Recent Bitcoin [BTC] Dealings and a Throwback

Recent Bitcoin [BTC] Dealings and a Throwback

The last Wednesday, on the 31st of October, Bitcoin had just turned 10. It gained a lot of fame and went on to be bought in an insane amount since its birth. On November 1st, 2018, Bitcoin [BTC] was successfully trading at $6,263.

This excludes the owners of Bitcoin who had invested in buying Bitcoin at the occasion of Halloween, 2017, as they had encountered a loss of 3%. Retail investors from the United States, South Korea, etc had made Bitcoin sit on its throne of the crypto verse.

Satoshi Nakamoto, the possible founder of Bitcoin, now the leading cryptocurrency had published a white paper ten years back. He dealt with a formal content of appeal asking for permission to allow him to release a digital coin through which could be used as a means of a transaction without involving any kind of thirdparty like the bank.

Josh Bramley, the head trader of crypto wealth management of Blockstars, enough knowledgeable about today’s scenario, states:

“The value mechanisms of crypto and bitcoin today are based more on underlying tech than hype and FOMO (fear of missing out).”

It is true that Bitcoin has faced several episodes of losses year after year but that only made Bitcoin, the first found coin stronger and the most trustworthy coin today. But, recently enough, Bitcoin has been predicted to produce emissions that could aggravate global warming by Degrees Celcius by the year 2033. In 2017, a bitcoin has emitted about 69 metric tons of CO2, which is definitely detrimental to health.

Randi Rollins, a master’s student at the University of Hawaii at Manoa in the US, has opined that,

“Bitcoin is a cryptocurrency with heavy hardware requirements, and this obviously translates into large electricity demands.”

The reason for such a negative side of Bitcoin results from the fact that even at a slower rate with other technologies being infused with Bitcoin. Bitcoin’s cumulative emission would result in a warming of the planet in the future. It would add to the other sources of Global Warming reasons.

Katie Taladay, a UH Manoa Masters Student said that:

“Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change. This research illustrates that Bitcoin should be added to this list.”

Again, an associate professor at UH Manoa is of the opinion that:

“We cannot predict the future of Bitcoin, but if implemented at a rate even close to the slowest pace at which other technologies have been incorporated, it will spell very bad news for climate change and the people and species impacted by it.”

Taking a look at the recent Bitcoin performance as on 5th of November 2018, we notice that it is pacing a bit slower than usual. Its upsurge after the revival of the crypto verse in October was remarkable and impressive to the users.

It has again, however, sloped down to 1.93% as per the weekly report, 0.03% if gone by the last 24 hours performance. The last one hour has been successful in recording a profit of 0.45% in the green.

Currently priced at $6,353.11, and its circulating supply being 17 Million, the resulting market cap amounts to $110 Billion.

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