Current events point to the mid-term death of Bitcoin
Bitcoin is on fire!
A point of interest in many industries converge in Bitcoin in a way that can't be ignored in the long term. Governments, global environment and the cryptocurrency economy dictates there's a limited time to safely HOLD what is currently the main cryptocurrency. Since ETH 2.0 is on its way while it dominates the market even now, crypto traders must consider how long further will they pursue profit in Bitcoin.
The environmental issue is actually the greatest threat of all to the most famous "store of value" token in the market, because mining requires a low temperature location to become profitable. Hardware maintenance is affordable only when equipment doesn't break from constantly overheating, which is equal to cheap cooling. But it is estimated Bitcoin mining raises the world's temperature by an average of 2º Celsius every year since 2018. As time goes on, we will have traveled through one of a few paths, but end up in the same place.
Scientists writing in the journal Nature warned in 2018 that Bitcoin’s growth could single-handedly push global emissions above 2 degrees Celsius.¹
Because everywhere will be a lot warmer, there will be too few places available where mining is still profitable due to the increasing electrical costs. Bitcoin mining will become extremely centralized and the total number of farms will shrink. A lot less Bitcoin workers available means transaction fees will skyrocket, and the network would be more vulnerable to a 51% attack, which leads to complete discredit as an investment. As an alternative, global warming would reach a critical point where it can no longer be ignored, resulting in banning all energy-based crypto mining.
what will ultimately solve the issue of high gas fees on Ethereum will be scalability, which is expected of Ethereum 2.0 as layer 2 solutions will be implemented on the new mainnet²
Meanwhile, all exchanges have already listed ETH as a trading pair. ETH 2.0 moves the network away from mining, keeping it safe from all of Bitcoin's issues. Gas fees will be reduced. Most crypto apps are on ETH. Besides day trading, there might not even be a reason to hold Bitcoin at all anymore.
Further reading:
- There are three key reasons why PoS is a superior blockchain security mechanism compared to PoW.
- Global warming is caused by an increase in the greenhouse effect. The greenhouse effect occurs when certain gases in the atmosphere trap heat.
- The Xinjiang accident highlights that Bitcoin is a creature of fossil fuels—principally coal, the dirtiest of them all.
DISCLAIMERS
I use BTC in an exchange as a trading pair sometimes, but I don't hold either BTC or ETH.
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BEER.The so called environmental issues with BTC are both wrong in fact (BTC is far more efficient with energy usage and far far less actually polluting than legacy finance) and wrong as an issue (Belief in Man Made Global Warming is a false religious cult followed by people with no understanding of scientific method and so called “scientists who have sold out science for grant money).
But this is all good because the idiots that believe this crap will miss out on the most important financial revolution since the invention of money. They will be poor in the future world whereas those that adopt cryptocurrency incl BTC now will
be rich.
I can’t think of a better punishment for virtue signalling stupidity.
You sounded very emotional throughout your comment, which makes it to take this kind of affirmation seriously, specially when you haven't used any logical reasoning. All you've written is anti-FUD feelings. Unless you want to look like someone who is only here for the sake of protecting one's investment, you should elaborate. The following backs up what I'm writing:
You're saying that in a post that suggests using ETH. That doesn't make any sense.
ETH's change to POS creates major vulnerabilities. But as long as BTC stays POW ETH is probably still safe.
Let's also not forget you're directly insulting me. If you want to be respected, or even taken seriously at all, you should be mature.
Very mature hiding comments you don't agree with.
I actually upvoted your post, despite not agreeing with it but I'm withdrawing my upvote because of this behaviour.
I didn't say you were an idiot who believed this crap - you have adopted that upon yourself in your comment.
It is the huge security created by the large capital investment and energy usage of BTC that provides a protective armour under which all other cryptocurrencies are protected.
Without it crypto safety and security is fatally undermined.
POS cryptocurrencies are very vulnerable to nation state attack while large POW cryptocurrencies like (BTC & ETH) are not.
I've written a detailed post about this before. https://peakd.com/bitcoin/@apshamilton/proof-of-work-vs-proof-of-stake-vulnerability-to-51-attack
Look happened to Steem if you think POS is safe without large POW.
This is why the establishment is feeding people this ridiculous narrative regarding BTC being "ungreen".
Faz vários anos que não uso mais Bitcoin. A minha moeda intermediária com cambistas é a bitcoincash mesmo por causa das taxas baixas de transações. Mas estou esperando pela Nova ethereum que vai dar início a derrubada do algoritmo p o w.
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De acordo. Será incrível.