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Retrospective Tale of Bitcoin, Energy & Elon!

What Is The Reality Behind Bitcoin’s Carbon Emission & Consumption?

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I feel :

“The environmental concerns should not be circling around bitcoin, we should stop blaming bitcoin mining for all the problems associated with Carbon emission and focus on rehabilitating plants and rivers if we really want to solve global warming and water crisis issue which have been largely the making of us humans .”

Elon Musk, a few weeks back very strongly brought up the carbon emission issue and blamed bitcoin to be one of the contributors. He abruptly decided to stop accepting bitcoin for tesla car purchases, quoting he is worried about carbon emission environmental issues associated with BitCoin mining, thanks to him, as this brought this issue to the center stage of the world forum.

The Crypto community, investors, big banks, and financial institutions started debating this issue on multiple media platforms. Michal Saylor a well-read Bitcoin bull and popularly touted to be the Jesus of Bitcoin came very strongly in support of Bitcoin and shared his opinion that all the energy & environmental concerns associated with bitcoin are much media hype and least based on the facts & figures.

So today we will look into some of the stats & reports published around Bitcoin energy usage and emission which may present a different story than what has been written and said by Elon & other prominent leaders who have been publicly raising their voice against Bitcoin’s ESG concerns.

Here is the link :

Where he clearly laid down the fact that :

  • Bitcoin Emits Less Than 2% Of The World’s Military-Industrial Complex Carbon Emissions

He also wrote in one of his another piece on Bitcoin energy concerns, stating that

  • Bitcoin emits less than 5 % of what the legacy financial sector emits in the form of Carbon emission.

What Cambridge Center for Alternative Finance (CCAF) Has To Say?

  • Bitcoin energy emission is roughly around 110 Terawatt Hours per year, which is a meager 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden.

What Galaxy Digital Has To Say About Bitcoin Energy Issue?

Bitcoin is more than twice as green as the international banking system.

They have reported few key points which I would like to lay down in bullet points for you all

  • The annual electricity consumption of the bitcoin network stands at 113.89 terawatts per hour per year (TWh/year)
  • While our traditional banking systems consumes 263.72 TWh/yr
  • Also, our gold mining market consumes around 240.61 TWh/yr of energy.

One caveat to their report is that:

In case of bitcoin they have covered everything from bitcoin mining operations and transactions also, but while comparing the same with traditional banking they have excluded central bank and covered banks ,data centers, ATM’s, branches & card networks.

It will also be interesting to know what percentage of renewable energy does bitcoin’s network consume as compared to other industries

What Cambridge University, Coinshare Report Has To Say?

  • The University Of Cambridge has a different opinion. In one of the reports published in 2020, they estimated the renewable energy consumption of the Bitcoin networks to be closer to 39%.

Let’s assume that Cambridge reports are accurate, but still, this is much better than the entire world consuming energy in the form of an electricity grid.

The problem is not with how much energy is consumed in renewable energy by what industrial sector, the problem lies in what value these products & services offer to the people in return to what they consume as an input.

So Let’s Discuss the value proposition and see if it is really worth adopting Bitcoin & fuel its network expansion going forward.

I Truly Feel That;

“The real value of any product can be decided by how it has changes the life of the common people at large”

So let’s understand:

The Role of Traditional Bank:

  • Bank offers loans & issue credit cards to the people who are not sitting on cash piles to meet their needs. Unlike rich people average & poor people can’t buy a home in cash, they need credit to do so and eventually are bonded for a large period of time to pay back the same in the form of interest(EMI)
  • Now with online banking people can transact their hard-earned money to some other person within the country or globally, but that too comes with some extra cost . Physical banks do exist and still has a widespread network, but it is going to be a thing of the past in the coming few years as people are very reluctant to visit the branch, for all their banking needs

So yes banks do caters to the needs of the people when it comes to safeguarding their currency and helping them earn some nominal cash, out of their money sitting idle with their bank. Apart from this, they circulate the same currency that you have kept in their custody, in the form of loans & credit cards to help people in the need of the same earning hefty interest.

Why I am discussing thing stuff? Well because it is important to understand that when you decide to keep your money in the bank to earn some fixed income or saving income, you also should realize that it is the same money that comes back to you in the form of loans. Banks pay a very small pie of what they earn by lending, back to you.

