FRL&E Article Erin Grundy

AUG 2021 Erin Grundy 40093846 FRL&E Module

FIRST CASH, THEN CARD,

NOW CRYPTO:

With the rise of crypto payments, what currency will be used to pay for the damage to the environment?

(Bitcoin’s electricity consumption, 2021)

ECONOMICS

FIRST CASH, THEN CARD, NOW ERIN GRUNDY

16.08.21

ECONOMICS EDITOR

With the world’s economic landscape shifting towards a digitalised system, consumers can soon expect their money to b stored within mobile devices, but what are the consequences on our natural climate and our societal environment?

Technological developments over the past few decades has led to increased reliance on digital devices for improved convenience. The idea of not having to count out loose change has driven consumers towards a mobile-centric method of payment. Debit cards are the modern way of retail payments and with the ease of contactless, consumers can just tap and go! But what is the future for money transactions in the retail industry?

2

BITCOIN’S BREAKING THE BANK Cryptocurrencies first launched in 2008 when the popular Bitcoin was first announced due to the global financial crisis which provided the need for a digital currency decentralised from government regulation. Since then, Bitcoin and other cryptocurrencies such as Ethereum and the meme-coin Dogecoin has rocketed. The volatility of cryptocurrencies is what makes them so risky and without government regulation, the price is continuously fluctuating and poses a huge threat to financial losses.

be n

(Hidden Cryptocurrency Miners, 2018)[ABOVE] The hidden miners behind cryptocurrency which are drawing more people away from national currencies and moving towards privatised currencies.

3

ECONOMICS

To gain some regulation over digital currencies, the Bank of England is suggesting the introduction of a Central Bank digital currency named “Britcoin” to promote a sustainable and stabilised economy. The need for a digitalised currency stems from the increased number of users buying into cryptocurrencies and creating uncertainty for governments in setting interest rates and managing inflation (Partington, 2021).

CRYPTO COUNTRIES

El Salvador, a sovereign nation using the US Dollar has announced that Bitcoin is now an official currency and has become the first nation to adopt the currency. El Salvador heavily relies on remittance payments with around 95% of El Salvadorians sending remittance payments from the US making up 20% of El Salvador’s GDP (Wintermeyer, 2021). The introduction of Bitcoin offers a first-mover advantage in attracting investment and tourism as well as provide financial inclusion to its population. As an incentive to kickstart the use of Bitcoin, El Salvador’s President Bukele offered its citizens $30 worth of Bitcoin (Wintermeyer, 2021). As a developing nation, is the risk worth the reward for El Salvador?

(ProfitTrading App, 2018) [BELOW] The pattern of Bitcoin’s fluctuation between 2018 to 2019 in which its price value rose and fell continuously across the period, proving its volatility.

4

Known for its innovation, Sweden may become the first country to produce its very own cryptocurrency known as the e-krona.

Cash is rarely used in Sweden with many people opting to use digital payments such as debit cards and contactless transactions. In 2015, cash payments made up less than 2% of retail transactions in Sweden compared to that of 79% in Germany (Newman, 2018).

The government-backed e-krona aims to support the national currency and provide greater security around transactions in Sweden.

TAXATION

Now that cryptocurrency is becoming more widely accepted by many major brands, businesses are liable to pay tax on their crypto assets. Companies must pay tax if they are participating in the exchange of tokens and are likely to pay taxes such as Capital Gains Tax (CGT) or Corporation Tax on Chargeable Gains (CTCG) (Gov.UK, 2021).

With more brands opting to accept privatised currencies, the UK government is worried it will face catastrophic losses without regulation and taxation strategies put in place (Makortoff, 2021).

THE DEBT CRISIS

Cryptocurrencies are becoming more popular than ever with many people investing in digital technology. The number of people using blockchain wallets worldwide has drastically risen by 190% between 2018 to 2020 approaching 80 million investors globally (Statista, 2021).

Approximately 2.3 million people in the UK hold cryptocurrency assets but is it worth investing in? 14% of UK crypto holders have put their financial status at risk by falling custom to using a credit card, loans or borrowing money to avoid missing out on the crypto craze (Jones, 2021).

