Re: Bitcoin. How does it actually workK
in my opinion, crypto, as well as the block chain concept in general, has almost completely failed in everything it's set out to achieve, But most especially in the goal of making the world a better place.
The biggest problem I have with cryptocurrency's right now, is that mining them, let alone just making a simple transfer, cost so much more power than traditional banking.
at a time when we are desperately trying to catch up with climate change, this is not something we need at all.
but aside from that, one of the main purposes for the existence of cryptocurrency (to put The control of currency back in the hands of the average person rather than allowing large banks to dictate it) has already been ruined by all these giant mining centers popping up everywhere and owned by large corporations.
As a result of this, it is now essentially impossible to successfully mine even a single coin as an individual.
another big drawback of these giant mining centers is that when they were initially being set up, there was no easily available bitcoin mining specific processors, and since graphics cards are already built to solve lots of math problems very quickly, it was a good interim solution. But as a result, the price of graphics cards skyrocketed for several months, which ended up screwing over the average consumer.
add to this the vulnerability of bitcoin wallets to attack by hackers, viruses, and simple miss management (you would not believe how much money has been lost over this) and all the mining scripts on websites that highjack your processor, scam artists Who rely on the confusing nature of crypto, and fake bitcoin companies that have defrauded people out of their hard earned money over the years, not to mention the collapse of several different currencies, it just seems like a totally Bad idea to even get into crypto at this point.
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