The following article is based on my recent crypto article in Swedish
Global economic development in the 2020s depends on cryptocurrencies being able to be used for greener trade, regenerative agriculture and social entrepreneurship. The criticism against cryptocurrencies is often based about climate, energy consumption and crime. At the same time, much of the criticism tends to be incorrect, arbitrary and unreasonable because many people misunderstand that a large part of cryptocurrencies is also about community, human rights and democracy.
There is lot of research on cryptocurrencies, with top-ranked universities such as Harvard and Cambridge offering courses on cryptocurrencies, blockchain and decentralization. Ideas about cryptocurrencies can be traced to technological changes, political networks and economic events in the 1980s and 1990s. Among other things, it is about the early development of the internet and movements such as tech libertarians in the USA who sought alternatives to public money and the central banks' handling of finances.
When it comes to concerns that cryptocurrencies increase energy prices and consumption "extremely", they are true, but this applies mainly in limited cases such as in some municipalities in the USA and Canada. That electricity prices increase, however, depends on how a freer market works regarding supply and demand. Moreover, even the user of cryptocurrencies is "an ordinary consumer," and crypto entrepreneurs are not "unusual people".
The criticism against cryptocurrencies also misses that many other things, such as e-mail, Facebook messages, and Instagram pictures but also public money, such as Euros and US dollars, require a lot of energy without anyone seriously suggesting that all of that should be banned for the sake of the climate. PoW indeed requires large data centers and a lot of energy, but more and more currencies since 2015 have designed better energy storage and emissions systems.
Regarding economic activities, cryptocurrencies are alternatives to banks because trading, transfers and interaction can take place directly without the bank as an "intermediary," and thanks to the blockchain system a safe and transparent method for transactions. At the same time, there are today several cryptocurrencies that are green, climate-friendly and also linked to natural resources where community members commit, among other things, not to use the currency for things that are considered climate-damaging such as oil and toxic paints.
More people in climate organizations should follow developments in Africa, where many see crypto-currencies as an alternative to what they perceive as monetary colonialism from European and international institutions. Anyone who wants to ban cryptocurrencies can just as quickly argue for banning the internet, human creativity and various collaborations. Instead of ban demands and misguided criticism, it is important to understand that cryptocurrencies can facilitate the creation of a sustainable and regenerating world economy.
Cryptocurrencies are also about community, freedom and citizenship where people collaborate locally as well as globally, creating new systems and rules without corrupt governments and special interests.
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