Non-obvious advantages. The useful mining Bitcoin?
Source:
The Cost of mining Bitcoin and the amount of electricity consumed often become the main arguments of the opponents of cryptocurrencies. They argue that the maintenance of a modern financial system, taking into account its efficiency is much better than working with Bitcoin. However, analysts Bitcoinist have found evidence to the contrary.
thethe Gold standard
At the time, opponents of gold enjoyed a similar argument, citing the high cost of mining and storing precious metal. However, the American economist Roger garrison found additional losses, which society sacrifices of the circulation of paper money.
the-
the
- the value of the struggle of different political forces for control of emissions; the
- the cost of the activities of relevant groups who use the issue of money for its own benefit; the
- inflation is caused by incorrect allocation of resources due to the abuse of power; the
- expenses of the business of trying to predict the future actions of governments.
The economy is necessary to consider the cost and benefits of the subject transaction during trading operations. In most cases, exchange is possible only when the benefits of the product to the party concerned exceeds its cost.
theback
According to nick Szabo, the high cost of Bitcoin mining «buys» we are the scalability of society that much more important. Dynamic algorithms, Proof-of-work and the involvement of huge amount of resources computers provide protection against theft, fraud, and inflation. Instead, the crypt gives us three advantages:
the-
the
- reduction of the state apparatus; the
- ends the endless cycle of economic UPS and crises; the
- reduction of spending on social security and the military.
image Source — Bitcoinist
So if the next time again will hear arguments on baseless «excessive consumption», think of how many other things can save. The very cryptocurrency cherish the members of our cozy .
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