It's true that Bitcoin isn't quite as bad from an energy usage standpoint as many people believe, but on balance, it still offsets more new energy capacity than it incentivizes.
This would be fine if Bitcoin were beneficial to society, on balance, but it isn't. While BTC can be handy for international money transfers, it is too expensive and slow for mainstream, everyday transactions. It is primarily useful for ransomware, funding terrorism, tax evasion, executing scams, etc.
Bitcoin has been a spectacularly successful speculative investment, but whales and early adopters are the overwhelming beneficiaries. Most other investors have lost money or would have done better in more traditional investments. Bitcoin has mostly served to worsen financial inequality.
This whole question could be resolved by switching to proof of stake. Ethereum has done so successfully, Bitcoin should also. The fact that it hasn't highlights how clunky and outdated Bitcoin is compared to more modern blockchains.
It's true that Bitcoin isn't quite as bad from an energy usage standpoint as many people believe, but on balance, it still offsets more new energy capacity than it incentivizes.
This would be fine if Bitcoin were beneficial to society, on balance, but it isn't. While BTC can be handy for international money transfers, it is too expensive and slow for mainstream, everyday transactions. It is primarily useful for ransomware, funding terrorism, tax evasion, executing scams, etc.
Bitcoin has been a spectacularly successful speculative investment, but whales and early adopters are the overwhelming beneficiaries. Most other investors have lost money or would have done better in more traditional investments. Bitcoin has mostly served to worsen financial inequality.
This whole question could be resolved by switching to proof of stake. Ethereum has done so successfully, Bitcoin should also. The fact that it hasn't highlights how clunky and outdated Bitcoin is compared to more modern blockchains.