In the midst of the Corona crisis, obsession with bitcoin seems to be growing. Various arguments are being made in its favor and opposition. But the truth is that bitcoin has no benefit to anyone except speculation and criminals. It is also a big threat to the world in the form of carbon emissions. There is no doubt that soon the governments of most countries should ban it.
There is another story going on amidst the horrifying news about the Corona epidemic. This is the story of bitcoin. The Corona epidemic has been good for bitcoin prices and the obsession with bitcoin is increasing. On April 14, the American cryptocurrency exchange named Coinbase Global brought its IPO. One day the employees and the founders of the exchange made huge profits, but after that the stock was not that good.
Mr. Aggarwal, a resident of Delhi, paid two bitcoins to Heath Streak. This payment was in exchange for information that could be used in betting. Streak later sold bitcoin for $ 35,000. He must have been deeply sorry for this, as the price of two bitcoins would be more than three times the amount sold.
Another non-financial news is about bitcoin. Ransomware hacks have been mentioned in it. One day an individual or company finds that all the files on its computer are encrypted. There is a ransom note on the screen which instructs you how to pay in bitcoins to get the file back.
There are many financial schemes and ideas about which his supporters and opponents hold opposite opinions from each other. For example, someone says that planting teak will give good returns. Someone else will say that nothing will be gained from this. These are exactly opposite views. Bitcoin is not this way. Supporters and skeptics of bitcoin agree on its basic features.
According to supporters, bitcoin is very good, because it is a currency that is not controlled by any central bank or government. Bitcoin allows for unintended and non-traceable transactions. Anyone can create bitcoins using a simple technical process. The opposing camp says that bitcoin is a useless idea.
Countries that cannot do this have to face difficulties on the economic front. For example, whenever people lose confidence in one currency, they shift their assets to another currency.
The biggest thing is the constantly increasing power consumption of the mining process. This is an inherent feature of bitcoin. A Cambridge University study estimated that Bitcoin consumes 178 terawatts annually. On one hand, we constantly talk about carbon footprint and climate emergency. On the other hand, energy is being wasted on a large scale in making such an amount that has no use other than speculation and criminal activities.
Recently, there were reports that the Indian government was going to take tough measures regarding cryptocurrency. Under this, all cryptocurrencies held by Indian citizens were to be banned. It is clear that the priorities of the government are different now. But it is to be hoped that eventually, the government will take such steps, prompting other governments in the world to abolish bitcoin.