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Busting the Myth - Is Bitcoin a waste of energy resource?

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Written by   4
11 months ago

The Myth-spreaders

Many people try to be way smart than our imaginations. They consider that it is smart to spread out propaganda & implausible myths to protect their own personal positions of power and authority. These notorious Myth-spreaders try to go a long way in confusing people to make uninformed and inaccurate judgments. All in vain though, because we are here to bust these myths forever and ever.

Their vicious traps

Of course, these trap setters know what they are doing, as some careful and considerate planning goes on behind the scenes, which triggers their actions and voices. The myths and skepticism that they escalate is one of their deadly traps.

Targeting the Bitcoin

Unarguably, and without a shadow of a doubt, Bitcoin is the most precious digital asset of its time. This has been the case since the inception of the coin back in 2008. And, no other such initiative comes even close to the glory that Bitcoin enjoys.

Why such 'Targeting'?

" When someone is not able to compete on competitive grounds, all that is left for them to do is to raise questions concerning the viability, credibility, and legality of the competitor and its product."

That's clearly what the beneficiaries of the current fiat based financial system been doing by falsely propagating that:

"Bitcoin is a waste of Energy Resource."

The Truth

" The Bitcoin ecosystem is a 'User' of energy resource, and not a waste of such resources."

It is as crystal clear as it sounds. We all are users of the natural resources that are available to us, and the Bitcoin ecosystem is no exception.

The Bitcoin's dream was big, and the utility it later achieved is even bigger. The use of natural resource has always been a shape of investment towards a fairer, trusted, and truly decentralized financial ecosystem for us all.

Need for the 'Resource'

To overthrow the monopolistic fiat based financial system, the Bitcoin network had to ensure that it ticks all the necessary boxes which the fiat system left unchecked.

In fact, the network had to push the limits even harder to stay true to the objectives it had—which was to provide the world with a much better financial alternative.

And, the world later witnessed that this financial substitute in the form of digital currency, which Bitcoin laid foundation of, was used confidently and effectively as a store of value and medium of exchange.

Being able to function just like money is just one aspect, and only one angle to see things from. The World needed much more from the Bitcoin network to be accepted, trusted, and later adopted.

The All-Important Trait for Mass Adoption

Security:

The most important area or aspect, which required the use of natural resources in the form of electricity and equipment, was the security of the overall network. The network had to ensure that funds of its users were safe, and there were no fraudulent transactions entered inside the blocks of the blockchain.

The process of validation of transactions is given utmost importance by ensuring that the validator is an eligible person, and a major stakeholder in the success of the network.

The person having the highest computational power to solve the cryptography puzzle is chosen as validator to confirm the validity of each and every transaction that enters the Bitcoin network. Once that all-important confirmation is achieved, and the transaction is entered inside the blocks, it can never ever be altered or removed. This level of security strongly discourages any effort by potential hackers that may try to tamper with the system later on.

Investment in Infrastructure

The provision of robust security this way led to an increase in people wanting to invest in infrastructural equipment. In turn, the power supply required to successfully perform at equipment's full potential also increased proportionally. The use of energy resource this way was required to secure the network.

If the network never really cared for the security of the involved parties, there would not have been any framework requiring the usage of highly advanced equipment. Noticeably, as a cost to providing unfettered security, the network had to consume more power.

This is the reason why the transaction fees on the BTC network are a little high. This is to compensate the validators for their initial investments in infrastructure—as the validator gets to have a chunk from the accumulated transaction fees.

Technological Advancements

The argument presented by the beneficiaries of fiat, relating to the bitcoin's use of energy resource, becomes even weaker considering the evolution in technology.

The mining equipment has seen considerable improvement over time, which has paved the way for a much better energy-efficient mining process.

Over time, we can expect the mining equipment to be even more powerful, energy-efficient, smaller in size, and easily accessible to the masses.

'Bitcoin' as a system

While analyzing Bitcoin and commenting on it, it must be noted that Bitcoin is not merely a cryptocurrency, but a mega system in itself.

It rebukes the traditional imposed financial framework, and has provided the world with the opportunity to be in control again of their money and themselves.

Free from government surveillance and forced regulation, the system has emerged out as a champion trendsetter—with many more projects getting inspired and following the trend.

It's a system by the people, for the people with no intermediaries in between.

The Digital Gold

Every sane person would agree that 'Gold' has always been more valuable than the 'Dollar'. People invest in gold to store the value of their assets, as gold is scarce and cannot be infinitely produced like the dollar.

If 'Gold' is worth more than the 'Dollar', How is this possible that the Digital Gold (The Bitcoin) lag behind? It clearly isn't possible.

The Bitcoin is indeed the crowned 'Digital Gold'.

My Question for Myth-Spreaders

Is there any moral ground left now to criticize the Bitcoin ecosystem, when compared with the traditional fiat-based system? The achievements of the Bitcoin ecosystem heavyweights any material flaws that it had.

People have had enough of the wicked and unjust economic system, imposed upon them by a handful of elites, that has effectively centralized all the authoritarian powers and wealth in this world at one prominent place.

The 'Bitcoin' has given that power and wealth back to the people. And it's all that matters.

I am entering this article into the MythBusting 2021 World Challenge. Thanks so much for the opportunity.

My SLP Address:

qp3mal6j3sh6p3496mezcmdmv2vsdtkk9qyex3tvj0

My Smart BCH Address:

0xB4052724a118C5A78Bdb1fd5A2c19e6c65E02fAd

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11 months ago
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My Smart BCH Address 0xB4052724a118C5A78Bdb1fd5A2c19e6c65E02fAd

My SLP Address simpleledger:qp3mal6j3sh6p3496mezcmdmv2vsdtkk9qyex3tvj0

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