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  /  cryptocurrency   /  Wikipedia Looks Down on Cryptocurrency! What Good Does it Yield?
Cryptocurrency

Wikipedia Looks Down on Cryptocurrency! What Good Does it Yield?

Wikipedia remains skeptical when it comes to using cryptocurrency as a channel of donation. 

The open-source information giant, Wikipedia seems pessimistic about the growing popularity of the cryptocurrency market. Even though the Wikipedia Foundation currently accepts donations in cryptocurrencies namely, Bitcoin, Bitcoin Cash, and Ethereum, crypto still happens to be its smallest channel of donations and payments at the moment.

To explain the matter further, 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”.

 

The Unstable Characteristics of Cryptocurrencies

Cryptocurrency is unsustainable, there are no two ways about that, however, with time cryptocurrencies have attempted to transition to sustainability. The carbon footprint concern tops everything as carbon emissions lead to global warming but Bitcoin recently has made a leap to a greener approach. Recently backed by Tesla, Block, Bitcoin, blockchain infrastructure company Blockstream has turned to solar power to mine Bitcoin. The same is quite a revolutionary move made by the companies, this also means that Bitcoin mining can successfully fund zero carbon-emitting power infrastructure. This could later transition into 100% renewable Bitcoin mining, so this development is surely a start. Many other cryptocurrencies such as Cardano, and Nano rely on much less electricity. Stellar and Algorand are carbon-neutral cryptocurrencies to name a few.

 

Looking for a Greener Option!

This invites a new narrative that organizations 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 organizations get more donations while not hurting the environment. With time and a fair chance given to crypto, things can slowly start to look up.