RATE Group | Wikipedia lost money by adding Bitcoin
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Wikipedia lost money by adding Bitcoin

22 Feb Wikipedia lost money by adding Bitcoin

Posted at 23:31h in Bitcoin News by

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In brief

  • Wikipedia added Bitcoin donations in July 2014.
  • Jimmy Wales explains that providing the payment option loses revenue.
  • The encylopedia continues to accept Bitcoin payments.

You would think that giving people new ways to pay you could only bring in more money, but you might be mistaken. According to Wikipedia co-founder Jimmy Wales, adding the ability to keep the “world’s encyclopedia” alive with Bitcoin payments actually harmed its revenue.

Speaking in a panel discussion with nChain chief scientist Craig Wright, at Coingeek 2020, Wales said what really happened when it added Bitcoin.

Wikipedia kept Bitcoin, despite the negative effect. Image: Shutterstock.

“We did some A/B testing, where we throw up the testing thing, you can donate using credit card, PayPal, you can donate Bitcoin and it turned out that actual revenue declined when we did that. We brought in less total money, from all three sources,” Wales said.

Bitcoin “distracts people”

He figured that having…

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