Mainstream crypto adoption

[redsun114]

Let's be honest, 99% of cryptocurrencies aim to make their developers rich, so mining using Proof of work will not work for most of them and it also needs a strong motivation to get someone to buy a mining device and then all the coins will work on Proof of Stake or any other model. Bitcoin and a few other cryptocurrencies may keep working.

Therefore, the concern about energy consumption will be related to Bitcoin only.

    -   I believe what you said that most developers only want to collect heaps of money, because most developers don't care about that in the community of this crypto business field.

Also, when we say bitcoin mining, the first thing that immediately comes to our mind is that your electricity bill should be cheap or else it is not guaranteed that you will lose money in the end. So I really agree with what you said, thanks

Well, first of all, it is important to see the date when a message is posted before quoting and replying to it. The message you quoted and replied to is from November 2022. So you basically made a dead thread alive. And on top of that, the topic being discussed by you is totally off-topic as the discussion is about Crypto adoption and not Bitcoin mining.

I believe Bitcoin mining has nothing to do with crypto adoption at all. Miners do their work off the radar and are barely a public interest, especially for those who are relatively new to Bitcoin. Only those who learn about Bitcoin from top to bottom will take interest in the topic.

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[worldofcoins]

It's possible that the development of an energy-efficiency grading system for cryptocurrencies could help promote mainstream adoption by making the technology more environmentally friendly. In addition, as concerns about the impact of cryptocurrency mining on the environment continue to grow, measures to reduce energy consumption and carbon emissions could make the technology more socially acceptable and sustainable in the long run.

[wiss19]

It's possible that the development of an energy-efficiency grading system for cryptocurrencies could help promote mainstream adoption by making the technology more environmentally friendly. In addition, as concerns about the impact of cryptocurrency mining on the environment continue to grow, measures to reduce energy consumption and carbon emissions could make the technology more socially acceptable and sustainable in the long run.

To be honest, the general public doesn't really understand what mining and other things are and the adoption among them wouldn't really be centered around mining or the energy consumption caused by it. It would be more about the general usage of Bitcoin like it being accepted across merchants or becoming a mode of payment globally.

That is what would beget real mainstream adoption and not mining or energy-efficient systems. In my opinion, if the general public who owns Bitcoin gets to spend them without any problems, that would be a better way to increase adoption.

[ethereumhunter]

It's possible that the development of an energy-efficiency grading system for cryptocurrencies could help promote mainstream adoption by making the technology more environmentally friendly. In addition, as concerns about the impact of cryptocurrency mining on the environment continue to grow, measures to reduce energy consumption and carbon emissions could make the technology more socially acceptable and sustainable in the long run.

Maybe it only applies to people directly involved in crypto projects but not to ordinary people who only use crypto to make money. If people see that many people can make money, of course, this will attract interest from people who don't know crypto so they will try to learn crypto more deeply.

And that's what made the crypto adoption process run until now. Many of them still do not know about cryptocurrency mining and what is more complicated because that is not what got them interested in crypto. But people who are directly involved in crypto projects will adjust to the surrounding circumstances and government regulations regarding the use of the most energy-efficient technology.

[dr.hopkins]

I think it's important for cryptocurrencies to use energy wisely to become popular. XGo helps with that by offering features like trading and swapping that don't require energy-heavy mining. It's a good move towards a more sustainable future for crypto.

[virasog]

I do not think that any cryptocurrency that will be backed by the government or accepted by the government will have any form of proof of work because, in short, it gives individuals a greater degree of decentralization, and competitors can intervene if they do not like the government's decisions.

Therefore, proof of stake is the future if we want to see *environmentally friendly currencies* and not generate clean energies for crypto mining.

Although countries and governments hesitate to promote Bitcoin and crypto, they know the power of crypto and they cannot deny it. Also, just as nowadays, if a country has high dollar reserves with them, they are considered to be a developed nation, similarly in future country strength will be determined by their bitcoin reserves.

Recently i read a news where Bhutan is silently mining Bitcoin for years since BTC was $5,000. We do not know how much bitcoin this small country has accumulated but we must know where the world is heading next. When small countries are serious in getting bitcoin, you can imagine the developed countries will be more concerned to get bitcoin before it's too late, or too expensive. There will be a race to get more and more bitcoin and bitcoins are not just enough for everyone due to their limited supply.

