In this video, BeInCrypto’s David Borman dispels some common misconceptions about bitcoin and other cryptocurrencies.
First, he puts bitcoin’s energy consumption into its proper context, before addressing the use of cryptocurrencies by criminals. Then he dispels the notion that the Bitcoin network is hackable, and that it has no intrinsic value. He also looks at bitcoin’s comparison to the tulip craze or a Ponzi scheme.
Bitcoin energy consumption
One common complaint is the amount of energy that is used to mine new bitcoins. This is a valid complaint to some extent, considering the number of computers running globally to secure the network. However, this fact alone shouldn’t invalidate bitcoin, especially considering the amount of energy used by other networks and institutions.
Although Bitcoin’s carbon footprint may rival that of some countries, it pales in comparison to other legacy financial systems’ energy use. For instance, the energy…