According to the Financial Conduct Authority (FCA), crypto investors are stereotypically male, over 35 years old and fall into the

AB social class (Jones, 2021). With 20% of people investing in cryptocurrencies to avoid FOMO, the pressure to keep up with the latest economic trend has presented many people with debt issues (Jones, 2021). For those not fortunate enough to invest, the feeling of failure and lack of achievement is driving consumers towards debt and the development of mental health issues. The rising price of cryptocurrencies such as Bitcoin means it is unattainable for many

people to purchase, creating a societal divide between the rich and the poor.

Millennials are set to become the wealthiest generation of the modern era as they adopt the digital money boom. Having progressed into adulthood during the period of the 2008 global recession, Millennials have witnessed the fall of governmental banking systems and are now opting for a more secure way to store their wealth (Brock, 2021).

THE DECLINE OF CASH

Since 1990, cash payments have declined in the UK accounting for less than 1% of total payments in 2020. The pandemic has promoted the use of debit cards and contactless payments to avoid physical contact. 71% of consumers are now using less cash due to the influence of the Coronavirus pandemic over fears of contracting the virus through cash transactions (Caswell et al., 2020).

Removing cash from society can cause significant exclusion for many groups in society. Elderly and vulnerable customers may struggle to adapt to new technologies as well as homeless people who are unlikely to have internet access. Furthermore, children need to have tangible access to cash to help them learn and teach them the skills of saving and managing money.

5

ECONOMICS

BILL GATES BITCOIN “USES

MORE ENERGY PER TRANSACTION THAN ANY OTHER METHOD KNOWN TO MANKIND” (Kiger, 2021)

CRYPTO CATASTROPHE

The repercussion of buying into cryptocurrency is the potentially catastrophic damage to the environment. As the most popular cryptocurrency, Bitcoin mining can produce as much carbon emissions as the whole nation of Sri Lanka (Cuen, 2021).

The Bitcoin electricity consumption index, developed by Cambridge University, states that the production of Bitcoin accounts for 0.6% of electricity consumption globally (Cuen, 2021). Bitcoin’s entire network uses a continuous supply of electricity averaging 8-15 gigawatts whilst the megacity of New York is powered by just 6 gigawatts (Helman, 2021). The higher the price of each Bitcoin the higher the energy consumption, as a soaring price attracts more miners to the digital network.

The University of Cambridge declared that the price of Bitcoin during its peak in April 2021 used enough electricity that it was equivalent to powering the US state of Georgia, home to 10.6 million people.

As the popularity of cryptocurrency grows, investors must compete to get their hands on one of 21 million Bitcoins, but as 18.6 million have already been mined, Bitcoin remains the most exclusive cryptocurrency (Hugo, 2018).

BITCOIN VS BRAZIL

6

(Bill Gates, 2021)

The market-leading coin has led to experts questioning the sustainability of the crypto industry. Alex de Vries measures the levels of carbon Bitcoin emits and admits that if the price of Bitcoin were to reach a price of $500,000 it would generate more carbon emissions than the emerging nation of Brazil.

With the last Bitcoin predicted to be mined around 2140 (Helman, 2021), the price of the coin is only expected to increase causing

monumental damage to the environment through excessive carbon emissions.

more sustainable have progressed and are likely to continue as a major factor regarding cryptocurrencies. A new, environmentally friendly coin named Candela has been developed with climate change in mind. As its key principle, the coin must be mined using solar power to ensure it contributes towards making the crypto industry more environmentally friendly (Helman, 2021).

It is likely we can expect to see a growing number of currencies now requiring a renewable energy source as its mining protocol.

Initiatives such as the Crypto Climate Accord (CCA) is encouraging the crypto and blockchain industry to become more sustainable and ensure energy consumption is significantly reduced.

The association took inspiration from the Paris Climate Agreement to make the cryptocurrency industry solely reliant on renewable sources by 2025 (Kiger, 2021).

(Payments Cards and Mobile, 2021) [ABOVE] The mining of Bitcoin requires extensive energy usage to unlock each coin causing catastrophic damage to the environment.

RELYING ON RENEWABLES?

