Bitcoin, Blockchain, and Cryptocurrency are three words I am still digging in several sites over the Internet. I wasn’t making posts about these Crypto terms because I don’t really understand how it works when it comes to buying/selling or trading. I’m benighted about these terms.
But don’t tell me that I should not belong here simply because I don’t post about Bitcoin, Bitcoin Cash, NFT, or because I am living in a city far away from the Junggle.
In one way or another, I continue to search the internet for information about this trend to be alongside the loop. At least not to be ignorant or be out of place to a group of crypto geeks and nerds. (Forgive me for the language)
Anyway, my research has not gone far to the extent that I will have to create a Binance account. Although I am planning to have one if I fully understand how it works.
Things in common
According to some articles that I have read. Bitcoin can be compared to Gold. They said so because they have something in common.
Scarce goods
Mining
Cannot be produced by humans
Limited supply
I need not have to elaborate on those attributions because almost everyone is talking about it. Besides the information is scattered on the internet so noob must do their own research.
You know the information like Bitcoin is a digital currency that is run by blockchain, using person to person, and that is decentralized, and this and that, etc, etc, are just redundant information over the internet. (Did I just sound redundant?) Don’t get me wrong. I wish I knew all about this. But just give me more time and I’m going to meet you there, believe me.
Perhaps this is the reason why the Bitcoin logo is gold in color because it can be noted as digital gold. But you know something I kept thinking and asked Google, What if Bitcoin runs out of supply? Of course, Mr. Google always has an answer.
What happens next?
There are several articles to choose from and it seems they have exactly the same answer. I just don’t know who posts first.
Out of 21 million Bitcoins, 2.7 million Bitcoins are waiting to be mined according to one source and October 8, 2140, is the day the last block of Bitcoin can be mined. Don’t worry you will still earn millions of BTC even if you start building your own mining rigs in 2070. LOL!
Let’s flip the coin
On the contrary, there are dangers in Bitcoin mining just as the dangers that gold mining has brought since people learn to mine gold. We have heard several news reports about the health risk of Gold mining and the bad effects on the environment.
Mercury is a health risk for miners. Gold mining contributes to environmental damage like the toxic waste disposing directly to natural bodies of water.
I’m not trying to be an environmentalist here as I myself am guilty of contributing destruction to our beloved mother earth even for just a silent fart.
Bitcoin mining has been noted for huge carbon emissions and can add to global warming. The process can suck massive energy consumption. These supercomputers being used for Bitcoin mining need large amounts of electricity to supply that runs 24/7.
For example in Plattsburg, New York, Residents complain of a sudden increase in electricity bills after Bitcoin miners have arrived. They have used more energy that resulted in purchasing more expensive energy supplies.
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It really is true that Gold and Bitcoin have something in common. Don’t get me wrong with my post here. This is only based on my own research. I have nothing against Bitcoin nor to be angry with gold. Anyway, they are both good assets for investors.
These are the only information I have gathered so far and my learning about Cryptos is beyond your knowledge. You can correct me if I'm wrong in giving information about Bitcoins or Golds. I know I still need to learn more about this.
I was just trying to at least have time to understand this since the money that I am earning here is a fork of Bitcoin, the Bitcoin Cash.
Thanks for reading. Ciao!
Some previous interesting post:
Anyone has their own purpose in writing
Sources:
What happens when all 21 Million Bitcoins are mined?
Bitcoins Climate Change Impact...
I understand 100% the feeling of being a babe in the woods. You definitely belong here. I'm happy you wrote this article because I've been searching for an analogy. I, too, am still learning. Keep asking questions! Keep writing.