Will bitcoin destroy the world? - page 23.

Ukaraki

member

Activity: 101

Merit: 10

Quote from: yanxuanyunshan4 on March 09, 2018, 12:53:14 AM

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.

How many barrels of oil do you think the industry consumes every year?

10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.

One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.

Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

Bitcoin is big money and can be said to be the future of a whole new world. I think that developing countries now need the presence of virtual currency to improve the domestic economy. , in my country, Bitcoin is a lot of supporters for the development.

kickdapa

full member

Activity: 627

Merit: 103

I think We the People are destroying this Green World by known or unknown. Maybe your information is true but Bitcoin is not destroying the world because bitcoin is the more than money. Like We cut lots of trees to make money or paper that means we are not destroying this world!
This is just my point of view. And, A big thanks to you for this info. Good Luck Mate

Nofik

newbie

Activity: 1

Merit: 0

in my opinion is not, because in this modern era precisely bitcoin sepeti system is what humans need because in addition to faster transactions to buy and sell can also make users increasingly increase knowledge.

Morgann

full member

Activity: 420

Merit: 100

i dont think bitcoin can destroy the world because it is only digital, it is only an internet material at can be use only in our phones and computers.
infact bitcoin can help the world to lessen the unemployment and to make money easily.

Btcmarmipp2

jr. member

Activity: 154

Merit: 1

Well, for me bitcoin can not destroy the world but maybe can destroy human's life. Why I said human's life because it can cause panic and create chaos when someone hack his or her wallet account.

btcmura

newbie

Activity: 26

Merit: 0

Suppose if all people start using bitcoins also, it will save so much paper used for printing currency. That will balance out the damage done as so man trees will be saved.

emath7

newbie

Activity: 158

Merit: 0

The energy that Bitcoin Mining is spending is enormous. If you look at the figures, it is likely that the annual energy expenditure of many countries is equivalent to the annual energy expenditure. Some people may see it unnecessary and harmful. But in the world, everything has a price. We can not know what people have lost to get into the first car. Or what was waived for the first time to go to space?
One of them in Bitcoin. It may be consuming too much energy. But it will not last forever. Mining will end at some point. And the technology has improved a lot. There are now too many alternative energy sources. Energy may be consumed, but it is not difficult to produce energy anymore.
These rumors are empty. Some people close their eyes to reality. He's just commenting. That's their job. If they do not criticize, they can not make money. Such interpretations should not be considered. Do your research and make your own decisions...

eekkaa

full member

Activity: 364

Merit: 100

of course not, quite the bitcoin would make the movement of the financial world is increasingly decentralized and transparent as well as more secure and can be used all over the world, with digital currencies like bitcoin can also be used for just about anything you want.

Kokoy

full member

Activity: 201

Merit: 100

Quote from: cosmoo on March 09, 2018, 06:25:56 AM

Mankind can product the energy not only from oil. There are wind energy, sun energy. Soon people will switch to this types of energy product.

Thats true we cannot lean everything to the ecosystem which is we all know that is already abused by our own hands, for me Bitcoin doesnt affect any living things, but the mentality of the person of the human towards material things which we all know that was only temporary kills everything even this world were we living. Money can buy goods and clothes but the mentality of the human is to earn more, this is the part were we took the environment for granted, we didnt recognized the importance of the remaining oils that we have now eben we have a huge brains to be used to innovate the way how can we preserve things, we want instant and we didnt realised that there is something who sacrificed.

Shafiqul Islam

full member

Activity: 546

Merit: 100

burst.money

Quote from: Eragon54 on March 10, 2018, 01:03:22 AM

Bitcoin will surely destroy the world, if you have really use it in bad and abusive ways. As long as we protect it, and use it in eco friendly and good use, we help the world and ourselves as well.

I can't believe this because bitcoin is a digital online currency . But people use bitcoin in multipurpose activities. They using bitcoin as ilegal action ...but I believe world will not destroy by bitcoin.

angrygroceries

member

Activity: 127

Merit: 10

Quote from: yanxuanyunshan4 on March 09, 2018, 12:53:14 AM

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.

How many barrels of oil do you think the industry consumes every year?

10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.

One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.

Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

But this is a bigger picture thing, the direction society is going in technology, financially, the past trends and economics and their similarities and parallels, along with the very technology of blockchain itself, and crypto currencies independently of them. its very big, and this is infancy. it might be unrecognizable soon, like internet in 1985. you need to see the bigger picture and try to link it together, and then you see potential, as i said. potential.

your life as you know it today, will seem prehistoric in 20 years from now. realise this. in terms of money(as a small mundane part of the massively different world you will live in), cash is not even likely to exist

like i said, no time or energy to spend hours debating and explaining all of these with reddit strangers. DYOR and thinking.