There have been several consequences of crypto’s large energy consumption levels as Elon Musk has declared his electric car company Tesla will no longer accept cryptocurrency as payment until mining uses 50% renewable sources (BBC News, 2021).

However, if Bitcoin were to be mined using renewable energy sources such as hydro and solar power, the brand is likely to re-accept crypto payments.

As concerns about our climate condition worsen, developments to make the industry

(Earth Timer, 2021) [ABOVE] With the disastrous effects ofcryptocurrencies destroying the planet, how long do we have until it becomes catastrophic?

7

ECONOMICS

As technology has progressed at a rapid rate during the 21st Century, the future of retail payments lies within the hands of cryptocurrencies and blockchains. The crypto industry works with blockchain technology to track consumer spending and trace the process from mining to transactions. Distributed ledger technology (DLT), commonly known as a blockchain, provides a network of users access to transparent supply chain data without the need for a third party (William, 2019).

With only 0.5% of people globally using blockchain technology (Lehr and Lamb, 2018), many retailers are competing to gain a first-mover advantage. The luxury brand, Louis Vuitton has plans to launch its own unique blockchain to provide consumers with authenticity certificates for its luxury goods. Customers will be able to find information on their purchase such as where the materials have been sourced from to the point of sale (Allison, 2019).

The brand’s blockchain code-named AURA will also provide the brand with intellectual property protection and aim to reduce fraudulent and counterfeit products (Allison, 2019).

users to donate Bitcoin and trace their donations to see how their donations have been spent and view the results of their efforts (Lehr and Lamb, 2018). As consumers demand greater transparency from their purchases, charity coins and blockchain initiatives are likely to develop shortly.

CRYPTOCURRENCY RETAIL PAYMENTS

Using blockchain channels, retail transactions made using cryptocurrencies are not able to be disputed as no third-

CHARITY COINS

There are many benefits to blockchain technology in relation to charity organisations. Have you ever wondered how the money you donated to charity has helped local communities? A new wave of ‘charity coins’ are entering the crypto market to generate funds for unfortunate communities. The BitGive Foundation is a blockchain-powered charity that helps developing countries with their water crisis. Its blockchain GiveTrack, allows 8

(The Water Project, 2014) [ABOVE} Bitcoin donations to charities such as BitGive provide wate Consumers will be able to see how they have helped less fo

party organisation is involved (Flame Analytics, 2021). This is beneficial to retailers as it is a quick and direct transaction between consumers and brands and involves shared liability.

THE GROWTH OF CRYPTOCURRENCY USERS

Although cryptocurrency is a hard concept to grasp, brands must look towards the benefits of digital transactions. Crypto consumers are likely to spend more with an average order value of $450 in comparison to $200 for non-cryptocurrency consumers (Chitrakon, 2021).

er pumps for communities unable to access safe water. ortunate people through blockchain technology.

Number of Blockchain wallet users worldwide from November 2011 to July 2021 (in millions) (Statista, 2021) Since the launch of cryptocurrencies in 2008, blockchain wallet users has rapidly grown since 2016 at a drastic rate and is predicted to increase.

READ NEXT

Should charities use cryptocurrencies

By JOE LEPPER 16.04.21

Beginner’s guide to crypto

By WILFRED MICHAEL 03.08.21 9

ECONOMICS

MARKET LEADING MUSK

Kickstarting the cryptocurrency boom, car manufacturer, Tesla is looking to re-accept Bitcoin as a payment method when its mining is made more sustainable. However, Musk’s Space X company is now using dogecoin to fund its upcoming satellite mission DOGE-1 (BBC News, 2021) and is responsible for the coin’s rocketing price.

Phillip Plein became the first major brand to accept up to 15 different cryptocurrencies across its bricks and mortar store and e-commerce site (Fish, 2021). Will this encourage many more brands to follow?

It seems many major players in the retail market have got plans to delve into the blockchain and crypto industry. Both Amazon and Walmart are on the lookout for a digital currency and blockchain specialist and have developed blockchain-related intellectual property (Smith, 2021). Could this be the start of a major shift to cryptocurrency payments?

(Lolli, 2020) [RIGHT]

Loyalty app Lolli, offers consumers cash back or Bitcoin as a reward to shoppers purchasing from its brand partners.

