Why Wikipedia Stops Accepting Crypto | Reasons You Need To Know! 

Why Wikipedia stops accepting crypto?

The very popular Wikimedia Foundation that runs Wikipedia has decided not to accept crypto donations anymore. Do you know the reason Why Wikipedia stops accepting crypto? Here is a complete post on “Why Wikipedia stops accepting crypto”. You’ll find here everything you are searching for.

People are still unsure why Wikipedia stops accepting crypto donations and want to know the exact reason behind this. Well, this decision is based on feedback from communities. The majority of editors have voiced support for ending such donations arguing that crypto networks like Ethereum consume too much energy. A debate over this proposal raged over the past few months.

A three-month-long discussion wrapped up last month. This discussion resulted in a decision to stop accepting crypto donations. The reason why Wikipedia stops accepting crypto was based on this community request. They have cited the impact crypto such as Ethereum and Bitcoin have on the environment and that’s the main reason why Wikipedia stops accepting crypto donations.

Confused why Wikipedia stops accepting crypto and seeking more details on it? Worry not! We’ve got a post covering everything you must know about why Wikipedia stops accepting crypto. So, let’s not delay much and begin the post to check out the reason why Wikipedia stops accepting crypto!

Why Wikipedia Stop Accepting Crypto Donations?

Why Wikipedia Stops Accepting Crypto?

Wikipedia editors requested that the Wikimedia Foundation should stop accepting crypto donations. The foundation has received donations of around $130,000 in the most recent fiscal year. The debate raged over the past three months. It has been stated that cryptocurrencies like the Ethereum network consume too much energy. This is the reason why Wikipedia stops accepting crypto donations.

Wikipedia community pushes back against cryptocurrency donations. It was announced by the non-profit Wikimedia Foundation that owns and operates Wikipedia that it will no longer accept crypto donations. The organization gave an update that the Wikimedia Foundation has decided not to continue any direct acceptance of crypto donations. The foundation started the direct acceptance of crypto in 2014 based on volunteer and donor communities’ requests. 

This decision was also based on these same communities’ feedback. The foundation has said to close its Bitpay account that was used to collect crypto donations. It was open to receiving popular crypto donations like Dogecoin, Ethereum, Litecoin, etc. The longtime Wikipedia editor and crypto skeptic, Molly White showed his happiness and said that the foundation has listened to the community’s wishes and took a principled stand.

A poll conducted by the foundation had 70% of respondents wishing to discontinue cryptocurrency donations. This is why Wikipedia stops accepting crypto. The foundation initially worked with Coinbase and later switched to BitPay for accepting cryptocurrency donations. The Wikimedia Foundation in 2021 received cryptocurrencies from only 347 different donors. It was just 0.08% of the foundation’s last year revenue. 

Related: Biden’s Executive Order On Cryptocurrencies | What’s Happening Now?

Reason Why Wikipedia Stops Accepting Crypto 

The main reason why Wikipedia stops accepting crypto donations is because of environmental sustainability issues. The donors and other communities weren’t happy with cryptocurrency donations. Around 71.2% of votes were in favor to stop accepting cryptocurrency donations. There were around 400 users who voted, 232 to 94 was the outcome. 232 were in support of the proposal and wanted to stop crypto donations. This was a long three months discussion after which an ultimate decision was made to not accept these crypto donations anymore. 

Molly White also said Wikipedia risked damaging its reputation by accepting cryptocurrency donations citing the decision earlier by the non-profit peer, Mozilla, for stopping crypto donations. He also signaled Bitcoin and Ether’s need for huge amounts of energy and noted other eco-friendlier cryptocurrencies that are used less widely.

Many energy-efficient blockchains don’t use proof-of-work mining like Tezos, Avalanche, Solana, etc. Wikimedia has left the door open for possibly resuming accepting cryptocurrency saying that it will continue monitoring the situation.  

Related: What Is APY In Crypto | Terms That You Should Know About!

Wrapping-Up:

This post covers all the details about “Why Wikipedia stops accepting crypto”. We have given you all the necessary information and reasons why Wikipedia stops accepting crypto donations. We hope you’ve understood why Wikipedia stops accepting crypto. What are your views on this? Do you also feel it was right to stop accepting crypto donations or not? Do let us know your views by commenting in the comment section right below! 

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