The Wikimedia Foundation, the non-profit organization that runs Wikipedia, has decided not to accept donations in cryptocurrencies, citing the environmental impact of cryptocurrencies like Bitcoin and Ethereum.
Decision taken after three months long discussion
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The foundation said in a statement, “The Wikimedia Foundation has decided to discontinue direct acceptance of cryptocurrencies as a means of donation. According to a Wikipedian, known as Molly While on Twitter, Crypto (Crypto) was made based on a community request that stemmed from a three-month-long discussion that ended in April.
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In a three-month-long discussion, the pitfalls and promises of cryptocurrencies were discussed, and a vote was held in which 400 Wikipedia editors participated, of whom 232 users – 71.7 percent were in support of the proposal against crypto donations. And 94 editors voted. For crypto donations, another (75 users) were excluded from voting.
Earlier a proposal to shut down crypto was given in January. The proposal was sent by a Wikipedia editor known as Vermont.
Vermont wrote in Wikipedia, Cryptocurrencies are extremely risky investments that have only been gaining popularity among retail investors especially in recent times, and I don’t think we should support their use as such. Common arguments in support of the proposal to halt crypto include “environmental sustainability issues”, that acceptance of cryptocurrencies is an implicit endorsement of the issues surrounding cryptocurrencies.
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According to Vermont, accepting crypto means risking damage to our reputation by participating in it. Wikipedia also cited the example of Mozilla, a popular web browser that is re-evaluating its choice to accept cryptocurrency donations after much backlash from its supporters.
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However, a few days ago, Mozilla continued to make payments in cryptocurrency. The company has a blog post It said that it would only allow Proof of Stake Cryptocurrency, as opposed to Proof of Work Cryptocurrency like Bitcoin, Ethereum, Dogecoin etc.
According to information posted by Vermont, the Wikimedia Foundation received a crypto donation of $130,000 in the most recent fiscal year, which apparently accounts for less than 0.1 percent of the foundation’s revenue, up from $150 million last year. In the last fiscal year, Wikipedia had 347 donors who used the cryptocurrency option – and bitcoin was the most common method used for payment via crypto.