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The devil has a second name: Bitcoin !!

Devil's Second Name is Bitcoin

October 10, 2020 | 

853 Views | 

Jesus Guzman | 

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A crash in bitcoin prices will have serious effects on the investment world and other cryptocurrencies. Regulators and central banks are taking swift measures to protect the global economy from digital current shocks.
What The Surge Of Bitcoin Means For The Global Economy and other cryptocurrencies.

Adopting digital currencies on a wide scale will negatively spillover on the global economy by causing monetary instability.
Currently, cryptocurrencies constitute a fraction of the world’s financial assets, with bitcoin holding approximately $100 billion market capitalization. It constitutes global stocks, global notes and coins, which are a significant money supply.

A crash in bitcoin can trigger certain economic situations and affect day-to-day operations. Wide-scale usage can cause financial stability problems and stem the ability of regulators to control price and credit risk.

What do world business leaders say about bitcoin?

According to Bill Gates, Bitcoin mining is causing a rise in global temperatures by at least two degrees Celsius. The temperature may rise further if everyone starts using the bitcoin network because it consumes more power.
Renowned businessman Bill Gates maintains that bitcoin spells doom for other cryptos and is having a negative impact on the global economy.
Elon Musk of Tesla already made a u-turn on cryptocurrency. He announced that Tesla would no longer be accepting bitcoin payments for its electric vehicles.
Warren Buffet considers bitcoin as a gamble and remains adamant that profit will largely depend on new arrivals.

Early in May this year, the Chinese government started a crackdown on bitcoin mining in Sichuan province. The devil of cryptos hit the cryptocurrency market hard as prices plummeted by 40% across the board.
The downfall of a prominent digital currency like bitcoin will close doors to sizeable investments in cryptocurrency. Therefore, the second name of bitcoin is the devil has a second because any negative thing happening to it dooms other cryptos.

Impact of bitcoin on other cryptocurrencies and global economy

A decentralized payment network like bitcoin and other cryptocurrencies means that no single country controls world currencies.

How does it affect the US dollar and other currencies?
It spells doom for other currencies because if businesses and companies start adopting the digital currency, there will be mass panic like being witnessed in governments like China.

China fears that the Chinese Yuan will plummet and lose its value in the global market, which will affect the Chinese economy. The global adoption of cryptocurrency will indeed affect the value of other major world currencies.

Governments are trying to slow it down through regulatory campaigns and by using central banks regulatory measures to stem its rise.

How does bitcoin emergence affect other cryptos?

There are many cryptocurrencies like Litecoin, Ethereum competing for dominance in the global market.
However, bitcoin networks use a proof of work mechanism to identify the computers in the network to process bitcoin transactions. It’s usually the first computer to solve the complex equation and the most powerful computer in the network.

Essentially, having a more powerful computer system gives you an edge in the cryptocurrency market. Right now, bitcoin is the devil of cryptos that spells doom for other cryptocurrencies.
Bitcoin has over a million miners worldwide processing transactions in the network. So, the competition is still, and sooner or later, bitcoin will dim all the rest and cause their demise.

The bitcoin devil is going to win the cryptocurrency war and kill other cryptos in the process. Most little-known cryptocurrencies don’t have an investment in huge computing resources to level the playing field.
Therefore, they cannot perform the complex mathematical equations necessary to validate blockchain transactions. Some cryptos like bitcoin are running mining farms as big as a football stadium.
Of course, this consumes a lot of power and is easily a cause for concern among climate change advocates. Cryptocurrency mining uses more energy and will spell doom for the global economy if adopted.

Cryptos and climate change

According to the climate-change journal, bitcoin mining emissions alone raise global temperatures by two degrees. It’s the temperature rise that climate change advocates estimate to take shorelines and coastal cities to start experiencing severe flooding. It’s the goal of the Paris Climate Accord that the global temperatures remain below the 2-degree level.

However, the devil has a second name and mining bitcoin on a global scale will significantly raise energy consumption to serious levels.

Assuming there is an increase in bitcoin transactions, the markets will need more bitcoin mining and pass the daily transaction threshold of 100,000. The projections are that bitcoin mining will scale up beyond the one million currently to about a billion.

It will require massive energy consumption to mine this many bitcoins, which will collapse the global economy. China banned cryptocurrency mining because it’s an energy-intensive process with a considerable potential to cause climate change.