Also, the central banks & political lobby of the world have been using the instrument of printing and flooding the market with more fiat currency, without actually enhancing the earning power of humanity. People are getting some easy money as a stimulus, which is further augmenting the inflation issue.

Banks act a the centralized custodian of your own money and control the economy and market at large, without you having much say. You are being pushed to large debts in the form of the credits you take, which is the core objective of the BFSI to keep amassing more money.

Your debt is their key to success.

Now let’s discuss the bitcoin and the crypto market, to further understand where the actual problem lies.

Low Transaction Fee & Decentralized Payment

  • Unlike the online banking system, bitcoins promises to offer a money transfer facility with a lower transaction fee, and the transaction is completely decentralized with no central authority like it Central bank in the case of the traditional financial system.

But what’s the real value? well, the real value lies in the concept of having full authority over your digital money, which can be transferred with a few clicks using your smartphone, without asking you to go through a cumbersome bank account creation process, not requiring any approval from controlling intermediary. Also having a system that is highly decentralized and secure gives you peace of mind.

Unlike Fiat currency, It’s Scarce & Deflationary :

It’s similar to Gold, which is rare , has limited supply to be mined & which has been the largest asset to hedge against inflation.

You Can Earn More Out Of Sitting Bitcoin In Your Wallet

“Its like borrowing a fiat money against the gold ”

Bitcoin may require more energy with time: It is a wrong narrative

Which negates the narrative that the energy costs associated with mining Bitcoin will continue to grow exponentially as bitcoin networks grow.

Bitcoin Scarcity Will Eventually Decrease The Energy Demand:

Is bitcoin a real devil when it comes to the environment?

It is very clear from the reports & researchers that not many people are truly aware of how bitcoin protocol actually works and have been making a hell, lot of assumptions when it comes to the harm it can cause to our green environment. Elon is one such genius tech billionaire for sure, who in spite of being a curious soul has not done much of the homework before raising energy fud.

In fact, it’s not right to single out Elon, there are many knowledgeable people and billionaires who have not understood the fabric of underlying blockchain tech( i must admit it is not easy.) So if it is hard more in-depth research needs to be done before making remarks publicly.

Most of the statement against bitcoin’s energy concerns has been based on flawed assumptions with no to zero, factual groundwork when it comes to decoding the protocol working has been done.

So next time when you or someone asks this question & make a blatant statement, you need to step back and introspect. You should educate yourself, before coming to conclusion.

Yes, it is true that Bitcoin like any other industry does have the need for energy to support their mining needs, but what you can harness out of Bitcoin as a value proposition should be given more weightage. Bitcoin has given a new kind of hope to all crypto enthusiasts when it comes to financial freedom.

The blockchain as a tech needs to be explored & understood, as it has the power to change the way our current financial system works. The advent of Defi, DEX’s & DApps has already set the right tone to change the way banks will function in the future, Bitcoin being the leader in the crypto space and with widespread market acceptance, can see multiple utilities apart from being a store of value.

So I would like to conclude this piece with the food for thought:

“ If you get the power to live a decent life with all the bliss & happiness, from Bitcoin like instrument and if you are willing to sail through the volatility and risk associated with it , you are in the right place & should be least concerned. Yes being a beneficiary you do have the right to question the system, if it is harming the life of the humanity at large, this will help you to maintain the checks & balances required to keep system active and value driven. But do it with more accountability and have the right education to support the same”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://medium.com/crypto-wisdom/retrospective-tale-of-bitcoin-energy-elon-240921e75dfd?source=rss——-8—————–cryptocurrency

AI

Nigeria to Launch a Pilot for Its CBDC in October

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Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


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According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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Amazon Wants a Leader For Its Digital Currency and Blockchain Product Unit

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Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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Fintech Giant Zip Co to Provide Cryptocurrency Trading Services

Published

on

Amazon seems determined to maintain its reputation as an innovative company and is looking to experiment with cryptocurrencies through a digital currency payment and blockchain unit.

According to an announcement posted on Thursday, Amazon is looking for a blockchain specialist to lead its Digital Currency and Blockchain strategy.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap … You will work closely with teams across Amazon, including AWS, to develop the roadmap, including the customer experience, technical strategy and capabilities as well as the launch strategy.

What Amazon is Looking For

The expert must have at least an MBA or equivalent degree, 10+ years of business or technology experience, team management skills, understanding of data and metrics, and good communication skills.