AurumService

newbie

Activity: 182

Merit: 0

Of course Bitcoin won`t destroy the world. But serious changes in economics, money flows has already happened - there`re more people in the industry, more e-currency of different kinds. We can say that digital economics is on the top now. Wink

There`s a lot of scam but however it`s just a question of time. They will go away as soon as the market stabilizes.

harbs23

newbie

Activity: 81

Merit: 0

Quote from: yanxuanyunshan4 on March 09, 2018, 12:53:14 AM

Bitcoin mining is based on very high energy costs and environmental costs.

One bitcoin =20 barrels of oil.

How many barrels of oil do you think the industry consumes every year?

10 barrels? 50 barrel?

Each year, the mining industry consumes more than 24 terawatts of energy, the equivalent of 13,239,916 barrels of oil.

Every 10 minutes, 12.5 bitcoins are dug up, meaning 20 barrels of crude oil have been reached since each bitcoin was dug up (not yet traded).

In other words, the amount of energy consumed by the global bitcoin mining campaign is 40 times greater than the amount of energy needed to support the Visa card network.

One bitcoin transaction = one American family USES electricity a week.

According to encrypt the currency analyst Alex DE Vries estimate an index, the currency trading energy consumed each year more than 24 tw, this is equivalent to total energy consumed each year in Nigeria, which has a population of 186 million.

Currently, about 300,000 bitcoins are traded each day. Each bitcoin transaction costs 215 kilowatt-hours of energy.

The average American household USES about 901 kilowatt-hours of electricity a month, which means that each bitcoin exchange consumes enough energy to make an American family comfortable for a week.

What do you think about the energy consumption of bitcoin?

I think the outcome of bitcoin is defend to us on how we use it or how we discipline ourselves! Don't focus on how to earned money! Everything is limited!

pri3oner

full member

Activity: 504

Merit: 100

Bitgesell (BGL) Decentralized Cryptocurrency!

I've analysed ur numbers and I cant understand where did u take that numbers from. And the title like u used is kinda loud.

Mr.Dick

member

Activity: 207

Merit: 20

Quote from: Hellas Fos on March 09, 2018, 06:23:11 AM

Each bitcoin transaction costs 215 kilowatt-hours of energy??

Honestly, I have no idea where these numbers came from,
I would say 2 watt per transaction (not kw).
But if you are so environmentally sensitive person,
why don't you take a closer look,
of how much electricity is being consumed by the banks on a global scale.
There are 90.000 branches with average branch size of 5,000 square feet. This is just the U.S.
A branch is made of concrete and steel and consumes not only Electricity, but Gas and other materials as well.

Bitcoin is the most energy efficient transaction system ever.

You might be right but the OP does show a problemativ of bitcoin which should be discussed. Since the system itself is working as it does the environmental sufferings will increase exponential, and so some day it will reach the consume rate if your branches and afterwards lets them behind in a second...

redhorsebeer1980

newbie

Activity: 168

Merit: 0

Bitcoin has a big contribution to the world which supported to the people in poverty instead of the government.Bitcoin improves the life of people and gives them wealth.Bitcoin will not destroy the world.We all know that most of the energy in the world can't be regenerated. People have been criticised for exploiting bitcoin to consume too much power but what we need to note is that most of the bitcoin is consumed in remote areas.

Robertqueen2

hero member

Activity: 826

Merit: 523

It is true that Bitcoin depletes energy while mining, but it is our responsibility to take more effective and safe steps in that direction. Adopting alternative and renewable energy sources is the best solution to that problem. Bitcoin is about to bring more advantages to the world in comparison with the energy and requirements it needs to do that. We are creative creatures, we have always the ability to find the solution. Wink

jayveerastrullo

jr. member

Activity: 266

Merit: 1

No it's not. You might say will help the world to be better.

snaper14

member

Activity: 243

Merit: 10

if you compare a financial system energy consumption with a housheold energy consumption than it is not a very reliable comparison, it seem like comparing energy consumption of a car with the horse. Where we can say horse if more eco friendly.

oginiimaoyani

sr. member

Activity: 574

Merit: 250

Bitcoin will not destroy the the world, but when the users used it wrongly that is when it will have negative effect on the world so to me it will give finacial liberty to the world.

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