This comes in the wake of the Wikimedia community disfavoring crypto donations, arguing it may be harming the organization’s image.
the news on Twitter that Wikimedia has accepted the community’s request and stopped accepting crypto donations.“The Wikimedia Foundation has decided to stop accepting cryptocurrency donations. The decision was made based on a community request that the WMF no longer accepts crypto donations, which came out of a three-month-long discussion that wrapped up earlier this month,” she tweeted, along with a Wikipedia statement purportedly to the community members.
The document added that the Wikimedia Foundation had begun accepting cryptocurrency in 2014 in line with requests from “volunteers and donor communities.” Wikimedia Foundation will close its Bitpay account, which will remove its ability to directly accept cryptocurrency as a method of donating, the statement explained.WMF Received $130,000 in Crypto Donations in 2021
The debate began with Molly White asking how much money Wikimedia has received in crypto donations. WMF replied that the donations it received last year in digital assets amounted to a little over $130,000, or 0.08% of its revenue. The most used cryptocurrency was bitcoin, and all donations were spot converted into fiat USD.
It also saw some members discussing the benefits of “Proof of Stake” in comparison to “Proof of Work,” the former being considered to be less energy-intensive. The debate that exceeded 60,000 words many other issues such as money laundering, use of cryptocurrency in crime and scams, pseudonym donation, mining ban in Russia, central banks’ fiat currency system, and its flaws.Wikimedia’s latest decision has once again brought a spotlight on the growing importance of crypto donations.
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