https://insidebitcoins.com/news/bill-gates-argues-against-bitcoins-environmental-impacts
Bill Gates Questions Bitcoin's Ecological Effect
Wallet Specialist – Luke
The co-founder of Microsoft, Bill Gates, said that Bitcoin represents a health threat to its consumers. Speaking with CNBC's Andrew Ross Sorkin, the American billionaire claimed that mining Bitcoin absorbs an enormous amount of electricity, thus the risk it poses.
Gates clarified that “Bitcoin consumes more electricity than any other method known to mankind. It uses more electricity per transaction than any other method known to mankind, and, so, you know, it’s not a bad climate thing.”
Trending Study Proves Gates is Correct
The fact that led to Gates' critique of Bitcoin was that the processing capacity that supports the Cryptocurrency trading network consumes about as much electricity as the rest of Argentina.
The University of Cambridge, in its study, indicates that Bitcoin’s network absorbs no less than 121 terawatt-hours (TWh) per year, which would place it among the top 30 electricity consumers globally if it were a nation. Bitcoin's power consumption has been fueled by its rising interest, which has seen it grow from less than $5,000 to more than $50,000.
It is important to remember that questions regarding Bitcoin’s energy have existed since the start of the digital currency.
In 2009, Hal Finney, a Crypto visionary, pointed at possible future CO2 pollution. This comes two weeks after he got the first Bitcoin investment from Satoshi Nakamoto, the pseudonymous founder of the Cryptocurrency.
Growing Energy Demand
Reinforcing Gates' statement about Bitcoin and its energy consumption, Charles Hoskinson, CEO of IOHK, a leading Cryptography group, clarified that Cryptocurrency energy usage has almost quadrupled since the start of its last high in 2017 and is expected to get worse if energy waste is integrated into Bitcoin’s DNA.
Hoskinson also said the carbon footprint of buying Bitcoin is going to get progressively worse as the price increases alongside electricity consumption.
If you are looking to buy and sell Bitcoin but searching for a trusted Bitcoin retailor, you can register with BC Bitcoin to start trading Crypto today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards