Wikipedia Stops Accepting Crypto Donations Because of Their Environmental Harms
Wikipedia Stops To Receive Crypto Donations
The Wikimedia Foundation, which runs Wikipedia and other Wikimedia projects, has announced to stop receiving cryptocurrency donations. The decision to discontinue accepting cryptocurrency as a donation was taken in response to a community request that resulted from a three-month discussion that ended in April.
In July 2014, the organization began accepting Bitcoin donations in order to make giving “as simple and inclusive as possible.” It is used to process transactions through the Coinbase exchange before moving to BitPay. Ethereum and Bitcoin Cash have also been added to the list of available cryptocurrencies by the organization.
Earlier last month, Wikipedia editors voted to prohibit bitcoin donations. In January, Wikipedia editor named Vermont sent out a proposal which claims that Bitcoin and Ethereum are a danger to the foundation’s environmental sustainability goals. The most powerful cryptocurrency uses 204.5 terawatt-hours of electricity per year. The proposal also stated that sponsoring excessively hazardous investments would damage the foundation’s image.
“Cryptocurrencies are extremely risky investments that have only been gaining popularity among retail investors particularly in recent times, and I do not think we should be endorsing their use in this way. In accepting them, I believe we are mainstreaming the usage of “investments” and technology that are inherently predatory,” the proposal read.
Because the Wikimedia foundation received crypto donations worth $130,000 in the most recent fiscal year, which accounted for only 0.08% of overall contributions in 2021, the restriction will have no significant impact on the organization. Nonetheless, it appears to have left the door open for future bitcoin donations, stating that it “will continue to monitor this issue.”
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Wikipedia Stops Accepting Crypto Donations Because of Their Environmental Harms
Wikipedia Stops To Receive Crypto Donations
The Wikimedia Foundation, which runs Wikipedia and other Wikimedia projects, has announced to stop receiving cryptocurrency donations. The decision to discontinue accepting cryptocurrency as a donation was taken in response to a community request that resulted from a three-month discussion that ended in April.
In July 2014, the organization began accepting Bitcoin donations in order to make giving “as simple and inclusive as possible.” It is used to process transactions through the Coinbase exchange before moving to BitPay. Ethereum and Bitcoin Cash have also been added to the list of available cryptocurrencies by the organization.
Earlier last month, Wikipedia editors voted to prohibit bitcoin donations. In January, Wikipedia editor named Vermont sent out a proposal which claims that Bitcoin and Ethereum are a danger to the foundation’s environmental sustainability goals. The most powerful cryptocurrency uses 204.5 terawatt-hours of electricity per year. The proposal also stated that sponsoring excessively hazardous investments would damage the foundation’s image.
“Cryptocurrencies are extremely risky investments that have only been gaining popularity among retail investors particularly in recent times, and I do not think we should be endorsing their use in this way. In accepting them, I believe we are mainstreaming the usage of “investments” and technology that are inherently predatory,” the proposal read.
Because the Wikimedia foundation received crypto donations worth $130,000 in the most recent fiscal year, which accounted for only 0.08% of overall contributions in 2021, the restriction will have no significant impact on the organization. Nonetheless, it appears to have left the door open for future bitcoin donations, stating that it “will continue to monitor this issue.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Hazel
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