Saturday, February 4, 2023

The True Cost of Cryptocurrency


What’s the true cost of cryptocurrency and bitcoin? Support this channel directly by becoming a Patreon backer:

In this Our Changing Climate climate change video essay, I look at the true cost of cryptocurrency and Bitcoin. Specifically, I look at how Bitcoin and other cryptocurrencies are built to fail, not necessarily in the monetary sense, but in terms of the impact Bitcoin and Cryptocurrencies have on the environment. Cryptocurrency and Bitcoin are not viable solutions to the current financial system because cryptocurrency’s blockchain proof-of-work model requires a massive amount of electricity consumption. Essentially Bitcoin miners or other miners of cryptocurrencies use specialized computers to solve math problems and the end result is more Bitcoin or cryptocurrency. This process of Bitcoin and cryptocurrency mining, however, is environmentally destructive and unsustainable because it demands a huge amount of energy. There are some potential solutions to Bitcoin and cryptocurrency’s energy and environmental cost. Switching to a proof-of-stake cryptocurrency model could drastically reduce cryptocurrency’s environmental harms. That being said, switching models still doesn’t address the rise of crypto-colonialism in places like Puerto Rico.

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Timestamps:
Intro – 0:00
What is Cryptocurrency? – 0:44
The Problem With Cryptocurrency – 1:50
The Promise of Cryptocurrency? – 4:27
A Word On Crypto-Colonialism – 6:49
The Future of Crypto – 8:39
Support OCC on Patreon! – 10:22

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Further Reading and Resources:

#Bitcoin #Cryptocurrency #Crypto



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