It’s a known fact that Bitcoin is controlled by a decentralized authority; thus, some people see it as an opportunity to step out of the shackles set by the ‘centralized’ systems, and some see it as a part of the darknet as its transactions are anonymous and untraceable. Now people have created an unchanging perception of Bitcoin code as the hub of criminal exchange.
Changing Times and Changing Perceptions
This narrative is changing as companies like Chainalysis have started to work with the law and its agencies to utilize data stored in Bitcoin’s open ledger to trace the sources of suspicious or dubious transactions. A survey conducted in 2018 showcased that about 46% of all Bitcoin trades were used for illegal activities, which aligned with the numbers withing European and American black-markets.
Misconception about Bitcoin as an Environment Failure
It’s not just illegal activities that Bitcoin’s name is tainted with, it has also been blamed for being an environmental disaster due to its excessive power consumption and unreal Carbon Footprint. It’s true that Bitcoin releases 22-22.9 megatonnes of carbon dioxide and uses about 0.28% of total global electricity that is consumed. There are various arguments against this belief, as well. Bitcoin requires large numbers of servers to sustain its daily activities. The argument of the study focusses on the fact that the energy consumed by Bitcoin isn’t wasted; on the contrary, it is used. The energy generators at Bitcoin work under their maximum capacity to be able to work at level with the demands of the Bitcoin servers. That being said, Bitcoin’s share of the world’s electricity consumption equals Gold’s crude oil consumption in Mining, which is also 0.28%. The main purpose behind the excess consumption isn’t just to maintain the activities but also to strengthen and secure the fool-proof security mechanisms used at Bitcoin.
In conclusion, a lot more can be said about an idea or an organization when it rises to its prime peak, but it’s important for everyone to read and research about it before subjecting to public opinion.