Case For Bitcoin From A Humanitarian And Environmental Point Of View

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Bitcoin is usually seen as a commodity and a purely financial invention. However, this is changing. But what if, over time, some of its most significant effects are seen in the humanitarian and environmental sectors? This essay will examine some of the most pressing issues facing the international development community, and it will assert that donors should consider Bitcoin payments and mineral extraction as tools for reducing corruption, reducing dependency, and assisting renewable energy in overcoming adoption barriers around the world. And before we move on in our guide, make sure to register yourself on the official website of Bitcoin up and learn all about the latest ways to trade in bitcoin currency. 

Crypto And Conservation

Cryptocurrency like Bitcoin (BTC) has the chance to both help and hurt our environment and socioeconomic situations. Philip Gourevitch chronicles the history of humanitarian assistance in his harrowing 2010 article "Alms Dealers". As he wrote, Western sympathy for starving children in Nigeria's separatist Biafra region, which was shown on television, was a significant catalyst for the industry's birth in 1968, he said. The desire to assist people less fortunate in our immediate environment has grown into a massive $200 billion international assistance business. 

Approximately 60% of that amount is provided by the 22 wealthiest countries, with the other 40% coming from private NGOs, businesses, and foundations. Development assistance accounts for about one-third of total government foreign aid, while humanitarian relief accounts for one-third. Over the last six decades, more than $4 trillion in assistance has been sent from wealthy nations to impoverished ones worldwide. 

This is an incredible amount of money, and on the surface, it seems to be an outstanding demonstration of generosity. According to public leaders such as Jeffrey Sachs and Peter Singer, aid is a moral obligation that must be met. As Gourevitch questions: "Does the contemporary humanitarian business contribute to the creation of the kinds of suffering that it is meant to alleviate?" In the end, he acknowledges that humanitarianism has done a great deal of good. However, three glaring flaws in international development prevent it from fulfilling its mission to the fullest extent possible. 

Often, these often-autocratic regimes will siphon a portion of the funds or goods away to their cronies and troops, or they will develop patronage networks to benefit themselves. In the case of not outright stolen aid, fees can be reduced at every point along the path that it takes to reach its intended recipient. During delivering assistance from Washington or Brussels to farmers or refugees on the other side of the globe, intermediaries take significant portions of the funds available. 

Going further in his critique, Gourevitch asserted that humanitarianism has descended into "deeper decadence" as evidenced by war taxes that ranged from fifteen cents per dollar of an aid it presented (in Charles Taylor's Liberia) to eighty percent (on the turf of several Somali warlords), or that appropriately provided the logistical transportation system for collective punishment (in Bosnia and Herzegovina). 

"Ignoble industries that aid feeds off and creates," Gourevitch wrote, referring to the competing for agreements, even for initiatives everyone that knows is ill-conceived, the places in which help thwarts small shops for services and goods, guarding military conflict and creating altogether fresh catastrophes for their victims." 

A third related issue is that aid is not being leveraged effectively enough to appreciate developing countries in becoming carbon neutral. Do you think Bitcoin can assist humanitarians in overcoming these three challenges? For example, on the one hand, it seems clear how this new digital money may assist in connecting contributors to recipients in a peer-to-peer manner that cannot be blocked, thus reducing middleman corruption to a considerable extent. BTC could be the balm that many countries need in a time of socioeconomic disaster.

Bitcoin Can Be Harmful To The Environment 

Money, it is often said, is a collective myth. It is my pleasure to hand you a slip of paper or, more likely nowadays, a bit of plastic. You can give me eggs, butter, or a White Chocolate Mocha Frappuccino, and we'll both be happy when we leave. Rather than a shared metafiction, cryptocurrency arrangements are more like shared metafiction, with the volatility of the genre likely contributing to their allure. Dogecoin, a cryptocurrency that was intended as a joke, has seen its value increase by more than eight thousand percent since January, thanks to a mix of pumping in the manner of GameStop and energizing tweets from Tesla CEO Elon Musk. 

Crypto, Coal, And Carbon Footprint

All of this has coalesced to establish a connection between cryptocurrency and fossil fuels in a manner that many investors have not yet recognized. Bitcoin mining accounts for approximately 65 percent of all bitcoin transactions, according to researchers at the University of Cambridge, a country that generates the vast majority of its electricity through coal-fired power plants. At this time, coal and other fossil fuels are a significant source of energy throughout the globe, providing power for bitcoin mining activities and various other sectors. However, coal combustion is a major contribution to climate change due to the carbon dioxide emitted during the process of burning coal. 

Crypto Conclusion

But some cryptocurrency mining is primarily done by utilizing excess electricity and sometimes through renewable energy means like solar panels and wind turbines. If Bitcoin mining continues to increase, more of the electricity used will inevitably be from renewable or sustainable sources, especially when fossil fuels become even more scarce and greener energy will be the only option.

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