OK, here's the problem with cryptocurrency, Bitcoin included. Your net worth in Bitcoin is only as good as town computer somewhere that you know nothing about, you lose everything. It's a fiction. It is also, effectively, a pyramid scheme. On top of that, the cost of energy for mining cryptocurrency results in unbelievably high expenditures of energy, which means fossil fuels (which are being shut down, hence not enough to go around), or renewables that do not replace themselves in energy, nor are they made without the use of extremely rare materials and child labor. And at least some cryptocurrencies hack other people's web sites (happened to mine numerous times) for reasons unknown. My web sites were replaced with something requiring a login, and what they do behind that is anybody's guess. In the meantime, my content was off the internet and inaccessible to anyone. And no telling what it did to my reputation on the web. Bitcoin may work in the short term, and indeed it worked for the truckers. But overall, it is not a solution to the problems it purports to solve. It is basically dishonest and fraudulent.
It's come to my attention that Bitcoin uses a lot of energy. Most crypto does. What is Bitcoin doing to increase energy efficiency? They could be caught up in what is shaping up to be a 4 way power struggle between states' implementation of green energy mandates, utility companies and regulators, AI data centers / Big Data, and individual people. See a recent Pro Publica article on Washington State and the data center industry. The data center industry is in competition with farmers for energy. Utilities have to provide power to all customers. Data centers are power guzzlers (besides sucking up land and water). Many states make special concessions to attract them to their state. So state govt and utilities are putting data centers wants and needs above regular people. Even to the point of trying to push people off their land to string transmission lines to power data centers but not to benefit homeowners or other businesses. See the fight against the Maryland Piedmont Reliability Project. That's exactly what's happening. Bitcoin contributes to this situation by not going more energy efficient as Ethereum did.
There's more than one way to oppress people. Claiming individual rights must be subservient to the "common good" is a fight we've all been fighting a lot in the last 5 years. Individual freedoms are the foundation of both Canada and the US. Without freedom, we're as dead as any dictatorship or Communist country. Something to think about.
from: crypto com
"Bitcoin requires a significant amount of energy, estimated to consume about 91 terawatt-hours (TWh) of electricity annually, which is more than Finland uses. Another estimate suggests that Bitcoin currently consumes around 150 TWh of electricity annually.
According to the Cambridge Centre for Alternative Finance, Bitcoin consumes around 87 TWh per year (at the time of writing). The energy consumption of Bitcoin mining is a result of the complex process involved in creating cryptocurrencies, which requires specialised machines and a significant amount of computational power."
Can Bitcoin be safe without it's own power grid and power source?
You are absolutely correct. And where do most cryptocurrencies get their compute power? By hacking people's web sites so they can use the servers for those sites for purposes unknown. Mining? Whatever. My own web site was hacked numerous times by cryptocurrencies. They replaced my content with something behind a password for purposes unknown so they could use my servers for their purposes. In the meantime, my content was off the internet (and I didn't find out about it until I tried to access my own site, but who does that routinely? I don't.) People seeking my content got hit in the face with a demand to log in instead.
OK, here's the problem with cryptocurrency, Bitcoin included. Your net worth in Bitcoin is only as good as town computer somewhere that you know nothing about, you lose everything. It's a fiction. It is also, effectively, a pyramid scheme. On top of that, the cost of energy for mining cryptocurrency results in unbelievably high expenditures of energy, which means fossil fuels (which are being shut down, hence not enough to go around), or renewables that do not replace themselves in energy, nor are they made without the use of extremely rare materials and child labor. And at least some cryptocurrencies hack other people's web sites (happened to mine numerous times) for reasons unknown. My web sites were replaced with something requiring a login, and what they do behind that is anybody's guess. In the meantime, my content was off the internet and inaccessible to anyone. And no telling what it did to my reputation on the web. Bitcoin may work in the short term, and indeed it worked for the truckers. But overall, it is not a solution to the problems it purports to solve. It is basically dishonest and fraudulent.
I have three questions:
Where can I purchase a bitcoin and how do I initiate a bitcoin wallet? I would want to hold the coin myself
What happens to bitcoin transactions if the electrical grid goes down?
What are other coins like Ethereum and Dogecoin? Are they a part of the same fixed allotment of bitcoin or are they competitive?
If I could understand these three things I would likely invest in bitcoin. What I have read about it is complex and not easily understandable.
my investment axiom is to only invest in things that I understand.
However, I do understand the benefit of having money outside of the existing system, and would like to know more.
Any advice is most welcome
"my investment axiom is to only invest in things that I understand.
However, I do understand the benefit of having money outside of the existing system, and would like to know more.
Any advice is most welcome"
Ditto for me too.
The dollar used to be backed by gold/silver reserves. What is bitcoin backed by?
To answer your question, what is Bitcoin backed by? NOTHING. And that is the problem.
It's come to my attention that Bitcoin uses a lot of energy. Most crypto does. What is Bitcoin doing to increase energy efficiency? They could be caught up in what is shaping up to be a 4 way power struggle between states' implementation of green energy mandates, utility companies and regulators, AI data centers / Big Data, and individual people. See a recent Pro Publica article on Washington State and the data center industry. The data center industry is in competition with farmers for energy. Utilities have to provide power to all customers. Data centers are power guzzlers (besides sucking up land and water). Many states make special concessions to attract them to their state. So state govt and utilities are putting data centers wants and needs above regular people. Even to the point of trying to push people off their land to string transmission lines to power data centers but not to benefit homeowners or other businesses. See the fight against the Maryland Piedmont Reliability Project. That's exactly what's happening. Bitcoin contributes to this situation by not going more energy efficient as Ethereum did.
There's more than one way to oppress people. Claiming individual rights must be subservient to the "common good" is a fight we've all been fighting a lot in the last 5 years. Individual freedoms are the foundation of both Canada and the US. Without freedom, we're as dead as any dictatorship or Communist country. Something to think about.
from: crypto com
"Bitcoin requires a significant amount of energy, estimated to consume about 91 terawatt-hours (TWh) of electricity annually, which is more than Finland uses. Another estimate suggests that Bitcoin currently consumes around 150 TWh of electricity annually.
According to the Cambridge Centre for Alternative Finance, Bitcoin consumes around 87 TWh per year (at the time of writing). The energy consumption of Bitcoin mining is a result of the complex process involved in creating cryptocurrencies, which requires specialised machines and a significant amount of computational power."
Can Bitcoin be safe without it's own power grid and power source?
You are absolutely correct. And where do most cryptocurrencies get their compute power? By hacking people's web sites so they can use the servers for those sites for purposes unknown. Mining? Whatever. My own web site was hacked numerous times by cryptocurrencies. They replaced my content with something behind a password for purposes unknown so they could use my servers for their purposes. In the meantime, my content was off the internet (and I didn't find out about it until I tried to access my own site, but who does that routinely? I don't.) People seeking my content got hit in the face with a demand to log in instead.
Good luck Jay and team not just here in WI, but across the US … I get it in spades and tell everyone I can that this we win and save the Republic
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