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Impacts Of Bitcoin

Impact Of Cryptocurrency And Bitcoin - Outsource2india

Impact Of Cryptocurrency And Bitcoin - Outsource2india

Understanding the Impact of Cryptocurrency and Bitcoin Over the last few years, the term cryptocurrency has rapidly gained visibility in the public eye. In today's day and age, cryptocurrency is fast becoming essential to people who value privacy, and for whom the idea of using cryptography to control the creation and distribution of money does not sound too far-fetched. Today, cryptocurrency, led by Bitcoin, Litcoin, Ether, etc. are taking the financial world by storm as more people invest and buy these currencies. At the same time, there is still widespread confusion and bias which retracts for the overall effectiveness of Cryptocurrency. Educating users about such alternative forms of currency is extremely important given its volatile nature. In this article, we will try to provide a holistic outlook towards Cryptocurrency and how it's affecting the world we know today. Cryptocurrency is designed from the ground up to take advantage of the internet and how it works. Instead of relying on traditional financial institutions who verify and guarantee your transactions, cryptocurrency transactions are verified by the user's computers logged into the currency's network. Since the currency is protected and encrypted, it becomes impossible to increase the money supply over a predefined algorithmic rate. All users are aware of the algorithmic rate. Therefore, since each algorithm has a roof limit, no cryptocurrency can be produced or "mined" beyond that. Since Cryptocurrency is completely in the cloud, it does not attain a physical form but have a digital value, and can be used for digital equivalent of cash in a steadily increasing number of retailers and other businesses. Bitcoin was the first cryptocurrency that was ever created, and while there is a small fee for every c Continue reading >>

How Is Bitcoin Affecting The Environment?

How Is Bitcoin Affecting The Environment?

How is bitcoin affecting the environment? The growth of bitcoin is fueling speculation and debate about the environmental impact of the collective energy needed to power the virtual currency in the era of climate change. Some questions and answers about the issue: A bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. The price of bitcoin exploded in 2017, surging from less than $1,000 at the beginning of the year to $13,483, according to tracking site Coindesk. Bitcoin is believe to have been created in 2009 by an anonymous person known as Satoshi Nakamoto as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. Bitcoin is the most popular of more than 1,000 "cryptocurrencies" that have emerged in recent years, with digital monies like Dash, Ethereum and Litecoin also seeing a massive jump in price . Prominent economists such as Joseph Stiglitz and Wall Street bankers say the bitcoin market is a bubble. The Securities and Exchange Commission has issued warnings about the risk of investing in bitcoin and other digital currencies. In the meantime, major U.S. exchanges have started trading in bitcoin futures . The sustainability concerns about bitcoin, voiced by economists and environmentalists, stem from the process of "mining" that is central to its existence. The "miners" use computers to make complex calculations that verify transactions in bitcoins. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers. Some estimates say bitcoin's energy impact is more than that of a small country. Bitcoin is a Continue reading >>

Bitcoin Growth Sparks Debate On Environmental Impacts

Bitcoin Growth Sparks Debate On Environmental Impacts

Bitcoin growth sparks debate on environmental impacts In this photo taken on Jan. 17, 2018, a worker walks along a row of computer rigs that run around the clock mining bitcoin inside the Genesis Mining cryptocurrency mine in Keflavik, Iceland. Hand in hand with the rise of bitcoin is a soaring cost of mining the cryptocurrency. The energy demand has developed because of the soaring cost of producing the cryptocurrency, which requires computers solving math formulas to mine the 4.2 million coins still available. (AP Photos/Egill Bjarnason) In this photo taken on Jan. 17, 2018, Helmut Rauth, the director of Genesis Mining poses for a portrait next to a row of computer rigs that run around the clock mining bitcoin in Keflavik, Iceland. Hand in hand with the rise of bitcoin is a soaring cost of mining the cryptocurrency. The energy demand has developed because of the soaring cost of producing the cryptocurrency, which requires computers solving math formulas to mine the 4.2 million coins still available. (AP Photos/Egill Bjarnason) Large clouds of steam rise into the sky from the Svartsengi geothermal power station in Grindavk, Iceland. With massive amounts of energy needed to obtain bitcoins, large cryptocurrency mining companies have established a base in Iceland. Egill Bjarnason/Associated Press The growth of bitcoin is fueling speculation and debate about the environmental impact of the energy needed to power the virtual currency in the era of climate change. Some questions and answers about the issue: Bitcoin is the most popular virtual currency in the world, and it has fluctuated significantly in value over the past year. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. The su Continue reading >>

