- France to Set Up G7 Crypto Task Force to Examine and Regulate Facebook Libra
- Featured: A Dive into the Whitepaper of Facebook’s Cryptocurrency Libra
- CabbageTech's Patrick McDonnell Confesses to Perpetrating Cryptocurrency Scam
- Big Four Accounting Firm PwC Releases a Crypto Auditing Tool
- Hackers Extort $600K in Bitcoin from a City Council in Florida
The Wikimedia Foundation Inc, the US-based nonprofit firm that operates the online encyclopedia Wikipedia, has partnered with BitPay, the largest global blockchain payments provider. This move will allow Wikipedia to accept Bitcoin as well as Bitcoin Cash donations.
From November to December every year, Wikipedia asks its users for donations. It usually suggests a donation to anyone who visits the site, for example $3, in order to keep the site running and free of ads. In 2015-16 Wikipedia received more than $80 million in donations, showing its user base respond positively to this request. Wikipedia has been accepting Bitcoin as a form of donation for several years, but the move to BitPay now means it can also accept Bitcoin Cash.
Bitcoin Cash is considered an altcoin. It is a cryptocurrency characterized as a spin-off version of Bitcoin. “Our donors have shown an increased interest for different cryptocurrencies, so accepting Bitcoin Cash was a natural next step,” said Pats Pena, Wikimedia Director of Payments and Operations.
This move is essentially a way for Wikipedia to diversify the way it received donations. Accepting payments from across the world can often be difficult, and allowing users the option to pay in cryptocurrency is one solution to this problem. Up until now, the only cryptocurrency people could donate with was Bitcoin, which is rather limiting. Adding to this, Bitcoin donations have increased dramatically in the last couple of years, signaling an important trend to Wikipedia.
With Bitcoin donations up, it only makes sense for Wikipedia to expand their options when it comes to cryptocurrency options. The market is clearly signaling that they want to support Wikipedia, and that crypto is the way many people want to do it.
“Bitcoin and Bitcoin Cash are one of the cheapest payment options available so more money goes to charity rather than paying fees. Wikimedia does so much good around the world that it is a privilege to help them raise money,” said Sonny Singh, Chief Commercial Officer.
BitPay is a US-Based Bitcoin payment service provider founded in 2011. They provide Bitcoin and Bitcoin Cash processing services for merchants, often large non-profits. They were also the first Bitcoin company to sponsor a North American sports event.
It is good to see more companies diversifying the way they receive payments. Giving consumers or users the choice of cryptocurrency allows companies to see the attitude towards crypto from their customer base, allowing companies to adapt to market trends.