The True Cost of Cryptocurrency

What’s the true cost of cryptocurrency and bitcoin? Support this channel directly by becoming a Patreon backer: https://www.patreon.com/OurChangingClimate

In this Our Changing Climate climate change video essay, I look at the true cost of cryptocurrency and Bitcoin. Specifically, I look at how Bitcoin and other cryptocurrencies are built to fail, not necessarily in the monetary sense, but in terms of the impact Bitcoin and Cryptocurrencies have on the environment. Cryptocurrency and Bitcoin are not viable solutions to the current financial system because cryptocurrency’s blockchain proof-of-work model requires a massive amount of electricity consumption. Essentially Bitcoin miners or other miners of cryptocurrencies use specialized computers to solve math problems and the end result is more Bitcoin or cryptocurrency. This process of Bitcoin and cryptocurrency mining, however, is environmentally destructive and unsustainable because it demands a huge amount of energy. There are some potential solutions to Bitcoin and cryptocurrency’s energy and environmental cost. Switching to a proof-of-stake cryptocurrency model could drastically reduce cryptocurrency’s environmental harms. That being said, switching models still doesn’t address the rise of crypto-colonialism in places like Puerto Rico.

Help me make more videos like this via Patreon: http://bit.ly/2iz4lIV
Email List: https://www.subscribepage.com/ourchangingclimate
Twitter: https://twitter.com/OurClimateNow
Facebook: https://www.facebook.com/occvideos/
Instagram: https://www.instagram.com/occ.climate/
Reddit: www.reddit.com/r/OurChangingClimate/

Check out other Climate YouTubers:

Climate in Colour: https://www.youtube.com/channel/UC8Wp9EmfpV7EUSrSJAonxzw
zentouro: https://www.youtube.com/user/zentouro
Climate Adam: https://www.youtube.com/user/ClimateAdam
Kurtis Baute: https://www.youtube.com/channel/UCTRM8LE1g6UXrVZKwgw5oEA
Levi Hildebrand: https://www.youtube.com/user/The100LH
Simon Clark: https://www.youtube.com/user/SimonOxfPhys
Sarah Karver: https://www.youtube.com/channel/UCRwMkTu8sCwOOD6_7QYrZnw
Sweet Soul Whisper ASMR: https://www.youtube.com/channel/UCkWMO64iyRbXQCq5fT4BlBw
ClimateTown: https://www.youtube.com/channel/UCuVLG9pThvBABcYCm7pkNkA
Jack Harries: https://www.youtube.com/user/JacksGap
Just Have a Think: https://www.youtube.com/channel/UCRBwLPbXGsI2cJe9W1zfSjQ
Beckisphere: https://www.youtube.com/channel/UCT39HQq5eDKonaUV8ujiBCQ
All About Climate: https://www.youtube.com/channel/UCs0uXl-w0672ni8pS3UDXsQ

Timestamps:
Intro – 0:00
What is Cryptocurrency? – 0:44
The Problem With Cryptocurrency – 1:50
The Promise of Cryptocurrency? – 4:27
A Word On Crypto-Colonialism – 6:49
The Future of Crypto – 8:39
Support OCC on Patreon! – 10:22

I use Epidemic Sound for some of my music: http://epidemicsound.com/creator
_______________________

Further Reading and Resources: https://www.notion.so/Cryptocurrency-Resources-107fe84ebff3488b855118ae5a559c5e

#Bitcoin #Cryptocurrency #Crypto

Source: Our Changing Climate

More News

Breaking News