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Subscribe to the FT to read: Financial Times The environmental costs of bitcoin are not worth the candle Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks and opportunities with independent global reporting, expert commentary and analysis you can trust. Choose the subscription that is right for you Purchase a Digital Trial subscription for Not sure which package to choose? Try full access for 4 weeks For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news Purchase a Standard Digital subscription for Be informed with the essential news and opinion MyFT track the topics most important to you FT Weekend full access to the weekend content Mobile & Tablet Apps download to read on the go Gift Article share up to 10 articles a month with family, friends and colleagues Purchase a Premium Digital subscription for All the essentials plus deeper insights and analysis In-depth analysis on trade, emerging markets, M&A, investing and more ePaper a digital replica of the newspaper Gift Article share up to 20 articles a month with family, friends and colleagues Purchase a Premium Digital + Newspaper subscription for FT Newspaper delivered daily plus unlimited digital access Continue reading >>

The Bitcoin Boom May Be A Disaster For The Environment - Dec. 7, 2017

The Bitcoin Boom May Be A Disaster For The Environment - Dec. 7, 2017

Related: What on earth is going on with bitcoin? Unlike the dollar or the pound, these virtual "coins" aren't tied to a central bank. Instead, bitcoins are "mined" by computers in vast data centers that guzzle huge amounts of energy. Bitcoin uses about 32 terawatts of energy every year, enough to power about three million U.S. households, according to the Bitcoin Energy Consumption Index published by Digiconomist, a website focused on digital currencies. By comparison, processing the billions of Visa ( V ) transactions that take place each year consumes the same amount of power as just 50,000 American homes, according to Digiconomist. Related: Millions of dollars may have been stolen in bitcoin hack More worryingly, Bitcoin's energy demands are set to explode. "As bitcoin grows, the math problems computers must solve to make more bitcoin get more and more difficult," which means more processing power is needed, Holthaus wrote. And he made a startling forecast: Without a significant change in how transactions are processed, bitcoin could be consuming enough electricity to power the U.S. by the middle of 2019. Six months later, that demand could equal the world's power consumption. The fact that most bitcoin is mined in China is also fueling the environmental concerns. Related: Bitcoin bubble brewing is it still a bargain? The country's hinterlands have proved attractive for the data centers that bitcoin mining requires because "electricity and land are very cheap," researchers at the University of Cambridge wrote in a recent study . A lot of the energy in provincial China comes from inefficient, coal-fired power plants that were built in anticipation of big construction projects that never happened, according to the researchers. Digiconomist reported that the energy dem Continue reading >>

What Will Be The Impact Of Bitcoin On The Economy?

What Will Be The Impact Of Bitcoin On The Economy?

What will be the impact of Bitcoin on the economy? TL;DR: Bitcoin is not going to replace any major currency or central bank anytime soon. It will definitely serve as alternate currency/asset for a long time. For now, depending on your interests are, you can use Bitcoin to buy apps and games on your xbox, to transfer money to your loved ones from US to Europe or to extort ransom, buy/sell stuff anonymously, take donations/help to arrange a coup etc… you get the idea.. The term “Economy” is too broad, It encompasses all activity related to production, consumption and trade of goods and services in a country. So to trade you need a convenient medium of exchange that is currency and to issue a currency you need a trusted party like government and central bank. That’s where Bitcoin is challenging the traditional methods. It’s a different topic for debate that whether Bitcoin is a currency or not, but let’s see the scale and adoption of Bitcoin economy – According to Wikipedia there are over 100,000 merchants and vendors who are accepting Bitcoin payment and there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using Bitcoin. Moreover value of bitcoins in circulation has reached whopping $14 Effing bn . So there’s Bitcoin economy for you. In 2014, when Ukraine was in crisis, Protesters held signs in front of TV cameras asking for Bitcoins to support the revolution against their government and people all around the world donated thousands of dollars’ worth of Bitcoins just by pointing their cell phone camera at QR code on TV screens. The government will never know who donated these protesters. But an average user is still a tech enthusiast who uses Bitcoin for buying xBox games or buying items from select merchants or is a tr Continue reading >>

