Applications of Cryptocurrency, Many or Few?

Bitcoin, as the most well-known cryptocurrency that has come to the market, has always been under critique. One of the main criticisms that is proposed by critics about Bitcoin, is the high energy consumption for mining Bitcoin and other cryptocurrencies; However, this criticism is considered reasonable. But can they be looked upon as a serious reason for rejecting and ignoring the applications of cryptocurrencies? Are the real currencies and the colorful paper bills that the world has seen to itself still better choices than cryptocurrencies? If you want to look at anything in a reasonable and logical manner, you need to evaluate its different aspects. Put the advantages next to disadvantages and come to a correct conclusion through comparison. Stay with us to find out more about cryptocurrencies being useful or harmful.

Cryptocurrencies and the Use of Too Much Energy

In order to create cryptocurrencies, there is the need for high consumption of energy. This will be completely acceptable. But the hidden reality should not be forgotten here. The hidden reality says that in order to manufacture paper bills a high amount of paper is used annually in the world. More papers means more trees need to be cut down. Has this aspect of real currencies been under scrutiny as much as the high consumption of energy by cryptocurrencies? While generating the needed energy for cryptocurrencies can be done in creative ways and various energy generation sources can be used that do not incur a lot of costs to the nature. Using renewable energies leads to the implementation of needed power for different processes without creating too much pollution and wasting electricity.

Not Paying Taxes for Mining and Enjoying Cryptocurrencies

First, in order to use cryptocurrencies and the transactions related to them, legal systems can be prepared and enter them into the tax system of any country. But for the process of mining and the like, is it necessary to pay taxes? This criticism to cryptocurrencies is completely unfair and useless. Do the users who themselves pay for the security of their systems and further the payment operation based on their facilities and their mind power, have a reason to pay taxes?

Paper Money and Actual Currencies Compared to Cryptocurrencies

As it was mentioned earlier, it we want to compare and have a deep look at the costs that cryptocurrencies and actual currencies incur the world, we will find out very well that if the monetary and environmental costs of the actual currencies are not more than that of cryptocurrencies, surely they will not be less. Actual currencies lead to a lot of costs and also damage the environment by using too much paper, ink, printing system, and their costly manufacturing process. But if miners and users implement renewable electric energies, then cryptocurrencies will have no danger for the world. Therefore, harsh critics of cryptocurrencies should look for new ideas to criticize these new technologies. If the matter of generating electric energy is not of concern in developing cryptocurrencies and other sources can help the development of cryptocurrencies faster and easier and without creating pollution, actual currencies should think of something for themselves and prove their competitive edge.
 

Coins International Journal