- The organization announced in January that it collected around $130,000 in cryptocurrency donations in the previous fiscal year, accounting for 0.08 percent of its total earnings. The most popular cryptocurrency among the 347 donors was Bitcoin, however, the organization also accepts Ether (ETH) and Bitcoin Cash (BCH).
- According to a Tuesday update on the proposal, nearly 71% of Wikimedia contributors who answered, or 232 out of 326, urged that the Wikimedia Foundation, which maintains Wikipedia, discontinue accepting bitcoin donations. Environmental worries about Bitcoin (BTC) transactions and the harm to the movement’s reputation for accepting cryptocurrency were among the grounds in favor of the proposal.
- On March 14, user C933103 stated that crypto should remain a possibility for Wikimedia to accept donations. Wikimedia accepts cryptocurrency donations but does not distribute cryptocurrency. If a country’s law prohibits donations to [the Wikimedia Foundation, or WMF] via banks, the government, not WMF, is at fault.
Environmental worries about Bitcoin transactions and the harm to the movement’s reputation for accepting cryptocurrency were among the arguments in support. The Wikimedia Foundation’s request for opinions on a proposal to discontinue accepting bitcoin donations has concluded, with the majority of users voting in favor.
Nearly 71% Of Wikimedia Contributors
According to a Tuesday update on the proposal, nearly 71% of Wikimedia contributors who answered, or 232 out of 326, urged that the Wikimedia Foundation, which maintains Wikipedia, discontinue accepting bitcoin donations. Environmental worries about Bitcoin (BTC) transactions and the harm to the movement’s reputation for accepting cryptocurrency were among the grounds in favor of the proposal.
On Jan. 10, the community invited comments on the plan, widening the conversation to include themes such as El Salvador’s use of Bitcoin as legal cash, crypto as a tool for criminal financial activity, and the role of digital assets in financial inclusion. However, most of the discussions seemed to center on cryptocurrency’s energy use and its environmental implications.
The initial proposal said that cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability. Bitcoin and Ethereum are the two most widely used cryptocurrencies, and both are proof-of-work, requiring a tremendous amount of energy […] existing models continue to be incredibly harmful to the environment. Eco-friendly cryptocurrencies exist, however they are less generally used.
Proof-of-stake cryptocurrencies, which are far less energy-intensive, and the use of tokens to allow safer means to donate and engage in finance for people in oppressive nations were among the arguments made against the idea. One person used the fact that the Ukrainian government accepts cryptocurrency donations as evidence that the technology has a poor reputation.
Collected Around $130,000 In Cryptocurrency Donations
On March 14, user C933103 stated that crypto should remain a possibility for Wikimedia to accept donations. Wikimedia accepts cryptocurrency donations but does not distribute cryptocurrency. If a country’s law prohibits donations to [the Wikimedia Foundation, or WMF] via banks, the government, not WMF, is at fault. Accepting donations rather than disbursing them ensures that funds will not be used to facilitate a new economic activity that could be sanctioned or used to fund other unlawful actions, as all funds will be instantly converted to fiat money in the WMF’s account. TrueAnonyman, a Wikimedia contributor, backed the proposal, saying:
The financial impact of not accepting crypto donations would be negligible, vastly surpassed by the reputational damage to the Wikimedia project of being seen to support a technology that is so closely linked to various environmental and social ills. The organization announced in January that it collected around $130,000 in cryptocurrency donations in the previous fiscal year, accounting for 0.08 percent of its total earnings. The most popular cryptocurrency among the 347 donors was Bitcoin, however, the organization also accepts Ether (ETH) and Bitcoin Cash (BCH).
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/28/the-wikimedia-community-is-in-favour-of-a-move-to-prohibit-the-organization-against-taking-cryptocurrency-payments/