Wikipedia goes against the grain on cryptocurrencies. The NGO that publishes the online encyclopedia has just explained that it will no longer accept donations in cryptocurrencies to avoid legitimizing a system with questionable ethics.
Bitcoin, Ethereum and other cryptocurrencies are no longer welcome on Wikipedia. In a decision published on May 1, the organization in charge of the online encyclopedia announces that donations in cryptocurrency will no longer be accepted. A notable turnaround on the part of the site, which had authorized this kind of transaction since 2014.
“The Wikimedia Foundation has decided to no longer directly accept cryptocurrencies as a donation method. […] We are making this decision based on recent community feedback.” detailed the organization on the Wikipedia page dedicated to this subject. The reasons behind this development are numerous.
Since the beginning of 2022, a Wikipedian named Molly White has opened the debate by pointing out the carbon footprint associated with cryptocurrencies. If it is difficult to quantify exactly the energy consumed for the mining of cryptocurrencies, the decision of the community is symbolic. By not accepting donations in Bitcoin and other crypto, the non-profit organization dissociates itself from a technology which consumes, according to some calculations, up to 2000 kWh per transaction.
A symbolic and political decision
Other issues, such as the use of Bitcoin to finance illegal activities or create pyramid scams, also weighed in the balance. “Cryptocurrencies are only good for two things: illegal payments and money laundering, and sustaining the biggest Ponzi scheme in history” indicates a contributor on the page of exchanges (very provided) on the subject.
On these subjects as on the environmental issue, the change in policy is mainly symbolic for the Wikimedia Foundation. Over the last fiscal year, cryptocurrency donations amounted to $130,000, or 0.08% of donations. Cutting itself off from this source of funding was therefore not too complicated for Wikimedia. “Bitcoin (and other cryptocurrencies) as a whole are not something we should endorse or encourage people to use in any way. I would also say that the more common and widely accepted cryptocurrencies are, the more incentive there is to mine them, which has an impact on the environment.“, details Molly White.
The debate was however animated, since according to the Wikipedian, there would have been a “strong mobilization of crypto defenders to derail discussions“. The foundation reserves the right to accept cryptocurrency again if the situation changes. But for the moment, the Wikimedia BitPay account is closed.