The ugly side of Bitcoin

[BrewMaster]

unless you have any new solutions to fix a problem that you are pointing out, your topic is low quality because it is the repetition of something that was mentioned a hundred times. and there is no point in repetition unless you have something new to add, which should be the "solution"!

[Astvile]

That thing you said that its very energy consuming why dont you look in banks/world government dont you think they are eco friendly?yeah bitcoin contributes to global warming and polution but its just a small percentage on how government facilities contribute to global warming and we are feeling it the rapid rise in temperature is the price for our development and not caring for the environment

[rijaljun]

What has impact to the price are either the expensive mining or a news. Normal people won't care about the polutions, they will just care about how to get Bitcoin and become rich. However, this side-effect of Bitcoin mining (like a pollutions) should get more attention from everyone in the community to sustain Bitcoin existantance.

Bitcoin's "pollution" is still orders of magnitude lower than the entire world banking system, the datacenters Google, Microsoft and Amazon operate, and I could continue for a while. You get the point (I hope).

What if at the end Bitcoin operation reach the same level of what you mentioned? Doesn't it mean Bitcoin will be the same as centralized things?

[pawanjain]

1. ULAB (Used Lead-Acid Batteries)
2. Mining and Ore Processing
3. Lead Smelting
4. Tanneries
5. Artisanal and Small Scale Gold Mining

These are the world's top industries that lead to environmental pollution. In fact these industries pollute more than anything else.
Should these industries stop functioning ? I guess not.
Should Bitcoin mining be stopped ? Definitely not.

Besides that, paper money needs paper to be printed upon. Paper is made by cutting down trees. Is that Eco friendly for you ?
I guess I have made my point very clear.

[XCANA]

The most ugly side of Bitcoin to me is the volatility nature its possess. Many atimes some individuals do asked me of how secure will their investment be if they choose to invest in Bitcoin or cryptocurrency in general. And my replies will be, although is good to invest in it, but remember that, the market is not stable the price can fluctuate at any given time.

[rodel caling]

Nothing perfect all invention have side effect to our environment.

What about all the ATM's , Banks , Bank storages , transfers of FIAT money does that not consume big energy like electricity to run all of that . I think Miners consume just like 5-10% of the energy that Banks consume . Technology is addapting really fast and im 100% sure that not far from now somebody will come up with something better to run hardwares and things that runs currently on electricity =] New form of energy i mean =D

This probably great example that they also use energy not only consuming energy for money withdrawal, and how about government create money paper they need also use energy.

[samputin]

There are more worse problems to pay attention to than what you perceive as the ugly side of bitcoin. Pollution, whether air, land, noise, and the like, are caused by the lack of discipline of people. They know what could possibly happen but they choose to be ignorant about it. Bitcoin mining also consumes lots of energy but in this day and age, new alternative sources of energy are discovered and utilized so that we will not rely solely on diesel-dependent power plants.

This

1. ULAB (Used Lead-Acid Batteries)
2. Mining and Ore Processing
3. Lead Smelting
4. Tanneries
5. Artisanal and Small Scale Gold Mining

These are the world's top industries that lead to environmental pollution. In fact these industries pollute more than anything else.
Should these industries stop functioning ? I guess not.
Should Bitcoin mining be stopped ? Definitely not.

Besides that, paper money needs paper to be printed upon. Paper is made by cutting down trees. Is that Eco friendly for you ?
I guess I have made my point very clear.

And this

unless you have any new solutions to fix a problem that you are pointing out, your topic is low quality because it is the repetition of something that was mentioned a hundred times. and there is no point in repetition unless you have something new to add, which should be the "solution"!

are ON POINT.

[The Cryptovator]

Who care really for environment? Is only bitcoin mining destroying our environment? Have you calculate how percentage of pollution occurred by bitcoin mining? I think it would be very very small quality. So we should concentrate to others which is hugely destroying environment instead blame bitcoin mining. However, we should think how we could prevent pollution by bitcoin mining since we are a bitcoin user. So there should be new  manufacturers who would make environment friendly mining rigs. So we can prevent pollution by the way.

[BADecker]

Bitcoin is being controlled by the Devs and the miners to keep it low. The reason why, is that if it were allowed to run rampant - an out of control "investment" - it would jump to a $million in one or two years, and then a $billion. This would clog communications, and change the whole Federal Reserve fiat setting.

The resulting changes would upset all kinds of ownership of value in the world, but especially the USA. There would be a collapse of funding to the military, and other nations that are not affected by fiat in their military would grow faster in their military.

There would also be a collapse of Social Security. This will happen, but for now government can protect us from the coming collapse. Government couldn't do this in a total Bitcoin-caused fiat chaos.

Why do the Devs and miners care? Because they would get sued. Suddenly we would find the death sentence coming into being around the country, and they would die. But it might be fair, because many other people would die from the chaos in the collapse.

God won't let this happen until more of His people have died off naturally from old age. He will control the sense of the Devs and Miners, and only later will bring the Bitcoin chaos on the people who reject Him.

[jpnl0008]

i personally do not see any ugly side in bitcoin as it has its remedies. i only know most people do no have sufficient knowledge of what the blockchain technology is and bitcoin in particular and therefore they tend to hurt themselves when they take a deep dive into it without the precautions tagged on it such as its volatility

[naufals4]

We all know how beneficial it is for us to have a currency like Bitcoin , something that we can use without any interference and without any middle man, but there is always a problem with things that we usually unsee because of the huge benefits it earns to us and this time it's environmental pollution.
Bitcoin as we know it requires mining to continue it's supply , but the thing is mining consumes Tons of energy and thus makes it harder for us to cope up with the stress it is putting up on the environment.
Pollution, global warming  Bitcoin is causing all this , one might argue that it won't be necessary after a while but what about right now ? It's hurting the environment and we have no stable solution for this.
Shouldn't we focus on this too ? Rather than other things ?

in my opinion the problem with the earth is not someone who does mining cryptocurrency. I think it's more of a big factory that has the most global warming.

