Wikipedia will stop accepting donations in cryptocurrency at the request of users After months of discussion, the platform makes the decision to no longer accept payments in cryptocurrencies. Here we explain their reasons.
By Entrepreneur Staff Edited by Eduardo Scheffler Zawadzki
This article was translated from our Spanish edition.
Three months ago, the Wikipedia user community asked the platform to stop accepting donations in cryptocurrency . The reasons of the users have to do with a concern towards the environment (it is well known that there are users who "mine" cryptocurrencies using a large number of computers that consume energy) and that, by accepting payments in digital currencies, Wikipedia legitimized a system in which there are still scams and deception.
The discussion started on a community request page within Wikipedia that was active from January 10 to April 12, 2022 and in which about 400 users participated. The page explains the arguments for and against the platform accepting payments in cryptocurrency:
"Common arguments in favor include: environmental sustainability issues, that accepting cryptocurrency constitutes an implicit endorsement of the issues surrounding cryptocurrency, and community issues with the reputational risk of the movement for accepting cryptocurrency. Common arguments against include: the existence of cryptocurrencies that consume less power (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 problems with the environmental sustainability".
Wikipedia began accepting donations in cryptocurrency in 2014 , using currencies such as Bitcoin , Dogecoin , Ether , and Litecoin . According to the Web3 is Going Great site, only 0.08% of the donations received by the platform were made in cryptocurrency.
In the official statement of the platform it is explained: "The Wikimedia Foundation has decided to suspend the direct acceptance of cryptocurrencies as a means of donation. We began our direct acceptance of cryptocurrencies in 2014 based on requests from our volunteer and donor communities. We are making this decision based on recent feedback from those same communities. Specifically, we will close our Bitpay account, which will remove our ability to accept crypto directly as a donation method.
"We will continue to monitor this issue and appreciate the feedback and consideration given to this evolving issue by people across the Wikimedia movement. We will continue to be flexible and responsive to the needs of volunteers and donors. Thanks again to everyone who has provided valuable insights into this increasingly complex and evolving topic."
