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“Bitcoin Is A Bad Design for Humanity”

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Pat Gelsinger, CEO of VMWare, one of the world’s largest cloud computing and digital machinery companies, said Bitcoin is “bad for humanity,” cointelegraph reported.

Fortune had a conversation with Gelsinger about Bitcoin and cryptocurrencies before VMWare’s annual conference in San Francisco on August 26th. Gelsinger stated that the first point of bitcoin problems is that Bitcoin contributes to climate change and said:

Trading a Bitcoin costs you the energy consumed by half a household on a daily basis. Climate sensitivity is extremely bad, a bad design.

Gelsinger also said that people first chose Bitcoin for illegal activities, which exposed another situation that was bad for humanity. The CEO remains neutral about Blockchain technology and thinks Bitcoin is an abuse of the technology.

Energy Concerns
The amount of energy bitcoin consumes has been a concern since the past. We shared a study on this with you in this story.

In addition, data consultant and Blockchain expert Alex De Vries commented on the environmental impact of Bitcoin mining and said:

We know that mining is done by coal electricity and also with renewable energy. In the second case, we don’t know what we’re affecting, but there’s no zero carbon footprint of renewable energy. The more energy Bitcoin uses, the more it will affect the environment. This does not help us achieve climate targets.

Echoes of Political Names
U.S. Treasury Secretary Steven Mnuchin and US President Donald Trump’s recent statements, Gelsinger’s comments expressed.

As is known, Mnuchin described Bitcoin and cryptocurrencies as “a matter of national security”…

 

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.