[Wikimedia-l] Let's accept Bitcoin as a donation method

Robert Rohde rarohde at gmail.com
Wed Dec 11 14:45:35 UTC 2013

On Tue, Dec 10, 2013 at 2:37 PM, MZMcBride <z at mzmcbride.com> wrote:
> Has there been any discussion about simply accepting Bitcoins but not
> exchanging them?

I don't have a strong opinion on whether WMF should or should not
accept Bitcoin donations.  However, even if we were to accept them, I
don't believe we should be collecting them.  As I believe is already
the case with most foreign currency donations, Bitcoins (if accepted)
should be exchanged for dollars shortly after being received.

Whatever else Bitcoins might be, they are certainly subject to rapid
variations in market prices and considerable uncertainty regarding the
future regulatory environment.  As such, as an investment, they would
have to be classed as highly speculative.  Some people have made a lot
of money off of Bitcoins, and some others may yet make a lot more, but
there is also the potential to lose a lot of value if regulatory fiats
or undiscovered flaws in the Bitcoin system cause their value to
plummet.  I don't think holding on to high-risk investment vehicles
makes sense for a non-profit that aims to make responsible use of
people's donations.

-Robert Rohde

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