10

With many brands including Hublot, trialling the concept of cryptocurrency, it is expected that nearly all retailers will be accepting cryptocurrencies in the near future.

REWARDING LOYALTY WITH CRYPTO

Post-pandemic consumers are looking for financial incentives which can encourage them to shop more frequently. Starbucks has launched an initiative that enables consumers to turn their crypto holdings into a Starbucks voucher to spend in-store (Prunsky, 2021).

Some retailers are launching their own crypto loyalty scheme in partnership with Lolli. Lolli rewards consumers with Bitcoin when they purchase with its brand partners including Nike, Bloomingdales and StockX (Chitrakon, 2021). Instead of the well-known cash-back incentive, Lolli offers customers Bitcoin rewards averaging 7.5% of the transaction (Chitrakon, 2021).

THE FUTURE OF

Cryptocurrency is the future of the retail industry and will make a significant impact on the global financial market and will ‘unite the world’ according to Twitter boss Jack Dorsey who claims Bitcoin will become the world’s universal currency within the next 10 years (Cuthbertson, 2021).

WOULD YOU BE INTERESTED IN USING CRYPTOCURRENCIES AS A PAYMENT METHOD?

Following China’s pursuit of cryptocurrency regulations, it is predicted many governments will launch their own central bank decentralised currency which will dominate as national currencies in the next decade.

These digitalised currencies run by central banks will ensure governments can continue to regulate and tax appropriately.

It is the future of money and will be the biggest shift in the global economic infrastructure since the US dollar take over.

“WE BELIEVE THAT VIRTUAL CURRENCIES ARE THE FUTURE AND WILL [ACCEPT] PAYMENT IN BITCOIN AND OTHER

CRYPTOCURRENCIES ON OUR E-BOUTIQUE IN 2021 OR 2022.”

RICADO GUADALUPE Chief Executive, Hublot (Chitrakon, 2021)

(Grundy, 2021) [ABOVE]

In a recent survey, approximately 53% of consumers would be interested in using cryptocurrency as a payment method in the future.

In addition, 72% believe that cryptocurrencies and blockchain technology is the future of money and would enhance their shopping experience.

BIBLIOGRAPHY Allison, I. (2019). Louis Vuitton Owner LVMH Is Launching a Blockchain to Track Luxury Goods - CoinDesk. [online] CoinDesk. Available at: https://www.coindesk.com/louis-vuitton-owner-lvmh-is-launching-a-blockchain-to-track-luxury-goods [Accessed 13 Aug. 2021].

Bank Of England (2020). Cash in the time of Covid. [online] Bankofengland.co.uk. Available at: https://www. bankofengland.co.uk/quarterly-bulletin/2020/2020-q4/cash-in-the-time-of-covid [Accessed 5 Aug. 2021].

BBC News (2021a). Cryptocurrency: Musk’s SpaceX to launch dogecoin moon mission. [online] BBC News.

Available at: https://www.bbc.co.uk/news/business-57052811 [Accessed 13 Aug. 2021].

BBC News (2021b). Tesla will no longer accept Bitcoin over climate concerns, says Musk. [online] BBC News.

Available at: https://www.bbc.co.uk/news/business-57096305 [Accessed 19 Aug. 2021].

Brock, M. (2021a). Why Millennials Could Become the Wealthiest Generation in History (and How to Join the Club). [online] Entrepreneur. Available at: https://www.entrepreneur.com/article/379815 [Accessed 13 Aug. 2021].

Brock, M. (2021b). Why You Might Want to Look into Cryptocurrencies to Build Long-Term Wealth (and Why You Might Not). [online] Entrepreneur. Available at: https://www.entrepreneur.com/article/379674 [Accessed 13 Aug. 2021].

Caswell, E., Pearce, G., Learmonth, D. and Hewkin Smith, M. (2020). Cash in the time of Covid. [online] Bank Of England. Available at: https://www.bankofengland.co.uk/quarterly-bulletin/2020/2020-q4/cash-in-thetime-of-covid [Accessed 13 Aug. 2021]. charity: water. (2014). Help Clean Water Coin end the water crisis | charity: water. [online] Available at: https://www.charitywater.org/cleanwatercoin [Accessed 20 Aug. 2021].

