Many companies and corporations in the world are integrating cryptocurrency payments into their systems and offer far more options offered to the public. However, Wikimedia Foundation is not one of them, as the company recently announced that it is no longer accepting cryptocurrency donations on the platform due to the many reasons it has regarding the option.
Wikimedia Foundation Stops Cryptocurrency Donations
The Wikimedia Foundation is no longer accepting cryptocurrency for its donations to the company, and it is a massive factor for them as they run their website entirely on user contributions. The organization announced this via their platform, saying that they accepted cryptocurrency since 2014, giving them eight years for its transactions.
According to Molly White's Twitter screenshot, the foundation deliberated about this, which lasted for three months, and only made their decision this April for the cryptocurrency.
The company decided that it is for the best, that they turn away from cryptocurrency as per the majority's decision and votes regarding this issue.
Risks Like Environmental Effects, Scams, and MORE
Wikimedia is stopping cryptocurrency support for its foundation, and there are many reasons for this decision.
One of which is the risk of cryptocurrency's environmental effects that crypto mining brings to the world.
It is known that mining Bitcoin takes a massive chunk out of the power grid and draws it from coal power generation.
Another reason is cryptocurrency's massive risk involving scams and many threat actors that aim to take from owner's wallets and other resources.
Cryptocurrency and Bitcoin's Impact
Bitcoin has faced many issues in the past, and one of them is the environmental effects it brings to the public, especially with the drastic impact it brings on nature. Tesla previously stopped its Bitcoin transactions and trading last year due to this issue, despite Elon Musk being a fan of cryptocurrency and the top coin in the world.
The world already holds cryptocurrency as one of its used tenders in many payment channels from many companies that offer their services in exchange for the coins. There is also a factor called "volatility" in Bitcoin and another cryptocurrency that puts users in a position where they have to watch the market for any unexpected changes in its trends.
The world already accepts cryptocurrencies as many coins, and companies already promote and accept its transactions that grow the industry in the world. However, not all are entirely fond of cryptocurrency, as many are already dropping off its usage, including the Wikimedia Foundation, which recently announced its decision.
Related Article : Crypto Gains New Ally In Prince Philip Of Serbia And Yugoslavia
This article is owned by Tech Times
Written by Isaiah Richard
