Cryptocurrency Cryptocurrency Can Be More Sustainable? (2024)

The eco-friendly cryptocurrency is likely to gain in popularity as a result of the need to reduce our environmental footprint.

What is Cryptocurrency?

Cryptocurrency isany form of digital currencythat exists digitally or virtually. Secured through cryptography making it nearly impossible to counterfeit or double-spend.

They do not have a regulating or central body. But are distributed digitally across a large number of computers known as blockchains.

The number one thing you need to knowis what cryptocurrency is.

To help if you are starting at square one,cryptocurrency isa secure digital currency thatisdecentralized.

This means that itisnot issued or controlled by any one body (like a central bank).Cryptocurrency iscreated using blockchain technology.

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Is Cryptocurrency Real Money?

Firstly, as Algorand’s Foundation attempts to recover assets from Three Arrows Capital, the case highlights the role of legal judgments in settling cryptocurrency’s status.

Secondly, in Singapore, the insolvency of Three Arrows Capital following its dramatic collapse last year has created a mountain of litigation.

As the bankrupt firm’s clients line up to stake their claims for its assets, questions remain concerning what kind of assets are up for grabs.

Additionally, on March 30, the judge presiding over a claim brought by the Algorand Foundation summed up the challenge would-be creditors face.

Further, seeking 53.5 million USDC, Algorand’s lawyers argued that the cache of stablecoins should be considered a sum of money.

After all, Singapore recognizes the status of foreign currencies in such liquidation proceedings. Why not one of the most popular stablecoins?

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U.S. Rules that Cryptocurrency is not Real Money

In this instance, Justice Vinodh Coomaraswamy questioned whether the large community of USDC users is enough to justify its status as a currency, thus granting Algorand creditor’s rights.

As reported in Singapore Law Watch, the judge asked “What if you had a community in the world that used seashells as its internal medium of exchange? Would the Singapore courts have to recognize that as money?

Currently, the status of cryptocurrency is still uncertain in many countries. To that end, efforts to better define them in law are underway around the world.

Going forward, these efforts may help to answer the question of whether cryptocurrency is money once and for all.

Chiefly, regulation is often posited as a silver bullet that can solve the crypto sector’s various legal uncertainties. But the truth is that even the best regulations in the world can’t keep businesses out of court.

And there will always be corporate disputes that refuse any simple resolution. Despite having strict protection in place for retail customers Singapore’s crypto sector is still beset by legal dilemmas.

IMPT

With the negative stigma surrounding the amount of energy cryptocurrency uses.

It’s about time crypto projects step up and start to make a difference from inside the industry.

One project that entirely focuses on helping crypto go green is IMPT – a blockchain-based carbon credit ecosystem.

For cryptos to be sustainable they need to havevery low energy consumption and a minimal carbon footprint.

It also does not need huge amounts of energy to power transactions and is constantly trying to reduce its environmental impact.

It is an entire community dedicated to eco-friendly actions.

Sustainable Path to Cryptocurrency

By now, everyone acknowledges that the future of stocks is in the digital currency market.

But nowadays one of the world’s biggest concerns is following a more sustainable path that will lead us into a greener future.

Is it possible for the pair crypto and sustainability to follow along?

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Cryptocurrency and Sustainability: Is It Possible?

Code developers and crypto supporters are constantly trying to find ways to make the blockchain and cryptosystem a better relationship between crypto and sustainability.

That is, indeed, very much possible to become a reality in the digital market.

But before a cryptocurrency can be considered eco-friendly and sustainable, it has to be adjusted to several factors.

Cryptocurrency – Low Energy Consumption

Low energy consumptionindicates that the energy spent on a transaction almost does not exist virtually. For example, for a single nano transaction, it takes 0.000112 kWh.

In comparison, 1 kWh can keep a TV on for 3 hours long, or create over 10K worth of nano transactions.

If you are looking at the better-known cryptos, anETHtransaction takes 178kWh – energy enough to power a family house for 6 days.

As for the top currency on the market,Bitcoin’s transaction footprint gathers up to 1997.16kWh – and that powers a family house for 68 days straight.

Carbon Footprint

Just like in any other area, the idea is to keep the carbon footprint as small as possible.

Looking at the digital currency market, its print should be small, since it is related to the infrastructure of the crypto, not to the transaction numbers.

For instance, just a few hundred machines are enough to power an entire nano network, apart from the nearly 70K computers that run the Bitcoin blockchain system.

The Process of Crypto Mining

“Cryptocurrency mining” is the process through which Bitcoin transactions are digitally verified on the coin’s network.

It is done by professional coders, who solve complex cryptographic puzzles and verify blocks of transactions updated on a decentralized blockchain ledger.

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Is Crypto Mining Sustainable?

There is no specific way to calculate the amount of energy used to mine Bitcoin, but it can be estimated from the hash rate and consumption of mining rigs.

Just in the United Kingdom network alone, it is estimated that around 136.38 terawatts per hour of electricity are spent every year.

The energy consumption of cryptocurrency mining is most likely to rise in the next few years since the prices and user adoption also continue to rise.

Cryptocurrency miningtends to be a very competitive process since the incentives to mine go up as soon as the value of the block goes up too.

Higher crypto prices mean that more energy is consumed by the networks. It also generates a lot of electronic waste, since the mining hardware equipment quickly turns obsolete.

Sustainable Path Towards Cryptocurrency

To solve these puzzles, it is necessary to use a lot of computer power and updated equipment. In return, miners receive Bitcoin as payment.

Which then comes back into circulation – that is where the name ‘mining’ comes from.

By now, everyone acknowledges that the future of stocks is in the digital currency market.

