Home Cryptocurrency Bitcoin’s cost is way higher than its price

Bitcoin’s cost is way higher than its price

Bitcoin, or as many people refer to it online, just ₿, is, for the time being, on the up and up. Earlier this year, Venmo, a financial services company, announced that it will be incorporating Bitcoin transactions into its platform, as the currency recently surpassed a record value of $63,000 per coin. Though Bitcoin has many benefactors in the tech executive class and beyond, this cryptocurrency has limited utility compared to the cost that it takes to maintain the entire system. 

An indictment of Bitcoin is not an indictment of blockchain technology — the multi-agent authentication system on which Bitcoin operates — or its many other uses. Bitcoin, outside of the fact that it is a bubble likely to pop, creates more problems for the world than it solves.

Bitcoin has prominent proponents, such as Twitter and Square CEO Jack Dorsey and the Winklevoss twins. It makes sense — a democratized, purely digital currency is exactly the kind of futuristic, disruptive thing tech CEOs flock to. But why is it appealing? What problem is Bitcoin meant to solve? 

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