What is crypto currency?
➤ It is a medium of payment digitally which work on the same principle when you do transactions while doing trading a good and services online.
It is based on blockchain technology where transactions are done decentralized way. Record of the transactions are first approved by every one and then attached as block in chain or ledger available at the server.
So, It is more safer than physical currency as it can not be decripted and counterfeit by fake currency.
💡🤔Do We know?
➤ It is about 1 crore investors who collectively hold digital assets worth of 10K Crore.
➤ Bitcoin consumed about 0.6% of Global electricity.
➤ Annual power consumption for Bitcoin generation is 125 TWh which is more than Norway.
➤ Annual carbon dioxide oxide(CO2) emission is 37mn MT comparable to the carbon footprint of Switzerland.
➤ A single Bitcoin transaction causes 312kgCO2 emission which is equivalent to 692,000 Visa card transactions
👉 Cause of concern:
➤This trend will increase in coming future and environmental cost will also increase further.
Major concerns may include money laundering, black marketing, terror financing and the high volatility in value.
👉Way Forward:
➤ Regulation and public awareness can be right way to eliminating bad actors.
➤Need to do environment impact assessment to compensate the environment cost.
Source: Bloomberg, Reuters, University of Cambridge, Digiconomist
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