Here’s why Wikipedia stopped accepting cryptocurrency donations

The Wikimedia Foundation, the non-profit organization that runs Wikipedia, has decided to stop accepting cryptocurrency donations, citing the impact of cryptocurrencies such as Bitcoin and Ethereum on the environment. “The Wikimedia Foundation has decided to end the direct acceptance of cryptocurrency as a means of donating…we are making this decision based on recent comments from [volunteers and donor] communities,” the foundation said in a statement.

According to a Wikipedian who goes by the name of Molly While on Twitter, the decision to stop accepting crypto for donation was made based on a request from the community, stemming from a three-month discussion that took place. completed in April.

During the three months of discussions held, the pitfalls and promises of cryptocurrencies were discussed, and the vote was held in which 400 Wikipedia editors participated, of which 232 users – 71.7% were in favor of the proposal against crypto donations and 94 publishers voted. for crypto donations, others (75 users) were excluded from voting.

The proposal to stop crypto first was reported in January. The proposal was sent by a Wikipedia editor called Vermont.

“Cryptocurrencies are extremely risky investments that have only gained popularity with retail investors in recent times, and I don’t think we should condone their use in this way. By accepting them, I believe we generalize the use of “investments” and technology that are inherently predatory,” the proposal reads.

Common arguments in support of the proposal to shut down crypto included issues of “environmental sustainability, that acceptance of cryptocurrencies constitutes an implicit endorsement of issues surrounding cryptocurrencies, and community issues with risk. for the movement’s reputation for accepting cryptocurrencies,” Vermont wrote in a Wikipedia. Publish.

Meanwhile, the opposition argued for the existence of less energy-intensive (proof-of-stake) cryptocurrencies, that cryptocurrencies offer 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 risking damage to our reputation by participating in it. The Wikipedian also gave an example of Mozilla, a popular web browser reevaluating its choice to accept cryptocurrency donations after considerable backlash from its supporters.

However, a few days ago, Mozilla continued cryptocurrency payments. The company in a blog post said it would only allow Proof of Stake cryptocurrency, as opposed to Proof of Work cryptocurrency such as Bitcoin, Ethereum, Dogecoin, etc.

According to information published by Vermont, the Wikimedia foundation received crypto donations worth $130,000 in the last fiscal year, which obviously represents less than 0.1% of the foundation’s income, which exceeded $150. million dollars last year. In the last fiscal year, Wikipedia had 347 donors who used the cryptocurrency option, and Bitcoin was the most commonly used crypto payment method.

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