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Cryptocurrency and Non-Fungible Tokens (NFTs) have become some of the most advertised for investments online. There is controversy over them, however, particularly on how they have a negative effect on the environment.
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Bitcoin mining is the process of making new bitcoin via solving complex math equations to verify the transaction into currency, according to Bankrate’s website. The process of bitcoin mining does require a large amount of electricity on the computers used to perform the mining can cause several carbon emissions from mining alone, most of which are done on old and/or underused power plants. According to the New York League of Conservation Voters, a bitcoin mining facility in Greenridge, NY was permitted to emit 641.878 tons
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Cryptocurrency and NFTs have been taking over in storm, but are they worth it? by Juan Diaz
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of carbon dioxide into the atmosphere.
Even without the environmental factors being considered, just like any investment, there is always a risk to it- especially since it is all digital. With crypto you have to worry about getting potentially hacked and losing your investments in data mines or not being careful with viruses. The crypto project you have invested in may also end up failing, as well as several scams being prevalent. Financial expert Dr. Christine Parlour from the University of California urges people to be “curious but cautious.” One of the big benefits to crypto is that it may gain significant value over time and possibly become a globally accepted form of currency.
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Cryptocurrency has more negatives to outweigh the positives it has attached to it, including financial risks and threats to the environment and global warming.
Economics and Personal Finance teacher, Amy Ellis states that she thinks it is a very risky investment, but if you do invest in crypto you should be “diversifying your investments but only after you have an emergency savings account.”
Economics and Personal Finance teacher Kelly Pollock has some experience with Crypto when her son invested in it. ”It’s risky because my son has it, and he lost a lot of money. People should work with a professional financial advisor if they are considering investing.”
Senior Carlos Lara Sanchez has already been making investments in the stock market and he said, “ I think they are a great investment. I already made investments, and I am planning on buying NFTs.”
Many people suspect that there may be a lot of Ponzi schemes related to cryptocurrency, and there have in fact been many schemes found in the cryptocurrency scene. Not all crypto franchises are scams, but you definitely have to be careful with what you invest in. In 2014 there was a website called Ponzi.io with the motto, “Get rich off the world’s first open Ponzi scheme!” Economist Robert McCauley from Boston University stated that “Bitcoin is worse than a Madoff-style Ponzi scheme.”
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opinion u january|february 2022 u the viewpoint u11