The Environmental Impact Of Bitcoin Mining: An Exploration

The Environmental Impact Of Bitcoin Mining: An Exploration

The Environmental Impact of Bitcoin Mining: An Exploration 2017 ignited a cryptocurrency boom that is showing no signs of slowing down. While mainstream adoption of Bitcoin and other digital currencies continues to rise, many people have started to question the environmental impact of mining. Critics have honed in on Bitcoins carbon footprint, arguing that mining is a huge waste of energy that is damaging to the environment. While resource consumption is a valid concern, it is important to look at the facts and put things in perspective. Mining today requires specialised Application Specific Integrated Circuit (ASIC) hardware to handle the computationally intensive processing needed to solve blocks, or verify transactions and add them to the blockchain. These machines run hot and use a significant amount of electricity to perform the complex calculations involved in mining. As a result, the Bitcoin network uses an increasingly substantial amount of electricity to maintain the blockchain- by some estimates, around 32TWh per year, or roughly as much as Denmark . That sounds like a lot and it is but when one looks at these figures in context, they quickly see that other large networks are carrying similar baggage. For example, Google emits 1.5 million tonnes of carbon annually, on par with the United Nations. The data centres relied on by the worlds more than 1 billion smartphone users are responsible for 1.5% of the worlds total electricity consumption. This is not to say that simply because other widely used technologies also consume many resources that Bitcoins environmental impact is not an issue, but rather to illustrate that the issue is not specific to Bitcoin. There is no question that the Bitcoin network is, indeed, using a huge amount of electricity. The environ Continue reading >>

The Hidden Cost Of Bitcoin? Our Environment.

The Hidden Cost Of Bitcoin? Our Environment.

The Hidden Cost of Bitcoin? Our Environment. Bitcoin mining reportedly accounts for more energy consumption than many of the world's nations. The environmental effect of this activity can't be overlooked. Bitcoin might feel a bit like gold lately, but its rise has not made it very green. In November, a report was published that indicated that activity related to the cryptocurrency exceeded the energy consumption of 159 countries around the world. I think its a massive problem, said Alex de Vries, author of the report on Bitcoin energy consumption, in an interview with Futurism. Were basically consuming thousands of times more energy for something we can already do at the moment we can already do transactions, we dont have to use bitcoin if we trust our current system. I dont see how bitcoin justifies its energy use at the moment, given that most people do have a certain level of confidence in the current system. However, it may be reductive to look at the energy consumption of bitcoin mining purely at the surface level. The real issue is the fact that a large proportion of the electricity used is generated via fossil fuels . A great deal of mining takes place in China, where coal is comparatively cheap, despite the governments efforts to phase it out in favor of renewable resources . But even if the cryptocurrency were to be mined using renewable energy, would the problem be solved? Nadine Damblon is the co-founder of a startup called HydroMiner that specializes in bitcoin mining using hydro power stations . According to her, the energy situation is a little less dramatic than it might seem. Basically, we see an old argument here, she said in email to Futurism. People used to say that the streets would be no longer usable because they would be covered in horse manure n Continue reading >>

5 Big Impacts Bitcoin Will Have On Your Life

5 Big Impacts Bitcoin Will Have On Your Life

5 Big Impacts Bitcoin Will Have On Your Life July 21, 201710:39 amPublished by Gavriel Will bitcoin really change your life? Yes, absolutely Im 100% certain of it. And no I dont have a crystal ball I have something better: Foresight. History. Facts. Just like the Internet changed soooooo much about our lives bitcoin is being called The Internet of Money. That is: The global money game is changing. And the power is now with the people! If youve ever given charity or ever tried to save money or ever wanted to make a good investment or been frustrated with banks or governments then youre going to LOVEwhat bitcoin can do for you, your loved ones, everyone. Bitcoin is more than just digital money. Its about equality, access, and a more open framework for society. Lets take a quick look at five big impacts that bitcoin will have on our lives in the coming months and years. Certain banks, governments and financial service companies have taken full advantage of their monopoly on money. Citizens of Greece, India and Venezuela, for example, have been trapped in recent times by political corruption and economic experiments that have devastated their economies. With bitcoin in the global picture, governments and financial companies must act more fairly and more responsibly, for two key reasons: 1. Bitcoin money transfers are relatively low cost compared to international bank transfers. Sending money abroad using bitcoin (or other cryptocurrencies) can be done without using the banking system. 2. Bitcoin can not be created or devalued by national governments and is therefore immune from inflation. Citizens of impoverished countries can buy bitcoin to protect their money from the decline in value of their national currencies. The same applies to dollars, pounds and euro. Bitcoin is Continue reading >>