The corporation did not disclose any salary offer. The person must be based on or willing to move to Seattle, Washington.

Amazon seems to be convinced of the need to innovate in the field of payments and finance. The cryptocurrency and blockchain development team is a sign of the company’s interest in exploring these emerging technologies to offer better financial products.


ADVERTISEMENT

According to an email shared by Business Insider, Amazon’s team confirmed its interest in exploring an approach to the world of cryptocurrencies. Still, they did not specify whether it would be through the development of a proprietary currency or through the acceptance of cryptocurrencies as a means of payment:

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon … We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

An Old Relationship With Crypto

Amazon’s interest in the world of cryptocurrencies isn’t new. Back in 2017, it purchased, at least preemptively, a number of domains linking its brand to cryptocurrencies, including amazoncryptocurrency.com, amazoncryptocurrencies.com, and even amazonethereum.com.

However, at the time, Patrick Gauthier told CNBC that the e-commerce giant did not have much interest in cryptocurrencies and had no plans to support crypto payments.

In fact, the Pay With Moon plugin that allowed payments on Amazon with Bitcoin through Lightning Network had to change its business model to instead allow its users to purchase virtual credit cards instead of paying directly on Amazon’s site.

Also, as Cryptopotato reported in February this year, Amazon launched a job offer for a new payments system involving “Digital and Emerging Payments (DEP),” although they did not mention a direct relationship with Bitcoin or any cryptocurrency either.

This time, however, Amazon seems more willing to go public with its casual relationship with cryptos.

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PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

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Source: https://coingenius.news/fintech-giant-zip-co-to-provide-cryptocurrency-trading-services-24/?utm_source=rss&utm_medium=rss&utm_campaign=fintech-giant-zip-co-to-provide-cryptocurrency-trading-services-24

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Locked Out of Millions: Couple Can’t Access $5.8M Worth of Ethereum

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Yuki and Art Williams, who purchased 3,000 Ethereum coins back in 2014, can not open their crypto wallet. The family claims that the essential JSON file was never downloaded, and thus they don’t have access to their $5.8 million.

In Search for Help

According to the American media 7news, the Washington DC family Yuki and Art Williams possess 3,000 ETH coins in their crypto wallet. Unfortunately, the wife and husband can only see them and not access the assets. The couple insisted that when they bought the assets in 2014, the JSON file was never downloaded. Art Williams said:

“The instructions were to leave your computer on for an hour and a half and as the progression bar showed it populating the JSON file would appear. Unfortunately for us, it did not appear.”

Calculated in today’s prices, the wallet contains $5.8 million. Mr. Williams told 7news that the Ethereum Foundation promised him to solve the issue and send him a backup JSON file. However, the family is still waiting.

In another attempt to access their funds, the couple e-mailed the Foundation based in Switzerland and showed them proof of purchase and screenshots of the problem. 7news also tried to reach out to the Ethereum Foundation but received no comment.

The last move that the family is yet to make is to hire a law firm that would open a case in court in Switzerland. The attorneys would demand that the Ethereum Foundation grant a JSON file to the desperate couple during the process.


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“Devastating, to say the least. Obviously, that’s life-changing money,” added Mr. Williams.

The Man Who Lost Access to 7,002 BTC

Investing in cryptocurrencies is not risky only because of the volatile nature of the assets. Apart from that, investors need to save and protect their private keys. In case someone loses their private keys, that could lead to an irreversible disaster. Such is the case with Stefan Thomas and his bitcoins worth more than $223 million.

As CryptoPotato reported earlier in the year, the resident of San Francisco produced an educational video called “What is Bitcoin?” for another crypto fan and received 7,002 bitcoins for his services.

However, Thomas didn’t pay much attention to his new holdings as they had a little-to-no value at the time, and he lost the digital keys to the wallet. In the following years, though, BTC’s price exploded, and now the 7,002 coins are worth around $223 million.

The wallet called IronKey allows users ten attempts to guess the password. So far, Thomas has tried eight times to access the funds, but they were all unsuccessful. If he fails ten times, the wallet will be encrypted forever.

“I would just lay in bed and think about it. Then, I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again,” the man revealed.

To avoid any of the above, it’s highly recommended that you take crypto security seriously and make sure to always follow these tips.

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