The popular online encyclopedia – Wikipedia has partnered with cryptocurrency exchange BitPay to accept Bitcoin payments. This partnership mainly highlights the introduction of bitcoin cash(BCH) payments for its donation system.
Its evident that Wikipedia is one of the oldest and popular knowledge hub for internet users across the globe. Thus cryptocurrency serves as best option for accepting donations. The Wikimedia Foundation, a nonprofit that operates Wikipedia and similar free knowledge projects made a recent announcement to accept bitcoin cash (BCH) and bitcoin core (BTC) donations via BitPay
Prior to this the Wikimedia started accepting donations in the form of BTC in the year 2014 via Coinbase, but very recently decided to switch its payment processor to BitPay and introduced BCH along with it.
Pats Pena, director of payments and operations at Wikimedia Foundation commented on the recent surge in crypto donations and how it’s scaling up to meet this requirement. He said that,
Our donors have shown an increased interest for different cryptocurrencies, so accepting bitcoin cash was a natural next step
Furthermore, he mentioned that,
We accept donations globally, and we strive to provide a large variety of donation options. It’s very important that we can get international donations processed in ways that are efficient and cost-effective.
Crypto becomes cheapest payment option
One of the main reason as to why more and more global system are switching to crypto payments is its cost-effectiveness and less transaction time. Also, a recent report from Bitpay indicates that donations in non-profit organizations have increased dramatically in the last couple of years, especially at the end of the year as people look for tax benefits.
On the same lines, Sonny Singh, Bitpay chief commercial officer quoted that – ‘Wikimedia does so much good around the world that it is a privilege to help them raise money, ‘
With growing revenue for Bitpay, the company’s B2B operation had a record year which processed over $1 billion in payments for a second year and set a new record.
Whether or not governments across the world accept it, crypto is going to become new norm for every form of payments in near future. Do you really think so? Comment and let us know what are your thoughts on this?