Bitcoin Is Terrible For The Environment

Bitcoin Is Terrible For The Environment

This story was originally published by New Republic and appears here as part of the Climate Desk collaboration. Bitcoin is the Worlds Hottest Currency, but No Ones Using It, theWall Street Journal proclaimed on Saturday. The day prior, the digital currency had surged past $10,000 per coinand then past $11,000, too. But despite Bitcoins value, the paper explained, brick and mortar stores have been slow to accept it as a method of payment. Thus, some observers are becoming pessimistic about whether this tech-hipster cryptocurrency, which everyone has heard of but most people dont truly understand, will ever replace traditional currency. I dont think it will be a currency, bitcoin investor Alex Compton told theJournal. If people use it as a currency, it will lose value as an investment. No one may be using Bitcoin, but were all paying for them. Bitcoin analyst Alex de Vries, otherwise known as the Digiconomist , reports that the coins surge caused its estimated annual energy consumption to increase from 25 terawatt hours in early November to 30 TWh last weeka figure, wrote Voxs Umair Irfan, on par with the energy use of the entire country of Morocco, more than 19 European countries , and roughly 0.7 percent of total energy demand in the United States, equal to 2.8 million U.S. households. (As of Monday, the figure had reached nearly 32 KWh.) Just one transaction can use as much energy as an entire household does in a week, and there are about 300,000 transactions every day. That energy demand is more often than not met through fossil fuel energy sources, which, along with polluting air and water, emit greenhouse gases that cause climate change. In other words, Bitcoins are contributing to the warming of the atmosphere without providing a significant public benefit in retu Continue reading >>

Bitcoin Bubble Could Lead To 'destructive' Consequences, Ubs Says

Bitcoin Bubble Could Lead To 'destructive' Consequences, Ubs Says

Bitcoin bubble could lead to 'destructive' consequences, UBS says The bitcoin bubble could be "destructive" in the long-term, UBS economist Paul Donovan said Donovan said there could be a "negative wealth effect" and this could be "disruptive" if more people get involved in cryptocurrencies His warnings come after the U.S. Securities and Exchange Commission issued a statement on the dangers of investing in cryptocurrencies and initial coin offerings Need to think of economic consequences when bitcoin bubble bursts: UBS The bitcoin bubble could be "destructive" in the long term if more people keep pumping money into the cryptocurrency, UBS analyst Paul Donovan told CNBC on Tuesday. UBS has previously called bitcoin a "speculative bubble." And Donovan, who is the wealth management global chief economist at the investment bank, has compared the cryptocurrency's rise to the 17th century tulip craze in the Netherlands that saw the price of the flower skyrocket and crash. Donovan explained that the rising investment in cryptocurrencies from retail investors could have damaging consequences. "I dislike bubbles because bubbles sucker in large numbers of people and take their money and give it to a small number of people. And that's very destructive in the long term. And I think this is one of the problems that we've got," Donovan told CNBC in a TV interview. "We are now having to start to think about what's going to be the economic consequence when this bubble bursts. And you've got a transfer of wealth, you've got a concentration of wealth, you've got a negative wealth effect it potentially is disruptive." The economist explained that so far there are a small number of people involved in cryptocurrency trading so if the bubble does burst, the damage is "spread quite thinly." Continue reading >>

Bitcoin Boom: The Side Effects

Bitcoin Boom: The Side Effects

Basudha Das New Delhi Last Updated:December 12, 2017 |16:33 IST Bitcoin prices have been on a bull run but the higher it rises, higher are the risks and possibilities of your account getting hacked. Bitcoin has touched an intra-day high of $14,362 continuing its epic rally. Its market cap is currently at $287.6 billion, on a volume of $22 billion in the past 24 hours - almost equivalent to that of the mCap of banking majors JP Morgan and Bank of America. The cryptocurrency started the year at sub-$1,000 levels to grow by leaps and bounds, despite warnings of a dangerous bubble. In the past 24 hours, the currency has rallied more than $3,000 with demand for bitcoins exploding. The rise seems addictive and, therefore, it is important to consider the big risks attached. The Bitcoin economy is still lightly regulated, and fraud is a constant danger. Over the years, it has been plagued by hacks, scams and abusive practices. Allinvain (Twitter handle) loses $500,000 in bitcoin to hackers Bitcoin wallet services offer to store bitcoins on users' behalf. One such service, MyBitcoin, disappeared from the Web, claiming the site was hacked. With no regulation in place, users could never verify where their money went. Hackers steal at least 46,703 bitcoins, worth $200,000 then from online web host Linode. Most coins were stolen from Bitcoinica, an early Bitcoin exchange. It again suffered a second hack in May 2012 that cost the company another 18,000 bitcoins. Bitcoinica didn't survive the hacks either. Several users sues the firm seeking the return of $460,000 in deposits. The Bitcoin Savings and Trust was a classic Ponzi scheme, with a promise of high returns - 7% per week. The scheme shut down in August 2012, after its organiser Tendon Shavers was accused of raising more than 7 Continue reading >>

