It's not the first time Bitcoin face criticism over its technology, the recent Bitcoin energy problem is not new, in past Bitcoin targeted for not has intrinsic value, too volatile, criminal tool, and can’t be scale, after all, Bitcoin maintains its reputation around the world and provides a solid foundation for decentralized currency exchange system and even without any intervention.
When Bitcoin first introduced to the world, the existing financial whales realize Bitcoin real value, a unique idea of financial technology, fast movement, and ease of use, Bitcoin first appeared after the devastating financial turmoil in 2008 and grasp popular attention worldwide, whenever technology first appeared it must prove itself to be usable, better than previous one and remove the existing bottlenecks of the current technology.
Why Only Bitcoin
But why big whales targeted Bitcoin so often where other crypto assets also show similarities with Bitcoin, 3 years ago Warren Buffett told in a news interview that Bitcoin Is An Asset That Creates Nothing, but everyone agrees that Bitcoin does not have such characteristic but it is the mechanism to ensure the consistent value. The problem does not lie in Bitcoin as a technology but it will need time to mature and useable, the current escalation of resistance over Bitcoin is directly linked to the old friction between Wall Street and Silicon Valley.
Misuse of Energy
However, we can't ignore the current problem of the Bitcoin network including the energy crisis, but not alone Bitcoin is able to take the blame for greenhouse gas emission, the household energy consumption is also the major contributor of the greenhouse gas emission, people mostly argument over wasted energy by Bitcoin mining but even not discussed over misuse of energy on the domestic scale, how people use the energy it depends on its users but 80% of energy is generated from the fossil fuel.
Bitcoin network cessation never guarantees new sources of renewable energy, the current sources of renewable energy are Hydropower, Wind energy, Solar power, Bio-power, and Geothermal power, it is also important that the Bitcoin network spread over the globe, in order to Elon Musk fulfillment the existence of these energy sources must spread all over the world and another argument over here is that Bill Gates work hard to eradicate the poverty but still mankind face this challenge, the same is true for renewable energy, it is impossible for every country to successfully increase the renewable energy sources. The termination of cryptocurrencies is not the solution to our ongoing problems, humanity also faces other challenges including shortages of food and conflicts.
Gap and Distance
Technology reduces the gap and distance among the population, overcome the past hurdles of mankind, and always ridicule by the kingship, today's technology proves itself to meet the needs of mankind, from ancient history humans suffer due to lack of proper technology, many times our human civilization faces the absolute disappearance, still, Covid-19 is same phenomena, but it is our technology that becomes the wall of protection to make our journey in this universe long-lasting. Encrypted assets are the treasures in the financial landscape, serves us and save us against the previous technology that brought many disadvantages, blockchain enhances the financial technology, reduces the previous drawbacks, and we are in a state of the transition period.