Cryptocurrencies or Sustainability? How about Both!
Energy Saving Tips,
18 August, 2021
Cryptocurrency (crypto) is the process of exchanging/trading a form of payment for goods or services. You may know about crypto from personal usage, heard about how they operate in the environment, or maybe you’ve only heard of certain types, such as Bitcoin. What you may not know is that you can invest AND be sustainable, and we're here to tell you how.
What is Cryptocurrency?
According to Forbes, A cryptocurrency is a medium of exchange that is digital, encrypted, and decentralized. What does that mean? Think about it as if you’re going to an arcade, you will need to use your form of currency to exchange for tokens/card to play. But of course, it's more complex. Crypto is based on blockchain technology and according to NerdWallet, it is a decentralized technology spread across many computers that manage and record transactions. It’s like your very own online bank account tracking your transactions while making sure your money stays safe.
Crypto & Energy:
Energy usage is a big factor when cryptocurrencies are involved. So, we wanted to highlight what you may have heard about cryptocurrencies and Bitcoin in particular and provide you with insight into it.
- Requires large amounts of energy
This information comes from the blockchains that store your transactions are verified by “miners”, these are a massive network of computers all over the world working together. Bitcoin actually uses the most energy of all the cryptocurrencies, because it uses the Proof of Work (POW) process. This requires a lot of electricity to be used, and with Bitcoin being one of the largest networks, just imagine how much of the environment is at stake to produce the electricity needed. Click here to get more information about how mining works.
Cryptocurrency in the Environment
There are ways for you to invest and still be sustainable. Zach Bruch, co-founder of RECUR, an NFT tech company that has decided to go completely carbon-neutral. This company has decided to take a greener approach to their industry which is very similar to what we have done with our Carbon Offset Green Gas option. RECUR uses the Proof of Stake model, which still determines the validity of transactions but by using way less energy. Lucky for us, other cryptocurrencies have decided to take this same approach. To get you started, here are 4 energy-efficient cryptocurrencies to consider and research when investing:
- Ripple (XRP)
- Cardano (ADA)
- Hedera Hashgraph (HBAR
Click here to learn more about POW and POS here.
Cryptocurrencies and natural gas are similar in the way that they have many public stigmas surrounding their industry while the positive aspects are rarely spoken about. Just like cryptocurrencies can reduce your carbon footprint, so can our green gas. So, exchange your currency for our carbon offset gas today to not only think sustainably with your investing but with your home and business too.