[fiulpro]

In relation how useful bitcoin is i think the polution from the mining farms / transactions is worth it.
I’m more worried about the polution by manufacturing and disposing the batteries for e-cars...

No pollution is worth it!
NONE

There is always a solution ,we can actually find alternatives if we worked hard but rather we do not , we sit and relax and let things happen and it won't be us who would suffer , it will be out next generation or the generation after that , we will easily be able to live a normal Happy and healthy life but what about the countless sufferings that the upcoming generation will face and more or so animals will be wiped out in an instant .
It's too serious !

[1Referee]

What if at the end Bitcoin operation reach the same level of what you mentioned? Doesn't it mean Bitcoin will be the same as centralized things?

If that happens, Bitcoin is very likely at a stage people no longer care about it, because they consider it useful.

I remember back when multi billion dollar internet companies such as Google weren't as big as they are today; people were worried about how their datacenters would impact the environment, and even referred to them as environmental disasters. Do you see people complain about Google's datacenters nowadays? Nope. People no longer care because they so heavily depend on these companies and everything related to the internet.

People are hypocrites. Everything they don't think they need is either a fraud or useless. Wait for the moment they more than ever need Bitcoin in their life. It's not a matter of if, but a matter of when.

[tsaroz]

There are ugly sides to everything and there would always be room for improvement. Even if bitcoin is not able to adopt itself with time or modify itself completely, it would still always be the pioneering cryptocurrency. The mother of all blockchain based currencies. An trophy worth keeping polished.

[rahmatullah9305]

Bitcoin was created through an incentive 'mining' process that uses high computational power to solve complex mathematical equations agreed upon in the network and record blockchain transactions. it means that innovation is needed to outsmart energy consumption to be more efficient and environmentally friendly than before considering that it is clear that each year there will be more miners or bitcoin transactions, hopefully the innovation can be more widespread so that no more claims that mining or bitcoin transactions can damage the environment.

[Slow death]

We all know how beneficial it is for us to have a currency like Bitcoin , something that we can use without any interference and without any middle man, but there is always a problem with things that we usually unsee because of the huge benefits it earns to us and this time it's environmental pollution.
Bitcoin as we know it requires mining to continue it's supply , but the thing is mining consumes Tons of energy and thus makes it harder for us to cope up with the stress it is putting up on the environment.
Pollution, global warming  Bitcoin is causing all this , one might argue that it won't be necessary after a while but what about right now ? It's hurting the environment and we have no stable solution for this.
Shouldn't we focus on this too ? Rather than other things ?

Electricity companies are responsible for the supply of electricity and for possible pollution, so we can not blame bitcoin. we have to blame the electricity companies. Another point, there are many polluting industries so that we should not only look at electricity companies, we have to look at all companies in the world and do a reflection on how to reduce pollution

[Kakmakr]

Oh not this again. One guy starts a crusade against Bitcoin and the supposed harm that it is done due to mining and everyone believe that nonsense. These claims have been nullified by several people with actual facts and also comparisons to harm that are done by printing and minting fiat currencies.

The total energy used by the Banking system actually dwarf the figures from energy that are used in the mining of Bitcoin, but people still believe the fud that are spread in social media.  

[leonair]

This is an old issue regarding with Bitcoin but it's still right to be concern with our mother earth, let's think about the betterment of our future though because every good technology that mankind invented has its own advantages and disadvantages even the printing of paper money needs to cut downs trees to produce its raw material so I think we can compare it to Bitcoin mining. I'm positive that the time will come that someone can think a way to minimize the heat/power cost of mining or eve greater to eliminate it all.

[TheCoinGrabber]

I do not see this as a fundamental problem, there other industries that produces far more pollution. It's always been just the source of electricity. If majority source of electricity is green then bitcoin would be green.

China eventually banning Bitcoin mining might be a good thing. The only reason mines are concentrated there was because of the artificially low electricity rates (and sometimes they even just outright steal electricity to run their mines). As that becomes no longer available, it's very like that mines would be placed in areas that can produce electricity cheaply like those with hydro and geothermal plants.

Of course that don't rule out using oil or coal but mining being spread out meant it's more likely that some mines would run on green energy. Besides the Middle East is somewhat hostile to crypto so it's unlikely mines would be placed there.

[shesheboy]

The most ugly side of Bitcoin to me is the volatility nature its possess.

You arent alone with that  . many users also think that being volatile is the most ugliest side of bitcoin because the price can go down no matter how high the price goes  but volatility is also beneficial for investors and for us sellers because people can buy more coins when the price drops and we can sell it again when the price recovers or pumps  .

Many atimes some individuals do asked me of how secure will their investment be if they choose to invest in Bitcoin or cryptocurrency in general. And my replies will be, although is good to invest in it, but remember that, the market is not stable the price can fluctuate at any given time.

Securing your cryptos is easy  . all you gotta do is choose a good wallet that is safe or have a solid security  . also , checking your assets more oftenly is a good idea because you can monitor the price and then you can cash out them when you already hit your targeted price to secure their value .