Wikipedia Stops Accepting BTC and ETH Contributions After 8 Years

The Wikimedia Foundation, the company behind ‘Wikipedia’, has announced that they will no longer accept cryptocurrency donations. The decision is based on a recent poll held among members of the foundation. The build-up to the poll was a three month long discussion which resulted in 71% of community members voting against use of crypto.

Wikipedia started accepting Bitcoin donations in 2014 via CoinBase, but later switched to BitPay in order to be able to accept a wider range of cryptocurrencies.

The Main Reasons for Wikipedia’s Divergance from Bitcoin

  • The lack of environmental sustainability – The majority of WMF members decided that supporting BitCoin donations would negatively impact the environment, and this goes against with Wikipedia’s commitment to environmental awareness.
  • The prevalence of scams – According to the majority of respondents, receiving donations in crypto does not help with transparency. Furthermore, Molly White, an editor and software engineer at Wikimedia, stated that Wikipedia would be at risk of damaging its own reputation by accepting an ‘inherently predatory’ form of donation.
  • A small volume of donations – Wikipedia received just over $130k worth of crypto donations in 2021, which amounted to just 0.08% of the foundation’s total contributions. Additionally, the total number of different donors did not exceed 400, an low number overall, which Molly White claims is just not worth the risk: “There are just too many issues with crypto for any potential revenue to be worth the cost of helping legitimize it.”

A Possible Future Return to Crypto

Despite criticising crypto miners for using huge amounts of computing powers, the spokesperson for Wikipedia said that the foundation will continue to monitor the situation, and as such, crypto donation methods may be re-opened for discussion in future.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.