptocurrency as a means of donating … we are making this decision based on recent feedback from [volunteers and donor] communities,” the foundation said in a statement.
The decision to stop accepting crypto as a donation was made based on a request by the community, following a three-month discussion that ended in April, according to a Wikipedian named Molly While on Twitter.
The pitfalls and promises of cryptocurrencies were discussed in the three months-long discussions, and voting was organised where 400 Wikipedia editors participated, out of which 232 users—71.7 percent were in support of the proposal against crypto donations and 94 editors voted for crypto donations, others (75 users) were excluded from voting.
The proposal to first stop crypto was signalled in January. A Wikipedia editor by the name of Vermont submitted the proposal.
“Cryptocurrencies are extremely risky investments that have only been gaining popularity among retail investors particularly in recent times, and I do not think we should be endorsing their use in this way. In accepting them, I believe we are mainstreaming the usage of “investments” and technology that are inherently predatory,” the proposal read.
Common arguments in support of the proposal to stop crypto included issues of “environmental sustainability, that accepting cryptocurrencies constitutes an implicit endorsement of the issues surrounding cryptocurrencies, and community issues with the risk to the movement’s reputation for accepting cryptocurrencies,” Vermont wrote in a Wikipedia post.
Meanwhile, the opposition argued about the existence of less energy-intensive cryptocurrencies (proof-of-stake), that cryptocurrencies provide safer ways to donate and engage in finance for people in oppressive countries, and that fiat currencies also have issues with environmental sustainability.
According to Vermont, accepting crypto means risk damaging our reputation by participating in this. The Wikipedian also gave an example of Mozilla, a popular web browser which is re-evaluating their choice to accept cryptocurrency donations after considerable backlash from their supporters.
However, a few days ago, Mozilla has continued payments in cryptocurrency. The company in a blog post said it would only allow Proof of Stake cryptocurrency, as oppose to Proof of Work cryptocurrency such as Bitcoin, Ethereum, Dogecoin, etc.
As per the information posted by Vermont, the Wikimedia foundation received crypto donations worth $130,000 in the most recent fiscal year, which is evidently less than 0.1 per cent of the foundation’s revenue, which topped $150 million last year. In the last financial year, Wikipedia had 347 donors who used the cryptocurrency option—and Bitcoin was the most common used mode for payment via crypto.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