Chitrakorn, K. (2021). The cryptocurrency boom: Will luxury jump in? [online] Vogue Business. Available at: https://www.voguebusiness.com/companies/the-cryptocurrency-boom-will-luxury-fashion-brands-jump-in [Accessed 13 Aug. 2021].

Crypto Climate Accord. (2021). Home - Crypto Climate Accord. [online] Available at: https://cryptoclimate. org/ [Accessed 19 Aug. 2021].

Cuen, L. (2021). The debate about cryptocurrency and energy consumption. [online] TechCrunch. Available at: https://techcrunch.com/2021/03/21/the-debate-about-cryptocurrency-and-energy-consumption/#:~:text=According%20to%20the%20University%20of%20Cambridge%E2%80%99s%20bitcoin%20electricity,small%2C%20developing%20nation%20like%20Sri%20Lanka%20or%20Jordan. [Accessed 13 Aug. 2021].

Cuthbertson, A. (2018a). Could Norwegian fjords and waterfalls stop bitcoin from destroying the planet? The Independent. [online] 13 Dec. Available at: https://www.independent.co.uk/news/long_reads/bitcoin-cryptocurrency-mining-norway-energy-hydropower-climate-change-planet-a8640921.html [Accessed 29 Jul. 2021].

Cuthbertson, A. (2018b). Elon Musk bitcoin scam on Twitter sees hundreds of people lose thousands of dollars. The Independent. [online] 6 Nov. Available at: https://www.independent.co.uk/life-style/gadgets-andtech/news/elon-musk-bitcoin-scam-twitter-hackers-cryptocurrency-a8620436.html [Accessed 9 Aug. 2021].

Cuthbertson, A. (2021a). Elon Musk’s environmental criteria for bitcoin mass adoption finally met after China mining exodus. The Independent. [online] 23 Jul. Available at: https://www.independent.co.uk/life-style/ gadgets-and-tech/bitcoin-tesla-elon-musk-environmentchina-b1888500.html [Accessed 3 Aug. 2021].

Cuthbertson, A. (2021b). Twitter founder Jack Dorsey says bitcoin will “unite the world.” The Independent. [online] 10 Aug. Available at: https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-twitter-jack-dorsey-crypto-b1899905.html [Accessed 3 Aug. 2021].

Daley, J. (2018). Fairer Finance. [online] Fairer Finance. Available at: https://www.fairerfinance.com/insights/blog/the-consequences-of-a-cashless-society [Accessed 18 Aug. 2021].

Dioquino, V. (2021). JPMorgan Opens Crypto Access To Retail Wealth Clients. [online] Cryptodaily.co.uk. Available at: https://www.cryptodaily.co.uk/2021/07/JPMorgan-Opens-Crypto-Access-To-Retail-Wealth-Clients [Accessed 13 Aug. 2021].

FinExtra (2021). Blockchain to save retail after the pandemic. [online] Finextra Research. Available at: https://www.finextra.com/blogposting/20264/blockchain-to-save-retail-after-the-pandemic [Accessed 13 Aug. 2021].

Fish, I. (2021). Philipp Plein to accept cryptocurrency in fashion “first.” [online] Drapers. Available at: https:// www.drapersonline.com/news/philipp-plein-to-accept-cryptocurrency-in-fashion-first?tkn=1 [Accessed 9 Aug. 2021].

Flame analytics (2021). Blockchain and Retail: 5 Important Cryptocurrency Tips for Retailers. [online] Flame Analytics. Available at: https://flameanalytics.com/en/news/blockchain-and-retail-5-important-cryptocurrency-tips-for-retailers/ [Accessed 13 Aug. 2021].

FOX43 News (2021). How Bitcoin could negatively impact the environment. YouTube. Available at: https:// www.youtube.com/watch?v=UujSuyc_v3g [Accessed 19 Aug. 2021].

Gov.uk (2021). CRYPTO40050 - Cryptoassets Manual - HMRC internal manual - GOV.UK. [online] Www.gov.uk.

