Kenneth Griffin, billionaire CEO of American hedge fund Citadel, thinks a currency on the Ethereum network will replace Bitcoin (BTC) as crypto’s top dog. Citadel manages over $40 billion of capital — a quarter of the trading volume in the United States stock market.
“Bitcoin is incredibly expensive to manage payments on,” he said. It currently costs approximately $4.1 per Bitcoin transaction. Typical credit card transaction fees range from 1.4% and 3.5% on popular networks such as Mastercard, Visa and American Express. The recommended surcharge cost for debit cards is around 0.5%.
In terms of sustainability, Griffin claimed that Bitcoin is “a bigger contributor to global warming than any form of payment we use around the world today in aggregate.”
Bitcoin’s annual carbon footprint is around 90.48 tonnes of CO2. Each Bitcoin transaction has the equivalent carbon footprint of 2,008,657 Visa transactions, according to the Bitcoin Energy Consumption Index.
On the flip side, Bitcoin mining also utilizes the lowest cost forms of energy, such as renewable energy and surplus power that would otherwise be wasted. It is also significantly more difficult to actually quantify the amount of emissions that banks and financial institutions are responsible for.
https://cointelegraph.com/news/ken-g...based-currency
“Bitcoin is incredibly expensive to manage payments on,” he said. It currently costs approximately $4.1 per Bitcoin transaction. Typical credit card transaction fees range from 1.4% and 3.5% on popular networks such as Mastercard, Visa and American Express. The recommended surcharge cost for debit cards is around 0.5%.
In terms of sustainability, Griffin claimed that Bitcoin is “a bigger contributor to global warming than any form of payment we use around the world today in aggregate.”
Bitcoin’s annual carbon footprint is around 90.48 tonnes of CO2. Each Bitcoin transaction has the equivalent carbon footprint of 2,008,657 Visa transactions, according to the Bitcoin Energy Consumption Index.
On the flip side, Bitcoin mining also utilizes the lowest cost forms of energy, such as renewable energy and surplus power that would otherwise be wasted. It is also significantly more difficult to actually quantify the amount of emissions that banks and financial institutions are responsible for.
https://cointelegraph.com/news/ken-g...based-currency
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