Bitcoin Theory | The Political, Social, And Economic Impact Of Bitcoin

Bitcoin Theory | The Political, Social, And Economic Impact Of Bitcoin

The Political, Social, and Economic Impact of Bitcoin Bitcoin is the most valuable asset in human history When I first started writing this blog, the price of a single bitcoin was around $230 or so. Today the price of a single bitcoin is beyond $17,000 along with a whole slew of new financial assets that have been created by no governments or bankers; but by cryptography, computers, and coders alone: cryptocurrencies. This new kind of money serves not the interests of the banking and corporate elites, or the corrupt government ministers who kowtow to them; but the people who control them alone. We have seen cryptocurrencies like Bitcoin, Ethereum, Litecoin and Monero gain +10,000% returns over the last several years, and they simply continue their climb against all of the harping of bankers, economist, and purported ‘experts’ of finance. They  have declared cryptocurrencies are a scourge and something to be detested; a grievous wound against all of society, and they must be destroyed.  Again and again we hear from them that this is a bubble, that it has no social value, and that it is going to ‘crash’–and yet we find that the honey badger of money continues its slog upward and to the right despite all of their raging cries. This is by no mistake, as cryptocurrencies are fundamentally better at storing value than any fiat currencies in existence today. This is because the fixed and known monetary supplies and inflation rates of cryptocurrencies; but more importantly, the social consciousness and consensus that allows for them to exist. People can now control their wealth with nothing more than the power of cryptography. Cryptocurrencies are rewriting the entire way that money is understood and used–and with that, who gets to control and benefit from these Continue reading >>

5 Impacts Of Bitcoin On The Economy

5 Impacts Of Bitcoin On The Economy

Cryptocurrencies are disruptive economic innovation that have the potential to revolutionize the current economic structure and change how banks and financial institutions operate. Bitcoin is the most popular form of cryptocurrency that enables digital transactions between two parties without the need of an intermediary. Every transaction is digitally recorded in blocks which act like ledgers and once a block is filled a new block is created. All blocks are connected to each other using hashtags and a linear chronological sequence of these blocks forms a blockchain. Thus, every transaction is digitally recorded to keep security at a top notch level. Though the transactions are recorded, the information of the parties participating in the exchange is not revealed. The money can only be tracked when it is converted into cash. This public way of managing transactions has created the possibility of a huge revolution in the banking sector across the world. The economic power which lies with the governments and financial institutions is at stake which has made them wary of cryptocurrencies. We have a lot more to offer you. Over-time we have created a library of eBooks covering major technologies like BigData, Chatbots, Augmented Reality, Mobile App Marketing, etc. Explore our library and grab your free copies today: 5 Ways BitCoin is Impacting Banking, Finance and the Economies: Dark web is the section of the web that is not accessible through the search engine. What we are given access to is the surface web which is not even half of the existing internet. Dark web is accessible only through special software like Tor Browser which enables anonymous searching of the internet. Dark web is the place where you can find assassins, weapons and a lot more illegal stuff. By using cr Continue reading >>

Collateral Damage From The Inevitable Bitcoin Crash

Collateral Damage From The Inevitable Bitcoin Crash

Collateral Damage From The Inevitable Bitcoin Crash I write and consult on digital transformation in the enterprise. Opinions expressed by Forbes Contributors are their own. Bitcoin is well off its all-time high, due in large part to moves by China to shut down domestic Bitcoin exchanges. Also putting pressure on Bitcoin: The People's recently banned initial coin offerings (ICO), thus outlawing the practice of creating and selling cryptocurrency to investors to finance startup projects in the country. Bitcoin-watchers take solace, however, in Bitcoins price resilience around the $4,000 mark and hopes that China will see the light and ease its newly-minted restrictions. And then there are skeptics like myself who see Chinas moves as the first few dominos to fall, heralding a complete collapse of the Bitcoin speculative bubble. Im not going to use this article to argue that Bitcoin is in a speculative bubble, however. That fact is too obvious to warrant such an argument. Instead, Im going to gaze into my crystal ball and predict what secondary effects such a crash will cause in other words, the collateral damage. Crystal balls are notoriously fickle to be sure, and theres no reason to believe mine is any better than anyone elses. As such, I am going to rate each of my predictions with a subjective probability score, measuring how likely I personally believe such collateral damage will occur. Your results may vary. Everybody with an investment in Bitcoin, including miners who are invested in mining infrastructure 99%. Clearly, when Bitcoin falls, so too will all the Bitcoin portfolios. ICOs and everybody touching them, including buyers, sellers, issuers, infrastructure providers, and ICO-based business models 95%. ICOs have always struck me as being little more than selli Continue reading >>

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