Wiki community votes against accepting cryptocurrency donations
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Answer Wiki community votes against accepting cryptocurrency donations
The Wiki community voted against accepting cryptocurrency donations and revealed at least three reasons for making such a decision.
According to The Register, the proposal was made by a responsible auditor at the Wikipedia platform, who encouraged the Wikimedia Foundation to stop accepting crypto donations.
The aforementioned media outlet indicated that the rejection vote was based on three points:
- If accepted, it can be considered as endorsement of cryptocurrencies by the organization.
- The technology is not environmentally sustainable
- Accepting cryptocurrencies may damage the reputation of the institution.
Currently and at the time of publication, the Wikimedia Foundation is accepting donations in Bitcoin, Bitcoin Cash and Ethereum, as well as other traditional payment methods in fiat currencies.
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Cryptocurrency donations represent only a small amount in terms of revenue, estimated at just 0.08% of 2021 revenue, or $130,100.
The corporation’s total revenue during that period amounted to about $162 million.
A community member commented at the time of voting:
We should never have started accepting them in the first place.
Many years later, they don’t even represent 1% of annual donations.
Wikimedia is legitimizing a series of unfriendly “Ponzi” schemes by accepting bitcoin and getting almost nothing in return financially.
According to the institution’s policy, it converts cryptocurrencies into dollars instantly through the payment service provider BitPay.
Of the 326 votes cast between January 10 and April 12 this year, 71% (232) supported the proposal to stop accepting cryptocurrencies, while almost 29% wanted to continue accepting them, however, the results are not mandatory.
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