Recently there are several environmental concerns about Proof of Work mining which secures the Bitcoin and Monero networks. However, over half of cryptocurrency’s energy usage comes from renewable sources, which is increasing every year. A further portion uses energy that would otherwise be wasted (stranded energy). The energy used by cryptocurrency is also much lower than the energy used by the inefficient legacy networks of the banking system, Visa and MasterCard — which many people can’t even participate in due to KYC discrimination. Popular hobbies such as video games, scrolling social media and streaming Netflix also use large amounts of energy due to the required server farms and infrastructure, while cryptocurrency provides a vitally inclusive financial system that helps people today.
The Bitcoin and Monero networks offer advantages that the legacy financial network cannot provide. While the state’s fiat system is based on coercion, theft and war, cryptocurrencies are opt-in networks, based on open source code and secured by volunteers who run node and miner software on computers worldwide. In addition, many people are unfairly excluded from traditional banking due to KYC — such as the millions of people without access to government ID or victims of abuse and activists who need pseudonymity for safety reasons. Cryptocurrencies use mathematics, not state-assigned identities, to prove ownership of funds. You only need a pseudonymous cryptographic private key to access your money, which you can generate with easy-to-use wallet software on a computer or smartphone. As a result, cryptocurrencies provide a safe, private and inclusive payment method and store of value that everyone can use, no government ID or corporate permission required.
Monero offers further advantages compared to the legacy financial system. Monero can be described as “anonymous cash for the internet”, which allows you to securely and privately send and receive money worldwide via easy-to-use wallets for desktop and mobile. Strong cryptographic privacy means that amounts, addresses, balances and transaction history aren’t displayed publicly on the blockchain, protecting you against surveillance and possible censorship or targeting. Transactions cost less than 1 cent in fees and are confirmed within 2 minutes. In addition, Monero can only be CPU mined on regular computers (no large ASIC server farms), which means that everyone with a computer can contribute and earn money by securing the network. Monero uses a comparatively small amount of energy to efficiently provide an inclusive global financial network that helps people today.
In conclusion, cryptocurrency’s use of energy is vital for financial freedom, in a world where cash is being phased out and financial surveillance and censorship is increasing. Many people can’t access traditional banking, which unfairly shuts people out of online shopping, cashless payments, remote work, in-app payments, international remittances and many other economic transactions. Every Watt spent on cryptocurrency infrastructure is a vital contribution to financial inclusion for all.
More info: – https://bitcoinisgreen.org – https://endthefud.org – https://bitcoinmagazine.com/authors/alexgladstein – https://niccarter.info/topics