Available at: https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto40050 [Accessed 17 Aug. 2021].

Graffeo, E. (2021). Robinhood says users have made $25 billion through trades on its platform - but one influential retail investor warns its easy-to-use interface could spark panic-selling if stocks take a tumble. [online] markets.businessinsider.com. Available at: https://markets.businessinsider.com/news/stocks/robinhood-ipo-stock-market-retail-investors-kayla-kilbride-platform-gamification-2021-7 [Accessed 13 Aug. 2021].

Haar, R. (2021). You Can Buy More Things Than Ever With Crypto. Here’s Why You Shouldn’t. [online] NextAdvisor with TIME. Available at: https://time.com/nextadvisor/investing/cryptocurrency/should-you-usecrypto-like-cash/ [Accessed 13 Aug. 2021].

Harper, C. (2021). Crypto expert explains when Asda, Tesco, Morrisons could start accepting Bitcoin. [online] BirminghamLive. Available at: https://www.birminghammail.co.uk/news/uk-news/cryptocurrency-expert-explains-asda-tesco-21266997 [Accessed 13 Aug. 2021].

Helman, C. (2021). “Green Bitcoin Mining”: The Big Profits In Clean Crypto. Forbes. [online] 4 Aug. Available at: https://www.forbes.com/sites/christopherhelman/2021/08/02/green-bitcoin-mining-the-big-profits-inclean-crypto/?sh=71f045da34ce [Accessed 9 Aug. 2021].

Hoskins, P. (2021). Tesla will no longer accept Bitcoin over climate concerns, says Musk. [online] BBC News.

Available at: https://www.bbc.co.uk/news/business-57096305 [Accessed 13 Aug. 2021].

Hugo, K. (2018). If Bitcoin continues to take so much energy “it will kill the planet.” The Independent. [online] 29 Oct. Available at: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-cryptocurrency-nature-climate-change-environment-earth-a8607876.html [Accessed 3 Aug. 2021].

Jones, R. (2021). About 2.3m Britons hold cryptocurrencies despite warnings of risk. [online] the Guardian.

Available at: https://www.theguardian.com/technology/2021/jun/17/about-23m-britons-hold-cryptocurrencies-despite-warnings-of-risk [Accessed 13 Aug. 2021].

Kiger, P.J. (2021). Cryptocurrency Has a Huge Negative Impact on Climate Change. [online] HowStuffWorks.

Available at: https://science.howstuffworks.com/environmental/conservation/issues/cryptocurrency-climate-change-news.htm [Accessed 13 Aug. 2021].

Lehr, D. and Lamb, P. (2018). Digital Currencies and Blockchain in the Social Sector (SSIR). [online] Ssir.org.

Available at: https://ssir.org/articles/entry/digital_currencies_and_blockchain_in_the_social_sector1# [Accessed 4 Aug. 2021].

BIBLIOGRAPHY

Lepper, J. (2021). Should charities use cryptocurrencies. [online] Charity Digital. Available at: https://charitydigital.org.uk/topics/topics/should-charities-use-cryptocurrencies-8599 [Accessed 22 Aug. 2021].

Makortoff, K. (2021). Cryptocurrencies could lead to “limitless” losses for UK government. [online] the Guardian. Available at: https://www.theguardian.com/technology/2021/jul/25/cryptocurrencies-could-lead-to-limitless-losses-for-uk-government [Accessed 9 Aug. 2021].

Michael, W. (2021). Beginners Guide To Getting Started With Cryptocurrency. [online] Bitcourier.co.uk. Available at: https://bitcourier.co.uk/blog/getting-started-with-cryptocurrency [Accessed 22 Aug. 2021].

Newman, J. (2018a). The e-krona, the Swedish national cryptocurrency, is on its way. [online] interactivecrypto.com. Available at: https://www.interactivecrypto.com/e-krona-swedish-national-cryptocurrency-way [Accessed 5 Aug. 2021].

Newman, J. (2018b). The e-krona, the Swedish national cryptocurrency, is on its way. [online] interactivecrypto.com. Available at: https://www.interactivecrypto.com/e-krona-swedish-national-cryptocurrency-way [Accessed 13 Aug. 2021].

