Bitcoin was launched as a peer-to-peer system for making online transactions easy. This digital currency was an evident result of a mutual idea about the prospect of government authorities and citizenry. Moreover, it was developed as a collective work of many people who backed the progress of the cryptographic field. Visit the official Bitcoin Era site if you are considering to invest in Bitcoin and become a Bitcoin trader.
This innovation comes with an underlying technology known as the blockchain. This new currency and its essential technology have been a root of a revolution of paradigm as the shared use of blockchain and artificial intelligence (AI) seed the next high-tech insurrection.
The New Revolutionary Technology
This new revolutionary technology behind cryptocurrency is changing not just money but businesses, and the entire world and that technology is blockchain. This innovation is likely to have the biggest impression and control on the future of the economy of the entire world.
Moreover, this technology is not any self-driven car or solar energy, but it is a blockchain that has provided the financial systems the security they need for years.
Blockchain is a new distributed platform that is assisting in reforming the world of business and renovating the old directive of human matters for the betterment of mankind.
Is Bitcoin Still Considered Skeptical?
Bitcoin is a virtual, or you may say digital, a currency that was developed to act and serve as money. These digital currencies provide a mode of payment outside the control of any one entity or person and eliminate the need for third-party interference in all financial transactions.
Bitcoin was publically launched in 2009 by a pseudo-anonymous person or a group of developers that later came out as Satoshi Nakamoto. Since 2009, this cryptocurrency has been known to be the most popular in the entire world. It is not leading the world, but its popularity has given rise to the development of many other cryptocurrencies and assets.
Bitcoin is a revolutionary technology, but it is often the case that these technologies meet with skepticism in the financial sector and society as a whole. In this article, we will discuss Bitcoin and ethics in a technological society and the viewpoint of a region or society that fear these innovations while other try to get the most out of them.
The Ethical Concerns of Bitcoin in Society
Though cryptocurrencies are transforming and modernizing payment systems at the same time, they have also started posing several ethical challenges. Cryptocurrencies have indeed gained huge popularity all across the world but have also given rise to many concerns on their way to success.
Lack of Trust
Cryptocurrencies are usually volatile. Stablecoins are known to be less volatile as they are backed by an external asset or other valuable metals such as gold. These cryptocurrencies are mostly decentralized, meaning they have no central governing authority or intermediary, which has added to people’s trust issues.
Though these cryptocurrencies are popular all around the globe, they have so far failed to gain acceptance globally, which is a must for any currency to function.
Criminal Activity Issues
The anonymity of users required by the system for transparency has given rise to criminal activities, for example, finances to support terrorist acts, criminal syndicates, and wars. As there can be a lack of regulation of cryptocurrencies, this also indicates that the crypto users and investors have no proper alternative or safety. In addition to all this, the unpredictable nature of crypto has given birth to additional issues, particularly in the youth.
Energy Consumption Issues
Blockchain technology is an innovation that has not only transformed money but also revolutionized the entire financial system. But as it has many advantages, a huge drawback is associated with it. Blockchain technology requires a humungous amount of energy which affects the environment negatively.
What Measures Should Be Taken?
These ethical concerns can easily be resolved if we follow a certain set of rules. Here are some proposed recommendations that can alleviate the negative impacts and assist with the development of an ethical and eco-friendly digital currency for use.
- By establishing a national and worldwide set of laws to avoid criminal activities and eliminating impacts that spread across the system we can look after the investor as well as the investments.
By developing energy-efficient consensus mechanisms that require less power, we can reduce the environmental effect of blockchain.