[CryptopreneurBrainboss]

When small countries are serious in getting bitcoin, you can imagine the developed countries will be more concerned to get bitcoin before it's too late, or too expensive. There will be a race to get more and more bitcoin and bitcoins are not just enough for everyone due to their limited supply.

I don't think the big countries are doing the same, there's a reason this small countries are engaging themselves in new currency is because they want an advantage since the majority of the resources in the world are been controlled by very few countries and others are enslaved to them. If countries like the US were secreting mining, it could be used against them, the opposition party might use that against them in the upcoming election as the government not been environmental friendly since there has been concerned in regards to Bitcoin mining and climate changes. Mostly only the smaller countries can get away with secretly or openly endorsing Bitcoin for the time been.

Countries in Africa can also take advantage of this but they're been controlled by the world power countries so that won't be happening on a larger scale. They're forgetting if they can get a system that works best for them without relying on Europe or China to bail them out of every economical problem they enter, that it'll be best for the country that way. Mainstream adoption isn't happening as much as I would had wished, my country currently has a ban on the trading and use of Bitcoin officially in the country. Infact if you're seen engaging this industry you would be a potential target to law enforcement agency as a potential scammers and get harassed.

[spiker777]

Regardless, I think everyone should leave crypto's mining business,

So if every one leaves crypto mining business, then how is Bitcoin network supposed to work? How will the new blocks get confirmed/

Don't you think this will be bending to Government's demands?

exactly. how would the bitcoin network run without miners? I think there has to be alternatives just in case anything like that ever happen. because mining is becoming less and less profitable. and so many people arleady quit mining due to that reason.
Ethereum devs saw that issue and upgraded Ethereum to 2.0. maybe something like that for bitcoin would be very helpful. what do you think?

[Renampun]

I think it's important for cryptocurrencies to use energy wisely to become popular. XGo helps with that by offering features like trading and swapping that don't require energy-heavy mining. It's a good move towards a more sustainable future for crypto.

In my opinion, eco-friendly cryptocurrency is just a marketing word (trick). based on a study, currently, bitcoin mining (the majority) has used sources that are more environmentally friendly,



so if the government claims that the cryptocurrency they create is more environmentally friendly, isn't that just a trick of diversion? other than that people who use cryptocurrency are those who want to be free from government restraint, so using cryptocurrency that the government issues is like "coming out of the lion's cave but entering the crocodile cave"

[TheGreatPython]

In my opinion, eco-friendly cryptocurrency is just a marketing word (trick). based on a study, currently, bitcoin mining (the majority) has used sources that are more environmentally friendly,



so if the government claims that the cryptocurrency they create is more environmentally friendly, isn't that just a trick of diversion? other than that people who use cryptocurrency are those who want to be free from government restraint, so using cryptocurrency that the government issues is like "coming out of the lion's cave but entering the crocodile cave"

Government-created cryptocurrencies or CBDCs (Central Bank Digital Currencies) are nothing more than an excuse and a fight against the spread of cryptocurrencies in the world. Banks and other central authorities find cryptocurrencies to be a threat to their existence since they provide almost everything for free which they provide for a price.

People are slowly moving towards cryptocurrencies and starting to abandon traditional financial systems and that is the reason why they have come up with the idea of creating their own digital currencies so that citizens start using those and leave cryptocurrencies.

[BVeyron]

Good day, Crypto FAM. I found this interesting article that discusses the EU's desire to develop a cryptocurrency energy-efficiency grading system in order to encourage more environmentally friendly crypto systems.

“Just as their use has grown significantly, the energy consumption of cryptocurrencies has more. In harnessing the use of cryptocurrencies and other blockchain technologies in energy markets and trading, care must be taken to use only the most energy-efficient versions of the technology.”

Do you think this would help mainstream adoption of cryptocurrencies?

Original source:

https://tokenist.com/eu-to-grade-cryptocurrencies-based-on-energy-consumption-report/

I think adoption depends heavily on banks, which provide exchange transactions. They create the value of BTC. Nothing else creates it, at least at the current level of adoption. Nearly none of the significant money transactions are made directly in crypto now, so exchange hubs are actually highly influential middlemen in nearly all the financial activity, which involves crypto.