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Bitcoin mining consumes more electricity a year than Ireland
Network’s estimated power use also exceeds that of 19 other European countries, consuming more than five times output of continent’s largest windfarm
Bitcoin’s “mining” network uses more electricity in a year than the whole of Ireland, according to statistics released as the currency broke $9,000 for the first time.
originally posted by: dfnj2015
Crime pays better than hard work.
“Bitcoin Surges to Record Levels,” “Bitcoin More than Doubled This Year,” “Bitcoin Plummets, Loosing $4 Billion of Market Capitalization,” “Cyber Fraud Attackers Demand Payment in Bitcoin.” These attention-grabbing headlines are typical of the recent media buzz related to this cyber-currency. What is Bitcoin, and why has it garnered so much attention in the investment world? Who will benefit? Will this be trouble for the banks, Visa, Mastercard and Paypal?
In Bitcoin, we now seem to have a new form of currency that rivals fiat money as we move full speed into the age of technology. Unlike its predecessor currencies, it is not backed by a physical commodity (gold) or any government or bank. It transcends borders and allows for complete anonymity. Transactions are cheap to execute and it is quickly and easily transferred around the world. Bitcoins do not depreciate as a result of government budget deficits, and banks can’t use your Bitcoins to make risky investments. Who needs a Swiss bank account? Or any bank account? What’s not to like?
In an era of technology advancement when the entire world is talking ab out the “Internet of Things” whereby we are expected to have connectivity between anything and everything, Currency cannot be left behind. Paper currency is bound to be a thing of past, as virtual currencies will start taking over and Bitcoin is well poise d to achieve this feat. Not only it will revolutionize the way payments are made, but also have potential to impact the future of world currencies like USD, which is already facing challenges from EURO or Chinese Yuan Renminbi (CNY). The rise of crypto - cur rencies will add a new dimension to this challenge for US Dollar (USD
Is Bitcoin the future of currency? The virtual currency Bitcoin is growing in popularity and some are even calling it the future of money. Spencer Kelly explains the workings behind Bitcoin and how people have already become millionaires through the currency.
originally posted by: dfnj2015
a reply to: Revolution9
Soon the entire output of the electric grid will shut down to consumers because there is more money in mining bitcoins. It will be a biblical ending to civilization.
I really do believe that digital currency will be the financial system of the beast and we will have to have a mark if we want to buy and sell in the system.
The cryptocurrency rose to a fresh all-time high of $9,700 on Monday. It is now worth more than seven times an ounce of gold, which is traditionally seen as a safe haven in times of turmoil. In a remarkable rally, bitcoin started the year at $1,000 and smashed through $5,000 in October.
Analysts said the decision by the Chicago Mercantile Exchange (CME) to launch bitcoin futures in December had fuelled buying, but also warned of the dangers of a speculative bubble building. The digital currency has gained more than 50% since the CME announced its decision on 31 October. Neil Wilson, senior market analyst at ETX Capital, said: “The legitimacy this gives bitcoin as a tradeable asset is very important. The market cap of bitcoin now exceeds that of IBM, Disney [or] McDonald’s.”
The price has been volatile. Bitcoin plunged below $3,000 in mid-September after the Chinese authorities announced a crackdown.
originally posted by: lightedhype
I actually agree with you, OP. You make some good, valid points - especially them saying "no, no, no while actually meaning yes, yes, yes." However, that being said, if youve really been watching for years and known what you claim since the get go, you probably shouldve just invested and joined the 1% of the future and then you couldnt care less about this.
We cannot fight the beast and win, might as well benefit personally on the coming revolution.
originally posted by: GBP/JPY
Litecoin or veritaseum not the bits........Litecoin is faster and easier and has a lower cap
but Silver and farmland is the top for me......I can write my phone number on them.....he.....he