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  • Writer's pictureDoug Hull

Green Crypto?

Based on my recent rant on NFTs you may think that I am anti-crypto. Well nothing could be further from the truth - I think crypto-currencies and blockchain technology are hugely exciting with significant benefits for society if implemented wisely. That last word 'wisely' being the most important one in that sentence.

Bitcoin is the oldest crypto currency and has led the way for the past decade, however it has recently taken a lot of flak for its slow transaction times and high energy usage. It is far too soon to write the currency off though and the community are on a mission to salvage Bitcoin's reputation. Nevertheless newer crypto's are appearing rapidly and my guess is that one or more of the new kids on the blockchain will take the reins from Bitcoin as the crypto of choice in the near future. It's a bit like social media - MySpace and Friendster were early social media apps that didn't make it big, but they paved the way for Facebook's world domination. So who will become the TikTok of the crypto world?


After Bitcoin, the next biggest crypto is Ethereum, and it is on Ethereum's blockchain that most NFT's are processed. The good news here is that Ethereum is in a state of transition to a much more energy efficient model which will mean a major change to the efficiency of its blockchain. Does this mean I may warm up to the idea and spend $12m on a Bored Ape NFT? Hmm... I'll get back to you on that...


Another highly-rated upstart to keep an eye on is Cardano. Cardano was created by one of the co-founders of Ethereum and, while it is relatively new, it is rapidly gaining popularity. Cardano can process roughly 1000 transactions per second compared to Bitcoin's 7 and uses a fraction of the electricity per transaction.


There are a score of other contenders too - all with pro's and con's. My prediction (for what its worth!) is that the market will take a few years to stabilise and then in the next decade we will see a handful of dominant crytpos rising above the rest. Those will become tried and trusted household names, and everybody will use them without a second thought. As the world becomes more aware and educated about the negative impact of energy-hogs on the Earth's climate I expect that the most energy efficient cryptos will be amongst the most successful.



With the crypto market in turmoil at the moment, and many investors looking to 'buy the dip' maybe it is worth supporting the greener options?


Until next time!


Doug

aka The Regeneralist

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