- The anonymous nature of cryptocurrency donations presents a unique challenge for Wikipedia editors. Because Wikipedia is a publicly edited encyclopaedia, the identity of its editors is important in maintaining its credibility. An editor’s identity can be verified through their IP address, which is attached to every edit they make.
- However, IP addresses can be easily spoofed, and so they are not always reliable. The problem with cryptocurrency donations is that they can be made anonymously, without attaching an IP address. This makes it difficult for Wikipedia editors to verify the identity of the donor, and so they are often reluctant to accept such donations.
There have been some attempts to solve this problem. For example, the Wikimedia Foundation has considered accepting cryptocurrency donations through a third-party service.
Wikipedia Foundation Does Not Want to Endorse Crypto At All
There are a few reasons why Wikipedia editors aren’t too keen on crypto donations.
- First, cryptocurrency is a relatively new and volatile asset class. This means that the value of a crypto donation could fluctuate significantly over time, making it difficult for Wikipedia to predict and budget for future donations.
- Second, crypto donations are often made anonymously, which makes it difficult for Wikipedia to track and thank donors.
- Finally, crypto donations are often made in small amounts, which makes it difficult for Wikipedia to make use of them in a meaningful way.
- GorillaWarfare, a Wikipedian and an anti-cryptocurrency activist had mentioned in her proposal that, “Bitcoin and Ethereum are the two most highly used cryptocurrencies, and are both proof-of-work, using an enormous amount of energy.” highlighting the unsustainability of the alternative currency.
- Many users also have fought for cryptocurrency to still be accepted as a donation, citing the logic that Bitcoin is energy-intensive only while mining, not during transactions.
- The majority of users have said that Wikipedia shouldn’t have started to accept cryptocurrencies in the first place, some have even called this move a “Ponzi Scheme”.
Where Does Crypto Stand in Terms of Sustainability?
- Cryptocurrencies and blockchain technology have the potential to revolutionize how we interact with the natural world. For example, Crypto could help reduce the carbon footprint of the financial sector by making transactions more efficient and eliminating the need for paper currency.
- In addition, Crypto could help create a more sustainable economy by making it easier to track and trade carbon credits. Ultimately, the sustainability of Crypto will depend on the ability of the community to adopt and use these technologies in a way that is beneficial to the environment.
- However, cryptocurrencies can also have legitimate uses. For example, cryptocurrencies can be used to make international payments, which are often faster and cheaper than traditional bank transfers.
- Cryptocurrencies can also be used to purchase goods and services online. In addition, cryptocurrencies may have potential as a means of sustainability.
- Many other cryptocurrencies such as Cardano, and Nano rely on much less electricity. Stellar and Algorand are carbon neutral cryptocurrencies to name a few.
- This invites a new narrative that organisations such as Wikipedia could start to accept payments via cryptos that are in operation with a greener focus.
- It is not necessary to do away with cryptocurrencies altogether, accepting newer and green alternatives will only help organisations get more donations while not hurting the environment. With time and a fair chance given to crypto, things can slowly start to look up.