Wikimedia Foundation shuts crypto donations
The parent company of the biggest free user-generated encyclopedia, Wikipedia, the Wikimedia Foundation has decided not to accept any donations in Bitcoin, Ethereum, or Bitcoin Cash, after a three-month-long discussion on the risks and benefits associated with digital assets.
Wikimedia Foundation community against Bitcoin donations
The lengthy discussion had around 400 members of the Wikimedia Foundation community. The organization conducted a poll where over 70% of responders were in favor of discontinuing all crypto donations. It held an internal meeting after the community vote and came to the conclusion of shutting down crypto donations. The foundation stated:“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 communities.”
Notably, the organization started accepting Bitcoin donations in 2014 with the intention to make contributions “as simple and inclusive as possible.” Wikipedia is known for its heavy emphasis on being a global platform with support in 326 different languages. Previously, it had joined hands with the crypto exchange Coinbase to accept Bitcoin donations and then switched to BitPay for supporting donations in additional cryptocurrencies.
Last year, the classification of NFTs made news on Wikipedia. A panel of editors opted against classifying NFTs as a kind of art and agreed to postpone the discussion till later.
Minimal crypto donations
The major area of concern in the discussion was the environmental impacts of Bitcoin, the risks associated with digital currency frauds, and the fact that the organization gets a minimal amount of donations.Cryptonary talked to Molly White, a software engineer and Wikipedia editor about the recent ban, to which she replied:
"I'm really happy that the Wikimedia Foundation implemented the request from its community, and I'm really proud of my community for making what I feel was the ethical decision after a lot of thoughtful discussion. There are just too many issues with crypto for any potential donation revenue to be worth the cost of helping to legitimize it."The WMF revealed that it had received cryptocurrency donations worth around $130,100.94 in 2021, which is only 0.08% of the total contributions. The contributions came only from 347 unique donors worldwide, and Wikimedia Foundation Community Relations Specialist Julia Brungs said that the foundation has never “held cryptocurrencies.”
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