The Other Side (Downside) Of Bitcoins

Alternatives to Bitcoin

Cost of Bitcoin: Bitcoin is a cryptocurrency that is digital and has no such in between authority like an individual body or the central bank. It is a completely a digital currency which is a non-tangible product that has no such physical existence like the paper currency that is used by people in daily lives to purchase goods and services. It is a decentralized cryptocurrency that can be used to as a medium of transaction for the purchase of products on the web and can be exchanged between different users digitally via the medium of phone or the computer. It is a concept similarly that is applied when the money is transferred from one bank account to others through Internet banking.

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Bitcoins can be exchanged for other currencies and are also traded in special exchanges. It is commonly used for illegal transaction and has a special cryptocurrency wallet that can be stored electronically in digital form which is nothing but a group of numbers and can be counted as the cost of bitcoin as illegal exchange take place without knowing the authenticity of the receiver and buyer. Bitcoins are actually rewards that are the end process for the act of mining. Though bitcoin has its own special advantages of being intangible, under no such regulation or authority and also can be used as purchase products and services it also has a cost. Bitcoin is incredibly inefficient because of the money that is lost or given away energy companies to solve the complex mathematical problem is the cost of bitcoin that is one of many in the list. The financial and environmental cost of bitcoin is far more ever reaching for both environmental resources which are depleting and also for investors it’s not a safe form of investment.


De Vries, a Bitcoin cost specialist at PWC revealed in the interview about the environmental impact that Bitcoin posses in terms of the amount of power that it consumes but also said that the machines that mine Bitcoin are built purposefully which equivalent to carbon footprints of Denmark or the power consumption of Australia. Bitcoin cost can be minimized by the new introduction of Proof of stake that reduces both electronic and energy waste.

Source: Decrypt

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