Crypto mining – bitcoin in particular – is the subject of worldwide scrutiny for its proven contribution to climate change. But the industry is well aware, and they are doing everything in their power, every day, to reduce their carbon footprint, retire the use of traditional fossil fuel energy, and shift the focus to the sector’s positive contribution – which is significant.
Blockchain technology has changed the world, and the only reason why crypto is in circulation at all is thanks to crypto mining. Through mining, we can keep the spirit of decentralisation alive. Here are just some of the benefits of cryptocurrency, for which we have mining to thank:
- Better Cross-Border Transactions: Distributed ledger technology has been shown time and time again to make intercontinental payments more efficient. In fact, studies show that banks could be saving as much as $27 billion on cross-border transactions by 2030. Why is this so important? International bank payments account for up to 20% of eCommerce value, cementing crypto’s significance in the financial world for a long time to come.
- Less Hacking: Since its inception, blockchain technology has been designed with in-built security features that make hackers’ jobs difficult. Very difficult. Bitcoin in particular is almost unhackable, seeing as the cryptocurrency is regularly reviewed under the lens by the network.
- Smart Contracts: On the blockchain, smart contracts are exactly what they sound like – contracts designed to simplify business transactions. And yes, they are just as credible and authentic as “the real thing”. Sometimes, middlemen aren’t even required to execute a smart contract, which is also more affordable and less formal than traditional contracts.
- …So Do Entrepreneurs: Seeing as crypto mining and the currency it produces are not bound to one nation, it is not subject to international law or messy exchange rates. This is good news for investors and entrepreneurs who are always on-the-move.
- Improves Living Conditions: In nations where volatile domestic currency is in a state of constant fluctuation, crypto can improve living conditions by supporting transactions without the need for traditional government supervision.
The Connection Between Bitcoin Mining
And The Global Economy Is Clear
With confidence in global banks dwindling, there’s no better time than now to expedite the transition to cryptocurrency and continue strengthening economies worldwide. Unlike traditional centralised banking systems, their decentralised rivals give people more control over their money through trading services and private wallets. Decentralised Finance (DeFi) is more than just a buzzword – it’s the future of banking, eliminating the need for centralised authorities by establishing a stable peer-to-peer network instead.
Clearly, the benefits of cryptocurrency are infinite. A to think – all of this is only possible because a clever group of crypto miners are so committed to bringing new virtual coins into circulation.