Come October 31 ,Bitcoin ,the first digital cryptocuerency will turn 13,cryptocurrency has come a long way since satoshi Nakamoto, the pseuchonymous author of the bitcoin white paper created the virtual currency based on blockchain technology.

A few years ago, cryptocurrency was merely a topic of fascination for teeh geeks ,However ,today it has managed to stoke tremendous interest and corporated investors and corporations like Tesla and microsoft ,and crypto exchanges like COINSWITCH KUBER, have made crypto trading for the common man a seamless affairs, Despite the popularity ,the journey has been nothing but riskely .

Periodical FUD ( fear uncertainty and Doubt ) thrown around cryptocurrency future has hundered progress, and the latest concern rainsed by countries like China, ( which recently banned crypto mining ) is on its ESG,( environmental social and Governance ) impart. But are these concerns genuine ? We'll walk you through the real impart of crypto currency. Primarily Bitcoin ,on our environment and society.

Bitcoin errr, is it sustainable

By one estimation from the Cambridge bitcoin Electricity consumption index,the annual power consumption by bitcoin miners in 2019 was close to that of a small country like the ,Netherlands ,it's almost certain you've come across this fact on the internet as a criticism of bitcoin ,But this does not paint the complete picture.

Yes ,bitcoin consumers a fair amount of energy ,However what not being said is that bitcoin is as green as its energy source, Just like Electric Vehicles, bitcoin too can be mined using 100% non-fossil fuel based, energy ,

A recent study from the bitcoin mining council shows that 56% of the energy used in global bitcoin mining is from renewable sources.

Besides for a technology that is at the fore front of revolutionizing the entire global financial system ,the energy is well spent, According to Calhin wood ,CEO of Ark Invest bitcoin is much more environmentally friendly than the traditional gold mining or financial services sector,it secks to replace.

And of course,little is spoken of proof of State, cryptocurrencies that are not based on an energy intensive mining process cardano (ADA ), Ripple (XRP) ,Nano (NANO), and Solana (SOL) among others are some popular greener alternatives to bitcoin.

Social & Governance Consequences of Cryptocurrency

Much of Bitcoin's ESG concerns in the mainstream media have been overshadowed by it's environmental impact, However, there are two other important component social & Governance that often go ignored.

Is bitcoin for criminals and money launderers

An article on governance and crypto currency cannot be complete without answering the most common question ,Bitcoin is used for illegal activities and is therefore bad

Author @Davizy sexy