Ian Kane

Ethereum uses the power equivalent to the nation of Qatar. As the price of cryptocurrency increases, more and more miners may try to mine these currencies. This leads to more energy consumption and a potentially greater environmental impact. But this doesn’t have to be the case.

The Treasury has emphasized on several occasions that virtual currency activities are legal but there is a need to sanction bad actors that utilize these technologies for illicit gains and activities.

In August 2021, the cryptocurrency market saw a huge boom, lifting the value of the cryptocurrency market above $2 trillion.

Since 2011, over $1.65 billion worth of cryptocurrency has been stolen from exchange wallets, and this number is increasing rapidly.

And where the world bank failed, DeFi platforms are in a position to succeed. For example, Bitcoin – with its hard cap on mining at 21 million – offers those in hyperinflation-prone countries like Venezuela and Argentina.

Some believe cryptocurrency needs regulation, while others feel like regulating said financial disruptor will only stifle innovation and make things worse for everyone involved, from the miners to the investors.

At the very least, he shouldn’t be the only one.

Cryptocurrency came to fruition in 2009 and is now becoming more mainstream. It's quickly transforming into a viable currency that can be used by anyone with an internet connection regardless of their location or financial standing. 

El Salvador's President Nayib Bukele promised to adopt bitcoin as legal tender, and he has kept his promise.

Although cryptocurrency existed as far back as 2009, it still faces several challenges in 2021 on its road to becoming a widely accepted form of currency.