3 Ways Cryptocurrency Could Actually Help The Planet
For our fellow eco-warriors, this Nutrition Bite takes a look at the potential positive impact cryptocurrency may have on the planet.
First of all, what exactly is cryptocurrency and why should you care?
Cryptocurrency is digital money.
More specifically, it’s a decentralized online financial network. It consists of multiple types of currencies.
The most popular cryptocurrency is ‘Bitcoin’, but just like how there is the US Dollar, the British Pound, the Japanese Yen, etc., there are many types of cryptocurrencies.
One thing for sure, it’s more than a fad. Cryptocurrency is here to stay.
And while there is room for improvement…
You should know that there are many types of crypto being designed specifically to benefit our planet.
3 Ways Cryptocurrency Can Benefit The Earth
1. Cryptocurrency Lets People Use Money That’s Not Linked to Financial Institutions That Fund Environmentally Hazardous Industries
As a decentralized financial network (not attached to established institutions)…
Cryptocurrency allows environmentally conscious people to use and circulate digital money that doesn’t fund or support industries that are ruining the environment.
As you may know, industries like factory farming and fossil fuels are destroying the earth, and are funded by conventional cash.
Cryptocurrency, on the other hand, can be freely circulated by individuals and not controlled by large companies.
Although we can’t say cryptocurrency is never used to invest in these types of industries, the vast majority is not.
2. (Most) Cryptocurrency Supports Projects That Help The Environment
In general, cryptocurrencies are incredibly energy efficient. We say “most” because Bitcoin, one of the larger cryptocurrencies, has a notoriously high carbon footprint, using excessive electricity. (There are efforts to change this, though.)
Luckily, Bitcoin is the exception, not the rule. Newer cryptocurrencies like Bitgreen, Chia and Solarcoin are far more eco-conscious than Bitcoin and conventional cash.
For example, Solarcoin is a type of cryptocurrency that supports solar energy. Solar power that is generated is paid with Solar coin.
Chia is a far more energy efficient form of cryptocurrency that can be mined using a single laptop while Bitgreen actually rewards people with Bitgreen coins every time people choose to do something that reduces their carbon footprint such as choosing sustainably sourced products or carpooling .
In addition to those, there are plenty of cryptocurrencies created by programers who are environmentally conscious. For instance, highly transparent, community-driven projects like Regen Network, SEEDS, and CELO help the environment through initiatives such as maintaining soil health, improving water quality, and overall focus on protecting and restoring the environment.
It is these newer forms of cryptocurrency that are causing crypto to pull ahead in the polls regarding sustainability over other forms of payment.
3. Cryptocurrency Is More Accessible, Enabling More People Contribute To The Environmental Benefits
Unlike banks, cryptocurrency is less discriminatory to people who don’t have access to a banking system. As of 2017, there were 1.7 billion adults who don’t hold a bank account .
Cryptocurrency creates a more accessible, less discriminatory financial system, enabling more people to use it. This not only helps more people manage their finances, but also means (if they choose the right company, like the ones listed above) greater environmental benefits.
Fighting for climate change may seem like a luxury for those who can’t even open a bank account, but cryptocurrency changes this.
Anyone who has access to a smartphone and internet can maintain a growing savings account using cryptocurrency. Beyond effortlessly adding to the solar power generated by Solarcoin, carpooling more frequently because of Bitgreen, etcetera, when people are more financially secure, they have more power to make further positive changes in the world.
In the fascinating brand new 9-part docuseries Crypto Revealed, financial experts evaluated not only which cryptocurrencies were best for the planet, but best overall.
If you have ever wanted to properly understand crypto, what it can do for you and how to choose the best kinds for you and your goals…