The ugly side of Bitcoin

[wack slacker]

The bad thing about bitcoin is that their value is unstable and constantly changing.  It would be good to keep them long and the value of Bitcoin increases but if they are reduced it is disastrous.  Bitcoin does not anonymous this affects the privacy of the person who used them.  Like any currency, exchanging from one person to another is completely anonymous and you can't look at the money table to know who owned it or use it for exchange, it's simply  is a sheet of paper.

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[Vishnu.Reang]

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 ?

As per the latest stats, Bitcoin mining consumes as much as 1% of all the electricity available in this planet. I don't think that this is a very significant amount. A lot of electricity is consumed and toxins released during the mining of gold and silver, two metals that are used for making bullion coins. No one seems to be having an issue. You can't say that one thing is good and another is bad, if they are very similar.

[exchangestolemycoins]

What about the environmental impact of traditional payment networks? Setting up a bank account, getting monthly paper bills and promotions, the cost of hiring a human being to support your questions about their horrendous UI... it adds up quickly, bitcoin or not.

[kerneal]

The fee situation on BTC is what big blockers have been predicting all along. Ou next prediction: Users will evacuate High Fee Coin for better alternatives. The easiest thing to switch to is BCH. I ve heard Credits-coins are going to prove to be formidable because there's a solid community behind it, there's a use for it, and it's got a great market capitalisation. I think that's going to be a winner.

[Getmon]

Bitcoin may be contributing to global warming but before pointing your fingers at Bitcoin, try to look around you and tell me where the heat of your surroundings come from. It is very hot here in my place but I cannot simply blame Bitcoin miners for it. I can easily see hundreds of cars emitting black smoke, factories releasing smoke in the air, houses with CFC-releasing air condition system, huge coal-fired power plants, and so on. How many percent does Bitcoin mining contribute to global warming? And, for all you know, they are slowly converting into using green energy.

[Sithara007]

What about the environmental impact of traditional payment networks? Setting up a bank account, getting monthly paper bills and promotions, the cost of hiring a human being to support your questions about their horrendous UI... it adds up quickly, bitcoin or not.

Do you know that printing of all the paper money in circulation around the world resulted in the destruction of a huge amount of forest? And paper money needs to be replaced every 5-6 years, while Bitcoins don't need replacement. Coins that are mined once remain in circulation for ever. That is unless the private key is lost for some reason.

[zee11225]

The fee situation on BTC is what big blockers have been predicting all along. Ou next prediction: Users will evacuate High Fee Coin for better alternatives. The easiest thing to switch to is BCH. I ve heard Credits-coins are going to prove to be formidable because there's a solid community behind it, there's a use for it, and it's got a great market capitalisation. I think that's going to be a winner.

Maybe the bad side of humans will be spoiled with technology, as you mentioned monthly paper bills, bank accounts, etc. In my opinion we must still have cash because all technologies still have imperfect sides such as hacking, etc.
But again, bitcoin is the most expensive currency and from there we can profit because there is a trading system. I can only keep up with the times so we are not outdated.

[wanted sliter]

In addition to consuming energy from electricity, bitcoin mining also generates waste from computer hardware.  Bitcoin is not really anonymous and improvements on the bitcoin network are still limited.  A large number of Bitcoin was created from the first years by Shatoshi.  This means that if he keeps them now, that is a terrible amount.  Bitcoin market is still small so the manipulation to manipulate the market is huge.

[slaman29]

Bitcoin may be contributing to global warming but before pointing your fingers at Bitcoin, try to look around you and tell me where the heat of your surroundings come from. It is very hot here in my place but I cannot simply blame Bitcoin miners for it. I can easily see hundreds of cars emitting black smoke, factories releasing smoke in the air, houses with CFC-releasing air condition system, huge coal-fired power plants, and so on. How many percent does Bitcoin mining contribute to global warming? And, for all you know, they are slowly converting into using green energy.

I think the argument of Bitcoin energy wastage is not only stupid but deserves not to even be acknowledged. First we'll talk about energy consumption. Then we'll talk about pollution, heat, noise, maybe next all the toxic waste from the rigs that burn out. Basically, it starts in a stupid place so it'll just end up going down and even more stupid path.

[Vaskiy]

Energy consumption is truly a big issue with bitcoin mining as well other metal based mining. This isn't an ugly side, but it is the one that need to be given importance to innovate and find a better solution for the energy related issues.

Already the climatic scenario around the globe keeps changing with the destruction of nature. Everywhere power generation is a big issue, even the automobile industry is moving towards other ways of power generation for the vehicles.

