Cryptocurrencies: for Better or Worse
Cryptocurrencies have been making their fair shares of headlines over the last several years. Since emerging a decade ago, they’ve generated endless excitement among investors, entrepreneurs, innovators and techno enthusiasts to name a few. They’re also striking quite a bit of fear into the hearts of many. Those on the latter side of the fence argue something falling so far outside the typical box just can’t be good. Concerns certainly abound at this point.
One of the major selling points of cryptocurrency is its deregulated nature, meaning it’s not under the control of any government, entity or financial institution. It’s controlled by the people. As such, it’s invulnerable to much of the turmoil of fiat currencies. If traditional money and valuable assets should fail, alternatives like Bitcoin and its counterparts may just thrive well beyond their current point. This is a frightening concept for some people.
This factor alone is terrifying to people who prefer not to tinker with conventional methods. Despite being largely digital these days, traditional currencies and assets do take solid, tangible form when the need arises. With cryptocurrencies, that’s not the case. They’re wholly digital with no physical representation. Plenty of people insist if you can’t touch it, it’s not real, so as they breathe in air and surf the web, they refuse to place value on invisible currency.
By some accounts, cryptocurrencies could be the downfall of the planet itself. Researchers with the University of Hawaii recently revealed blockchain technology consumes so much energy it could contribute two degrees to global warming within the next 30 years. Reports indicate Bitcoin alone consumes as much electricity in a day as Haiti does in an entire year. By decade’s end, it could use up as much power as the United States does in a single year.
Blockchain and its ever-growing line of cryptocurrencies are sure to revolutionize the world; in fact, they already have. Anything that drifts outside the norm is bound to generate plenty of controversy along the way. No doubt, regardless of how much positivity the sector creates over the coming years, people will continue to focus on the negative. If you’d like to discover more about this wave-making innovation, don’t hesitate to dig deeper.