But nowadays one of the world’s biggest concerns is following a more sustainable path that will lead us into a greener future.

Is it possible for the pair crypto and sustainability to follow along?

Sustainability of Crypto

For cryptos to be sustainable they need to have very low energy consumption and a minimal carbon footprint.

It also does not need hugeamounts of energyto power transactions and is constantly trying to reduce its environmental impact.

It is an entire community dedicated to eco-friendly actions.

Today, a growing number of investors place their assets in companies that follow the ESG – environmental, social, and governance principles.

So the search for innovative virtual currency is constant, pointing to a trend in the digital market: sustainability.

How to Select Sustainable Cryptocurrency

As usual, there is no better way to select any kind of cryptocurrency than to enter the magical land of crypto signals.

By receiving crypto signals, you get daily analysis of the cryptocurrency market, which includes both the classics, such as Ethereum and Bitcoin.

And the moreenvironmentally friendlyones, so you can choose the best ones to invest your money in.

The signals will tell you when to buy or sell any crypto. As well as trading it when the timing is right and you are most likely to make more profit.

Environment-friendly Cryptocurrency

But your values and goals must be well aligned with the platform ones. Even today some traders are not really on board with the eco-friendly trade game.

Even though some of the biggest names in the market, such as Elon Musk himself, have already said that is one of their priorities.

So, once you have chosen your preferred signal service, have a chat with its administrators and discuss their view on sustainability and what kind of signals they offer in that area.

Also, note that if you get a premium service, you can even ask the professional traders who send you the signals for more insights on the new sustainable cryptocurrencies available in the market.

Therefore you can make well-informed, eco-friendly decisions.

Carbon Credits on the Blockchain

IMPT’s mission is to positively impact the environment by connecting socially responsible brands with businesses and individuals.

Seeking to reduce their carbon footprint. In addition, they intend to provide a straightforward method for users to buy, sell, and retire carbon credits online.

Ethereum Blockchain

In case you’re wondering, IMPT is a carbon-zero company, and the platform is hosted on the Ethereum network.

The Ethereum blockchain recently entered into a Proof-of-Stake blockchain. Which reduced energy consumption by up to 99.95%, making it the perfect fit for IMPT.

Furthermore, Ethereum’s ability to partition data and scale upward. It ensures a future-proof blockchain for the project.

Carbon credits are permits that represent carbon emissions removed from the atmosphere.

With one carbon credit representing one ton of carbon dioxide removed.

By law, large companies are often required to purchase carbon credits to offset the carbon footprint that results from their industrial output.

However, although large companies have obligations to buy carbon credits, small businesses, and individuals are often hesitant to enter the market due to its fragmented and complex structure.

IMPT

It is an ecosystem that seeks to change the carbon credit market by helping users easily buy, sell, and retire carbon credits

The Eco-system is comprised of the following;

• A Carbon Marketplace
• A Shopping Platform
• A Social Platform
• Carbon Credit NFTs

Users can purchase carbon credits directly from the Carbon Marketplace when it launches in 2023.

A Carbon Market Place

As mentioned, today’s carbon credit market is fragmented, making it difficult for individuals to enter as they have limited pricing data with no method to know if they are purchasing genuine carbon credits.

The great thing about the IMPT carbon credits is that they are issued as NFT on the blockchain.

Providing buyers with complete transparency and traceability, and helping them be sure they are genuine.

When an individual or business wishes to retire a carbon credit, the NFT is sent to a burn address and is removed from circulation.

Additionally, users will receive unique collectible NFTs after retiring a carbon credit – created by unique artists.

These collectible NFTs could potentially start a new environmentally conscious trend of their own. Providing additional incentives to retire carbon credits.

Shopping Platform

IMPT will also create a shopping platform that allows users to earn carbon credits while doing regular daily shopping.

The project has partnered with global top-tier retailers and brands.

Each is ready to allocate a specific percentage of its sales margin for environmental projects.

When a user purchases products from the shopping platform, the sales margin is held in their account as IMPT tokens until they have enough tokens to purchase a carbon credit.

This unique feature will help individuals reduce their carbon footprint while naturally shopping for regular items they already require.

Social Platform

IMPT will also create a social platform that incentivizes individuals and organizations to become more environmentally conscious and friendly.

The social platform will help users measure their impact on their carbon footprint and will provide the world’s first global score as a metric to track.

The global score will give businesses and individuals a ranking to measure their impact relative to other users across the globe.

All Eyes are on the IMPT Presale

IMPT is now ready to start a series of presales for its native platform token. The “Early Adopter” phase sold 90 million tokens in a matter of weeks as investors rushed to be a part of the crypto. That is helping the industry go green.

The next presale is “Phase 1”, starting at the beginning of October. In the first presale, 600 million tokens will be offered at $0.018.

This will last for a month, and then “Phase 2” will begin, seeing 660 million tokens offered at $0.023.

Finally, the third presale is “Phase 3,” which will see 540 million tokens offered at $0.028.

8 Most Eco-friendly Cryptocurrencies on the Market

Tamado

IMPT

Algorand

BitGreen

Cardano

SolarCoin

Nano

Ripple

Eco-friendly Initiatives

Actions taken behind the scenes from the cryptocurrency market matter just as much as any highs and lows on the charts.

Crypto and sustainability should be connected to an environmental agenda.

Even if they are not the greenest currency available in the market.

That way, they can minimize the damage done by their structure and energy consumption.

More than 45 companies and individuals in the crypto, finance, energy, and technology sectors have also signed up for the Crypto Climate Accord.

Which seeks to decarbonize the industry and achieve net-zero emissions from the electricity consumption associated with cryptocurrencies by 2030

Read More Crypto’s Climate Impact, A Call to Action?

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