Crypto 360°

Tuesday, 24 May 2022

Should Proof-Of-Work Blockchain Networks still be Acceptable Due to Its Huge Environmental Impact?

With the desire to eliminate centralization in transactions, came the Proof-Of-Work validation mechanism in Blockchain technology; thereby allowing users to validate Cryptocurrency transactions by solving a complicated mathematical problem. This consensus method which is used by Bitcoin and Ethereum has however become a major concern for environmentalists due to the huge amount of energy that mining with computers consume… and this means more carbon being released into the climate

According to https://www.businessinsider.com/personal-finance/cryptocurrency-environmental-impact?amp

In the US, Bitcoin mining creates an estimated 40 billion pounds of Carbon emissions while proof of work mining which requires a lot of computing power uses amounts of electricity capable of powering countries. Although Ethereum has announced that it plans to transition to environmentally-friendly proof-of-stake mechanism, a validation mechanism which is already being used by the likes of BNBChain and Zetrix Blockchain networks, Cointelegraph however reported that

https://www.google.com/amp/s/cointelegraph.com/news/eager-to-work-bitcoin-switch-to-proof-of-stake-remains-unlikely/amp

Bitcoin may not be making this switch to proof-of-stake anytime in the near future.

Although Proof-Of-Work is touted by some as the most reliable method of reaching consensus on Blockchain as it ensures absolute decentralization while removing intermediaries, the far less carbon footprint from Proof-of-stake models such Zetrix, Solana, BNBchain and many others cannot be shoved aside . In view of these environmental concerns, should Proof-of-work models still be embraced seeing that Blockchain adoption is becoming increased by the day?

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source https://www.reddit.com/r/btc/comments/uw892b/should_proofofwork_blockchain_networks_still_be/

How Bitcoin Can Unlock The Energy Of The Ocean For 1 Billion People

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Bitcoin Monthly 16: BIP119, CTV, BISQ and important software updates

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Are we using bitcoin the wrong way?

I am fairly new to crypto (bitcoin) and all I keep hearing is “bitcoin is the future of money” but actually, currently, it may not be.

Since all I read/see around is everyone trying to hodl or buy the dip, or sell, and bulls and bears.

But does anyone really uses it like money? Apart from El Salvador people, do you go get a coffee and pay with your bitcoins? Or is it a mentality that someday you will regret since what you payed for that coffee is now worth millions or whatever.

I understand that everything began with a pizza, and yes, with current value, that was an expensive pizza, but it was what started the wheel.

Do we use bitcoin in everyday transactions (bills, goods, taxes, etc) or do we hodl until we are rich?

Are we using bitcoin as money or just as a store of value?

English is not my first language, and I am fairly new to bitcoin, be kind lol.

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CFTC Chairman Confirms Bitcoin, Ether Are Commodities. Are Regulations good for the Growth of the Crypto Ecosystem?

In an interview with CNBC last week, CFTC Chairman Rostin Behnam discussed the CFTC and SEC's supervision of cryptocurrencies. The chairman was asked for his thoughts on a plan in Congress that would place the Securities and Exchange Commission in control of security tokens and the Commodities Futures Trading Commission in charge of commodity tokens.

"This is a long-standing dispute between the CFTC and the SEC. We had a fantastic history together... Commodities should be regulated by the Commodity Futures Trading Commission, and securities should be regulated by the Securities and Exchange Commission," Behnam explained.

Some currencies in the crypto world will be securities, while others will be commodities, according to the CFTC chairman.

When asked about SEC Chairman Gary Gensler's contention that most crypto tokens are securities, Behnam emphasized that the most popular cryptocurrencies are commodities. He stressed:

I can say with certainty that bitcoin... is a commodity As well as Ether

I think regulation of Bitcoin could potentially be good or bad for the mainstream adoption of Cryptocurrencies. Regulation could help prevent scams and protect the interest of users, regulations would create a framework for investors to work with to further expand the growth of the ecosystem. Regulation would help accelerate the mainstream adoption of Bitcoin.

Also one has to consider the blockchain ecosystem which continues to experience exponential growth by enabling the creation of innovative projects such as Decentraland an online world that allows users to create their own avatars and purchase plots of virtual land, Planet Maya which is powered by champions games is a decentralized and collaborative online casino which allows developers to build Games around betting, Luckyblock which is a digital asset project that decentralizies the lottery process via blockchain technology and many more that could change how diverse industries operate from real estate, gaming, insurance, academia. The need for regulation increases as blockchain technology becomes more mainstream and becomes a part of different industries of human endeavour.

I think it is quite ironic that a decentralized network should be subject to regulation by a central body but a much needed evil it Bitcoin is to become mainstream. Regulations could mean that Bitcoin is subject to the whims of these regulatory bodies making the decentralized network lose it's decentralized nature indirectly. It will be interesting to see how these regulatory bodies regulate Bitcoin.

News Source: https://news.bitcoin.com/cftc-chairman-confirms-bitcoin-ether-are-commodities/

submitted by /u/Juliet_bv
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source https://www.reddit.com/r/btc/comments/uw7uaj/cftc_chairman_confirms_bitcoin_ether_are/