Wikimedia Receives $140,000 in Bitcoins Donations - Essay Example

Since it was founded in 2001, Wikipedia has provided tremendous value to the world by making it easy and free for anyone with an Internet connection to consume information.

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Coinbase was particularly excited to enable the Wikimedia Foundation to accept bitcoin donations because it feels that the decentralized, inclusive nature of Wikipedia is well aligned with Bitcoin.

Coinbase wanted to help the Bitcoin community contribute to the democratization of information.

Today, they are thrilled to announce that in the first week of accepting bitcoin, the Wikimedia Foundation has received over $140,000 in bitcoin donations.

Wikipedia is run by a non-profit organization and has been able to operate ad-free because of the generosity of donors from across the world.

For donors worldwide, bitcoin is a convenient donation method that ensures 100% of donated funds go to the cause. Donors can also enjoy significant tax benefits by donating bitcoin.

As inspiring non-profits such as the Wikimedia Foundation continue to adopt bitcoin as a payment method, Coinbase look forward to seeing you and the community show strong support as well.

Coinbase announced zero fees for all registered non-profits accepting bitcoin through our merchant tools.

This means that any non-profit accepting bitcoin through Coinbase will be able to instantly cash out their bitcoin donations for U.S. dollars and receive a daily bank transfer, free of charge.

Charitable giving is emerging as a major consumer use case for bitcoin. Bitcoin enables donors to give 100% of their funds to causes they care about, and the convenience of bitcoin has inspired donors to donate small amounts when they previously might not have donated at all. U.S. donors may also enjoy significant tax deductions based on their bitcoin-denominated donations.

Following the Wikimedia Foundation’s lead, all registered 501(c) organizations are now eligible to receive free bitcoin payment processing using Coinbase.