Will bitcoin destroy the world?

[ajiejot]

I believe that Bitcoin will not destroy the world, as long as they will use Bitcoin in the good way. Bitcoin is really the best technology in this century, it enable people to send money virtually without going to any banks. I believe that Bitcoin is the future payment of everyone, it will very helpfun soon.

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[yasong]

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.


How many barrels of oil do you think the industry consumes every year?


10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.


One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.


Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

For cryptocurrency or some speculative technology, this is a reckless behavior. Moreover, it is possible to destroy the world.

[Ucy]

It's wrong to use Visa in this context. The company is
just a small part of the whole dollar business...just as  btcpay, samurai wallet and blockchain.info are to Bitcoin.
The amount of energy used by Visa alone is most likely higher than that of the three Bitcoin companies combined.

Nevertheless, it will be reasonable to compel big miners to use renewables like hydro, biofuels(sugar, vegetables oil), solar etc than switching to weird ponzi-like stuff called PoS.

[ys fs]

i think no, bitcoin never destroy in the world, because bitcoin is the best cryptocurency in marketplace

[Donotfoolme]

will there is a disadvantage and advantages . but i dont think bitcoin will destroy our world .

[sofiasalmon]

First I do not know if the numbers you provided is accurate, if you can share the  the refference of resource it would be a nice read. For the I do not think so because every year the world are switching to other sources of producing electricity. Even United states of America, United Kingdom, China and Germany are  the leading countries  that produce renewable energy.You can expect that in the future using oil to produce electricity will be non existent. You do not need to worry about Bitcoin destroying the world because it will not happen.

[Nguyen Le Thuong]

Have you count the price of electric for 1day mining compare to the price of bitcoin you got??
You pay 1 and you got more. Why dont you do it? You use the profit for doing another. for example, Invest to renewable energy, improve the environment!

[solen_win2]

   
Reply with quote  #397
I don't think Bitcoin can destroy the world. There are many ways we humans are destroying the world but Bitcoin is not one of them. If the problem is the energy consumption, sure bitcoin mining consumes large amount of energy. But there are many alternative ways to generate electricity through renewable energy and some mining companies are located in countries where they use renewable energy as their prime source of electricity.
In the future it may be that oil technology has been abandoned and begins to switch to other Alternative energy like the infinite solar energy. And it could be funded from Bitcoin. I think Bitcoin will not destroy the World but will make the world even better.

[culberth]

In the future it may be that oil technology has been abandoned and begins to switch to other Alternative energy like the infinite solar energy. And it could be funded from Bitcoin. I think Bitcoin will not destroy the World but will make the world even better.

[sorokinpo]

You are exaggerating the things and also neglecting the huge benefits of bitcoins. What about so much paper saved when all payments go digital ?

[jayarbillones]

I think that bitcoin will not have a serious impact on the environment and ecology of the planet,we live in a rapidly changing world and must learn to adapt if we are to succeed,i think bitcoin will change the world, its just a revolutionary technology that is meant to improve financial transactions and offer better services.  Human activities such as war are more likely to destroy the world, more than BTC

[codered000]

I don't think Bitcoin can destroy the world. There are many ways we humans are destroying the world but Bitcoin is not one of them. If the problem is the energy consumption, sure bitcoin mining consumes large amount of energy. But there are many alternative ways to generate electricity through renewable energy and some mining companies are located in countries where they use renewable energy as their prime source of electricity.

[PG13]

I don't think bitcoin can destroy the world, it is a opposite view of bitcoin. But if we say bitcoin improved economic growth all over the world, I really agree on that, but negative issue of bitcoin business is not a new in bitcoin business, almost everyday there are some forms of negative issues about bitcoin business, maybe because of the rapid popularity and increase of people who access bitcoin that's why a lots of people also wants to destruct the smooth operation of bitcoin.

We had many alternatives if the consumption of oil is our problem. We can go to a green energy as we had many ICO lately that supports the bitcoin mining sites across the world. I have seen the MWATT, WEPOWER, Crytosolartech to name a few ICO that can be a source of power to the mining sites. Just be open minded as we can save our mother earth and use those natural energy.

[tarumijo7]

Bitcoin has to use a lot of energy for bad deals, but actually there are still many ways to overcome them, there are still many renewable energies that we have not yet fully discovered. It is true that Bitcoin spends energy while mining, but it is our responsibility to take more effective and safe steps in that direction.

[chickenfried12]

After seeing the 17 millionth Bitcoin in Bitcoin mining and now the level of difficulty is now reaching a very high level and then seeing the levels close to 21 million to be found in Bitcoin mining now Assuming that the actual price of Bitcoin is approaching 17000 18000 dollars This will of course explode the oil barrel prices I hope it is a very valuable currency Now you will have to talk to SATOSHI's not BTC

[Saiful Islam777]

Bitcoin can never destroy the earth. This is a misunderstanding. It may happen that at one time Bitcoin is present throughout the whole world.

[haxker007]

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.


How many barrels of oil do you think the industry consumes every year?


10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.


One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.


Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

I can't help contradicting it Btc won't destroy the world Btc technology is made in light of the fact that it needs to make an answer for lighten the money related condition on the planet however in the event that you talk technology all the technology like a twofold sword which implies it could simply destroy the client so there is no mischief in being careful.

[Duogembrot]

of course bitcoin can be a destroyer of the world but bitcoin like some other technology means bitcoin digital currency is very neutral usually only its users that make bitcoin become bad and bitcoin users who can make the world destroyed instead of bitcoin that make it destroyed but its users.

[Magiklair]

I don't think that bitcoin is going to destroy the world. I haven't found any argumentative evidence of your words. Vice versa, it will change it for the better. This is my personal opinion and I think that most experts will support it

[groomsxxx]

I am absolutely sure that this will only have a positive impact on the world. bitcoin does not carry any negative and has never been