It`s been known that Foundations are based on donations, and saving enough donations wasn`t easy for most of non-profit organizations worldwide.
News are that Wikipedia started to accept Bitcoin last week and boy, that was a great idea! The non-profit Wikimedia Foundation, has raised more than $140.000 in Bitcoin donations from many worldwide kind donors.
Wikimedia Foundation accepted Coinbase as a payment processor and then started to accept Bitcoin on July 30, a partnership that will be seen as a proof that Bitcoin has so much potential when it comes to nonprofit fundraising organizations.
Coinbase announced the breakthrough on their blog saying that the $140,000 (237 BTC) shows that the open-source site and Bitcoin make a great team and together promises to be a strong long lasting partnership.
The company added a few words:
“We were particularly excited to enable the Wikimedia Foundation to accept Bitcoin donations because we feel that the decentralized, inclusive nature of Wikipedia is well aligned with Bitcoin and we wanted to help the Bitcoin community contribute to the democratization of information.”
The Wikimedia Foundation was privately debated the possibility of adding a Bitcoin donation option for months and by adding this option will automatically support the future growth of the community.
Coinbase made an announce on 1st August that they cutoff all the processing fees for the all non-profit organizations and same for the Wikimedia Foundation.
The Bitcoin acceptance was a success and the possibility to raise an important amount of Bitcoins, shows the true potential of digital currency donations with a perfect combo of tax benefits and transaction cost savings.
In the past, Wikimedia Foundation debated privately and carefully about the legal and financial involvement before making any decision:
“Using Coinbase, a bitcoin exchange, we’re able to immediately convert bitcoin to US dollars, requiring minimal technical implementation on our end. Since we now also have guidance on how to account for bitcoin, there is a clear understanding of how to legally manage it.”
Wikimedia said that Bitcoin donations are very demanded by the community, but hope that Wikimedia can support a huge flow of donations, because there is a lot of people who will generously give their bitcoin for the good cause.