Wikipedia, the decentralized community-powered encyclopedia, is now accepting donations in bitcoin, the decentralized community-powered cryptocurrency. The Wikimedia Foundation partnered with Coinbase to process the donations. Also new today, Coinbase will waive processing fees for all registered non-profits.
Today’s news shouldn’t come as a surprise. Back in March, Wikipedia co-founder Jimmy Wales accidentally started a bitcoin donation campaign. After opening a Coinbase wallet, he shared his wallet address on Twitter and said that he would give all the proceeds to the Wikimedia Foundation.
“I’m planning to re-open the conversation with the Wikimedia Foundation Board of Directors at our next meeting (and before, by email) about whether Wikimedia should accept Bitcoin,” he wrote in a Reddit thread at the time. And here’s the result!
Bitcoin will just be another payment option as the Foundation doesn’t plan to hold any bitcoin. Immediately after receiving a donation, Coinbase will convert the amount of bitcoins into USD. This way, donations aren’t impacted by bitcoin volatility. The Wikimedia Foundation raised $18.7 million during last year’s campaign.
The Wikimedia Foundation is just a first partner for Coinbase. Non-profits will get a nice perk compared to other Coinbase merchants. Instead of paying a small transaction fee, non-profits won’t pay any fees, ever. Other merchants start paying fees after $1 million in transactions.