Partington, R. (2021). Digital currencies pose threat to economy, warns Bank of England. [online] the Guardian. Available at: https://www.theguardian.com/business/2021/jun/07/digital-currencies-pose-threat-toeconomy-warns-bank-of-england [Accessed 13 Aug. 2021].

Pearson, B. (2021). Retailers Are Accepting Crypto. Should Loyalty Programs Be Next? Forbes. [online] 25 May. Available at: https://www.forbes.com/sites/bryanpearson/2021/05/24/retailers-are-accepting-crypto-should-loyalty-programs-be-next/?sh=5d04f0c81368 [Accessed 13 Aug. 2021].

Pratt, K. (2021). Surge In Crypto Use Triggers Wealth Warnings. Forbes. [online] Available at: https://www. forbes.com/uk/advisor/personal-finance/2021/06/17/surge-in-crypto-use-triggers-wealth-warnings/ [Accessed 13 Aug. 2021].

Prunsky, A. (2021a). Whole Foods, Starbucks Use Crypto – Should Loyalty Programs Be Next? [online] The Harris Poll. Available at: https://theharrispoll.com/whole-foods-starbucks-use-crypto-should-loyalty-programs-be-next/ [Accessed 20 Aug. 2021].

PYMNTS (2021a). Merchants’ Cryptocurrency Acceptance Edge. [online] Pymnts.com. Available at: https:// www.pymnts.com/cryptocurrency/2021/consumers-say-they-plan-to-use-cryptocurrency-to-make-purchases/ [Accessed 5 Aug. 2021].

Quora.com. (2021a). (15) Will cryptocurrency eventually replace the US dollar as the most used currency in the United States? - Quora. [online] Available at: https://www.quora.com/Will-cryptocurrency-eventually-replace-the-US-dollar-as-the-most-used-currency-in-the-United-States [Accessed 20 Aug. 2021].

Quora.com. (2021b). (15) Will cryptocurrency replace the US dollar as the international medium of exchange?

- Quora. [online] Available at: https://www.quora.com/Will-cryptocurrency-replace-the-US-dollar-as-the-international-medium-of-exchange [Accessed 20 Aug. 2021].

Rolfe, A. (2021). Cryptocurrencies in retail: Consumer adoption report. [online] Payments Cards & Mobile.

Available at: https://www.paymentscardsandmobile.com/cryptocurrencies-in-retail-consumer-adoption-report/ [Accessed 13 Aug. 2021].

Sankaran, V. (2021). Bitcoin surges after speculation over Amazon’s plan to allow users to pay in cryptocurrency. The Independent. [online] 26 Jul. Available at: https://www.independent.co.uk/life-style/gadgets-andtech/bitcoin-price-surge-amazon-cryptocurrency-b1890326.html [Accessed 10 Aug. 2021].

Smith, C. (2021a). Coinbase now offers instant cash withdrawals of up to $100,000. [online] BGR. Available at: https://bgr.com/tech/coinbase-now-offers-instant-cash-withdrawals-of-up-to-100000/ [Accessed 13 Aug. 2021].

Smith, C. (2021b). Walmart job listing teases that bitcoin payments could be coming. [online] BGR. Available at: https://bgr.com/tech/walmart-job-listing-teases-hints-that-bitcoin-payment-is-coming/ [Accessed 17 Aug. 2021].

Statista. (2021). Blockchain wallets 2011-2021 | Statista. [online] Available at: https://www.statista.com/statistics/647374/worldwide-blockchain-wallet-users/ [Accessed 5 Aug. 2021].

Techies, D. (2021). What’s the Environmental Impact of Cryptocurrency. YouTube. Available at: https://www.youtube. com/watch?v=ih-NJIUydFA [Accessed 19 Aug. 2021].

The Guardian (2021). Elon Musk says Tesla will no longer accept bitcoin due to fossil fuel use. [online] the Guardian.

Available at: https://www.theguardian.com/technology/2021/may/12/elon-musk-tesla-bitcoin [Accessed 13 Aug. 2021].

