Summary: By using energy, Bitcoin is able to issue money in a way that is free and fair for everyone in the world.
It hasn’t been an easy decade for Bitcoin critics.
After arguing at length that Bitcoin was a bubble, a worthless digital trinket destined to fall to zero, observers will notice a recent shift in criticism. Of late, the charge has become that Bitcoin is too successful, and that its success will necessitate an environmental catastrophe.
A former skeptic of Bitcoin myself, I can sympathize with the sentiment. At a time when trust in institutions – be it governments, Wall Street, or Silicon Valley – is low, it’s easy to be critical of claims that Bitcoin’s use of energy is a benefit to society.
Regardless, the unspoken implication is clear: there is a widespread perception that Bitcoin investors are lying about the impact of its energy use for personal gain.