5 Things About Bitcoin That Will Baffle You


Have you heard of the Bitcoin? It’s money that some cyborgs invented in 2009 and is as real as your popularity on Twitter. It’s also stupid valuable, at least for now, with one bitcoin coming in at around a bajillion dollars American. Maybe not that much, it keeps hovering between $10,000 – $20,000 as of the past month or so. Man, why don’t we all use those and be rich? Well, it’s a little trickier than all that and, even if you get your mitts on some BTC, as the kids call it, you may be in for more than you bargained for.

It’s Killing the Environment

Easing you into the problem with bitcoin is its environmental impact. You’d figure a virtual currency made of ones and zeroes and mousefarts and the other sorts of things that power the internet wouldn’t leave much of a footprint, but you’d be wrong.

Bitcoins exist, so to speak, thanks to bitcoin mining. Because bitcoin is a libertarian dream currency, it’s decentralized. No government owns it or influences it. It’s out there in the open, a public system, that is maintained by miners. Miners basically run programs all the time that verify what the hell bitcoins are doing all over the world and, in turn, they earn new bitcoins for their work. They get paid because maintaining this massive network takes a lot of computer power, already surpassing the power used by 159 countries. All of these transactions need to be checked and verified all the time so no one scams the system since it’s virtual. You can’t track the physical bitcoin and see who spent it where, so instead we trust that by putting it out where everyone can see it, everyone can verify who has it now and how many savory hams they just bought with it.

The computer processing required to verify the bitcoin world is massively boring if you’re not a tech-minded person, and probably still if you are, but all you need to know is that it requires a ton of power. You can’t even do it on a regular computer anymore, it’s just not powerful enough. And there are thousands of people doing it, 24/7. Each transaction, however, uses the same amount of power that a typical US household will use in about a week. That’s shithouse rat crazy.

The bigger bitcoin gets, the more transactions processed, the bigger the calculations that miners have to do will get, the longer they’ll take to solve and the more power they’ll need. Bitcoin will continue to require more and more power to use, which means more fossil fuel use, which means more pollution. In your effort to save up to buy a yacht you’ll kill the ocean so you can never sail the thing. Don’t think it’s that bad? At the current rate of …read more

Source: Very Funny

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