Wikipedia, the parent online encyclopedia now welcomes bitcoin denominated donations, the popular cryptocurrency. The decentralized community-enabled wikipedia has collaborated with Coinbase (an organization that reduces the size of brains you need to operate with bitcoin currency) to enhance these transactions. Coinbase has been in the headlines lately as they intend waiving processing fees for all registered non-profits.
Our hearts never leapt a millimeter to the announcement for as far back in March, partner founder Jimmy Wales of Wikipedia had accidentally cut the ribbons to occasion a bitcoin donation move. Jimmy Wales had posted his Coinbase Wallet on twitter shortly after registering for a Coinbase Wallet, announcing he plans to be a Good Samaritan with the fortune realized as he plans to donate all to the Wikipedia 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 had wrote in a Reddit thread back in March.
Bitcoin as such tends to just be an alternative payment addition as the Foundation hopes not to retain any bitcoin. For every transaction on the receiving end, Coinbase will transfer the monetary value of the Bitcoin into USD such that these donations don’t suffer the volatility that characterizes Bitcoin. The Wikimedia Foundation according to statistics of the 2013 campaign had realized a whooping $18.7 million!
The Wikimedia Foundation happens to be Coinbase’s “virgin” partner. Non-profits are to be favored in comparison with fellow Coinbase merchants. Non profit fees are to be spared of every transaction fee as alternative merchants could begin paying transaction fees once the deal climbs $1m.
Coinbase had earlier on enabled Dell to start operating in bitcoin. We should be expecting a lovely Olympics race between Coinbase and Bitpay though.