Most bitcoin mining uses fossil fuels, and few have transitioned to clean energy. The Chinese regulators now forbid financial institutions from providing services to companies using cryptocurrencies.

The Chinese Central Bank further reiterated that all cryptocurrency activities are illegal, prohibiting trading cryptocurrencies even in foreign exchanges.
The ramifications of the action were felt across all major cryptocurrencies. It resulted in a price drop in the forex markets by at least 6%.

Why are regulators worldwide scrutinizing cryptocurrencies?

Cryptocurrency scams have bled the global economy billions of dollars in investment. The scrutiny is a way for regulators to protect investors and individuals from theft, fraud, and other scams.

Some regulators are aiming to lower energy usage and prevent money-laundering operations. Criminals are using cryptocurrency to evade capital controls which affect the economy of some countries.

Monetary regulators are taking a keen interest in cryptocurrency operations in light of the collapse of stablecoin. The collapse threatens financial institutions and cryptocurrency exchanges.

The same fear that regulators project bitcoin may have on the financial markets and the global economy. In light of the increased scrutiny and regulatory risks, investors can sell bitcoin assets to rein in on their growth expectations, hurting the global economy.

Effect of bitcoin price on other cryptocurrencies

There is a strong correlation in the cryptocurrency market that works differently from the stock market. Diversification doesn’t protect an asset holder if the cryptocurrency crashes.
Early in 2018, bitcoin crashed, and other cryptocurrencies followed shortly afterwards. It’s an example of how the bitcoin devil can impact the world economy if there is a problem.

The price of bitcoin directly affects other cryptocurrencies, with ethereum having the largest effect. Essentially, bitcoin is the king, and all other cryptos follow, so when it crashes, it has a reverse effect on the global market and other cryptocurrencies since it’s highly traded.

Why bitcoin has so much influence in the cryptocurrency market

Bitcoin was the first or pioneer cryptocurrency. Currently, it sells at $24,000, and analysts project that it may hit close to $100,000 before the end of the year.

Cryptocurrency is on the spot thanks to bitcoin and uses a highly secure code. Bitcoin commands 50% of the cryptocurrency market and is treated mainly as a reserve currency like the US dollar.

Many investors holding other cryptocurrencies are more likely to move their money to bitcoin. The action will significantly disrupt the cryptocurrency market and lower the values of other cryptocurrencies.

As the reserve currency, a fall in bitcoin prices devastates the entire digital currency market and global economy. Likewise, the continued growth of bitcoin is weakening other less popular digital currencies.

It has a more significant influence on other digital currencies and impacts their prices, applications, and development. In truth, bitcoin is the devil of cryptos.

Anti-Bitcoin propaganda

The anti-Bitcoin propaganda is here:

  • Bitcoin is used by drug and arms dealers and other paedophiles (at least that's what they said in the internet era)
  • Bitcoin benefits neo-Nazi organisations that are getting rich thanks to the cryptocurrency's flight of fancy.
  • Bitcoin is the end of the planet! It is a glutton that pumps out the entire flow of the world! It will trigger the worst global warming of all time itself!
  • Bitcoin is very dangerous, it is a big bubble that will eventually burst before your eyes, and it will be much worse than soap!
  • And finally, would not Bitcoin just scare politicians, governments and especially banks?
  • If you look closer, all these arguments do not really hold water.

Firstly, traders of all kinds who are admittedly against Bitcoin would prefer the liquid system. For these kinds of criminals, Bitcoin would obviously not bring any real improvement.

Second, the neo-Nazi argument does not hold water either: after all, few banks I know refuse to open accounts for people with unsavoury ideas! And as for payments and other donations to some organisations, it's not really that complicated to do it through banks!

Thirdly, for those who believe that our poor planet will not survive Bitcoin:

  • Bitcoin is for you a currency, a means of payment and a network of transactions.
  • Has anyone ever calculated the energy used to produce and distribute the currencies we use?

Final Thoughts

A collapse of bitcoin will negatively affect the digital currency market and cease adaptation of newer investments. There will be a collapse of financial institutions that have invested heavily in cryptocurrencies or regularly make bitcoin transactions.

It will have a global economic meltdown in several sectors. Currently, bitcoin remains valuable and vital for the cryptocurrency market growth. However, scepticism is necessary because of the impact its crash can have on the global economy. Contact us to learn more.

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