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Bitcoin FAQ (2019) 8 - What negative effects does Bitcoin have on the world?








The Bitcoin official website(bitcoin.org) has a Bitcoin FAQ(Frequently Asked Questions), written around 2013, and some of the contents of this FAQ may have been obsolete. In order to help Bitcoin enthusiasts to understand Bitcoin (system) more comprehensively, our site will maintain a new and up-to-date FAQ on Bitcoin (system). In the content below, the content expressed by the “Knight” on the left side comes from the FAQ of the Bitcoin official website; the content expressed by the “Letters” on the right side comes from the opinions of some friends of our CEO, and is edited and reorganized by our editors. Tips: this article only states opinions of all kinds of people, and its content is NOT guaranteed to be correct, thus should never be considered as an investment advice or suggestion.

1. Waste of electricity. BTC mining is suffering from huge energy consumption and people need to find a more economical block generation consensus algorithm mechanism to replace POW.
2. Bad to the ecology. An important source of the electricity used for BTC mining is thermal power, which relies on coal. The continuous operation of the Bitcoin system indirectly produces a large amount of carbon dioxide. And emission of a large amount of carbon dioxide may cause global temperatures to rise and climate to change. Read this report for details: The Carbon Footprint of Bitcoin(Stoll etc., 2019).
3. Environment pollution. After the BTC mining machine was abandoned, it was almost useless, resulting in a large amount of electronic waste.
4. Helps promote illegal trading and fraud around the world. Many people use BTC directly or indirectly to perform fraud and gambling, creating a large number of human tragedies, left countless investors with irregular practice, mental and physical suffering, mental disorders, heavy losses, and even family ruin. See: Is Bitcoin a Ponzi scheme? and Is not speculation and volatility a problem for Bitcoin? and Is BTC already manipulated by someone?
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