Tully, S. (2021). If Bitcoin hits $500,000, mining it will spew more CO2 than Mexico or Brazil. [online] Fortune. Available at: https://fortune.com/2021/08/16/bitcoin-500k-carbon-footprint-co2-mexico-brazil/ [Accessed 17 Aug. 2021].

UK Finance (2020). UK PAYMENT MARKETS SUMMARY 2020. [online] UK Finance.org.uk. Available at: https://www. ukfinance.org.uk/system/files/UK-Payment-Markets-Report-2020-SUMMARY.pdf [Accessed 18 Aug. 2021].

UTRUST (2021). Taking over ecommerce: why crypto is bound to disrupt the industry. [online] Medium. Available at: https://medium.com/utrust/taking-over-ecommerce-why-crypto-is-bound-to-disrupt-the-industry-3fc99a81bdac [Accessed 13 Aug. 2021].

Williams, D. (2019). How retailers can benefit from blockchain. [online] Retail-insight-network.com. Available at: https://www.retail-insight-network.com/features/blockchain-in-retail/ [Accessed 7 Aug. 2021].

Wintermeyer, L, (2021). Could Developing Nations Follow El Salvador’s Move To Bitcoin? Forbes. [online] 9 Aug. Available at: https://www.forbes.com/sites/lawrencewintermeyer/2021/08/05/could-developing-nations-follow-el-salvadors-move-to-bitcoin/?sh=4c48e84828b7 [Accessed 13 Aug. 2021].

IMAGE REFERENCES

Bill Gates. (2021). Forbes. Available at: https://www.forbes.com/sites/jonathanponciano/2021/08/12/bill-gatespledges-15-billion-for-climate-change-but-only-if-biden-signs-12-trillion-infrastructure-bill/?sh=72de5b8734b9 [Accessed 22 Aug. 2021].

Bitcoin’s electricity consumption. (2021). FinancialTimes. Financial Times. Available at: https://www.ft.com/content/ d5c121c8-aefc-48d5-a3bf-6e581ccb5762 [Accessed 22 Aug. 2021].

Earth Timer. (2021). Stylist. The Stylist Group. Available at: https://www.stylist.co.uk/news/environment/climatechange-how-to-take-action/553646 [Accessed 22 Aug. 2021].

Hidden Cryptocurrency Miners. (2018). Dark Horse News. Available at: https://darkhorsenews.com/cryptocurrency-firm-stellar-gets-islamic-finance-certification/ [Accessed 22 Aug. 2021].

Lolli (2020). Lolli: A Way to Earn Free Bitcoins While Enjoying a Shopping Spree. [online] NameCoinNews. Available at: https://www.namecoinnews.com/lolli-a-way-to-earn-free-bitcoins-while-enjoying-a-shopping-spree/ [Accessed 22 Aug. 2021].

Payments cards and mobile (2021). Bitcoin Inforgraphic. [online] Paymentscardsandmobile.com. Available at: https:// www.paymentscardsandmobile.com/wp-content/uploads/2017/02/bitcoin-13-1.jpg [Accessed 22 Aug. 2021].

ProfitTrading App (2018). Bitcoin fluctuation. Medium. Medium. Available at: https://medium.com/@profittradingapp/take-advantage-of-bitcoin-fluctuation-to-get-profits-with-profittrading-app-842c07ca3911 [Accessed 22 Aug. 2021].

The Water Project (2014). BitGive Becomes First IRS Tax Exempt Bitcoin Charity. CoinDesk. CoinDesk. Available at: https://www.coindesk.com/bitgive-becomes-first-irs-tax-exempt-bitcoin-charity [Accessed 22 Aug. 2021].

ARTICLE DESIGN INSPIRATION REFERENCES

Ksioks.com. (2020). [online] Available at: https://ksioks.com/wp-content/uploads/2020/03/Fashion-magazine-design-1.jpg [Accessed 22 Aug. 2021]. x‌ tremefreelance.com (2021). Web Design. [online] Pinterest. Available at: https://www.pinterest.co.uk/ pin/370069294389172335/ [Accessed 22 Aug. 2021].

ISSUE 04 WORD COUNT 2195

RESEARCH FOLDER:

https://padlet.com/erinleoniegrundy/lmtqongix3ehzrp6