[bounty.cvn]

You were right. Really benefits that Bitcoin brings also. However, from your point of view or those who work on the environment, that is a bad thing.
However, when Bitcoin is fully exploited, will it pollute the environment? Can anybody tell me this

[Vishnu.Reang]

You were right. Really benefits that Bitcoin brings also. However, from your point of view or those who work on the environment, that is a bad thing.
However, when Bitcoin is fully exploited, will it pollute the environment? Can anybody tell me this

First of all, I don't agree with this "Bitcoin mining pollutes the environment" BS. In case you are asking whether mining will continue after 2140 (when the last coins would be mined), then the answer is yes. The mining reward will consist solely of transaction fee. If my calculations are correct, then the transaction fee would represent more than 50% of the mining reward by around 2050.

[Siren]

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 ?

Everything that beneficial has also a bad area and just like what you all mentioned those are the negative effect but we must also know that the benefits covers the negative in this face of situation,many miners now uses Renewable energy and also they are paying for each amount of energy the uses so with this it means let us look at the brighter side and not on the dark one

[dat.ho12492]

Bitcoin may be contributing to global warming but before pointing your fingers at Bitcoin, try to look around you and tell me where the heat of your surroundings come from. It is very hot here in my place but I cannot simply blame Bitcoin miners for it. I can easily see hundreds of cars emitting black smoke, factories releasing smoke in the air, houses with CFC-releasing air condition system, huge coal-fired power plants, and so on. How many percent does Bitcoin mining contribute to global warming? And, for all you know, they are slowly converting into using green energy.

Agree, although bitcoin can contribute to global warming, it can even harm the environment but we should look at the surrounding industrial sectors, everything has certain effects on the environment but until now, industrial activities have not been eliminated, I can even see the growth in each year. The most plausible explanation that I can think of is profit from these industries, the benefits are too great, it is enough to offset the losses of the environment, without these services and technologies, the world will not have growth, and this is something no one wants, everyone wants better and better than need sacrifice

[alexmcquee734]

that is not the ugly side of "bitcoin", i would go as far as saying it has nothing to do with bitcoin. it is all about the ugly side of the electric producing companies that have been producing it inefficiently and with lots of pollutions. bitcoin is just using what is offered to it by them. we can't change everything. we have revolutionized the concept of currency from being centralized to being decentralized, you can't expect us to also revolutionize the electricity production too!

Power stations do not always use the most environmentally friendly ways to produce electricity. Yes, for mining bitcoins you need a lot of electricity, but this is how our world works. Almost all devices and even many vehicles now use only electricity.

[ttcsalam]

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 ?

It is necessary to know the correctness of the product from where it is right. However, there are plenty of electricity used in mining bits. It is very expensive to spend.

[kr105]

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 ?

This had been a topic for a long time whether it is worth it to mine bitcoin or not because of the amount of energy it consumes. If ot brings convenience to anyone, why not.  We were able to cut middle-men such as banks when doing are transactions. Move money or buy stuff conveniently without further delay, and improve technolgy, provide job and investment opportunities.

That is why there are alternatives than consuming electricity produced by coal. Some mining farms utilize natural energy which is cost efficient in the long-run.

That’s true we made this argument multiple times in the past and apparently we will keep talking about it till the day that we found a solution. Use of the electricity and this kind of things causes global warming. On the other hand there are also tons of things that we should worried about before the bad sides of bitcoin.

[Iamtutut]

73% of Bitcoin mining comes from renewable energies, compare this to any other industry.

[Upgate]

Mining affects our zone layer and pollutes the environment. Since bitcoin requires mining does it mean we shouldn't get it processed? That's to say focusing more on it's benefit, it's what we're after than the environmental hazard it cause within the environment is been mined. Bitcoin haven't caused more damage compare to refining of petroleum but still yet it's been process till date due to we all know it's benefit and uniqueness to the whole world

[diahsw]

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 ?

For bitcoin itself it still has some negative sides or weaknesses that you mean, in my opinion there are some that I think about this bitcoin weakness, namely:
1. Not yet recognized in all countries, there are even some countries that expressly prohibit bitcoin from circulating in their countries.
2. Security issues, because bitcoin is valuable, security must be tightly guarded. For security now it's good but it does require more knowledge and skills to implement good security, so people who are struggling to follow the mining era or do not want to follow, the bitcoin security is very vulnerable to being stolen by others.
3. The level of tracking of the bitcoin movement is difficult. Until now it is still difficult to track this bitcoin transaction moving to who and from whom because the wallet address is an address created from a random system generated by our wallet keyword phrases. This is actually to improve security, which will make it difficult for someone who intends to hack our account / wallet, but this can be misused because it can be used to facilitate money laundering transactions.
4. Fast price fluctuations and sometimes too high ranges. This makes investors very scared, especially investors who are new and only plan to invest in the short term. Besides making a lot of thoughts, it can also make us lose our initial investment capital.
5. The absence of fixed price transactions makes the transaction fee price very high. But in my opinion this is reasonable because of the increase in prices on Bitcoin itself, so the miners do need extra effort to launch our bitcoin transactions in block transactions, so the fees go up.