And other common criticisms about bitcoin.Bitcoin\u2019s energy consumption is not wasteful.Bitcoin is a store of value that also acts as a store of energy.More often than not, bitcoin and cryptocurrency miners exist in places where energy would otherwise be wasted.Bitcoin mining tends to gravitate to places where there\u2019s an overcapacity of energy production. \u2014 Vijay BoyapatiWith the recent 2020\u20132021 crypto bull market, predictable criticisms of bitcoin are once again circulating and bitcoin being bad for the environment is one of the most popular misconceptions.Let\u2019s address a few other common misconceptions first. These are especially important to call out for newcomers to the crypto space.No, bitcoin is not money for criminals.Data from Chainanalysis shows that just 2.1% of all cryptocurrency transaction volume was used for criminal activity in 2019.This percentage is decreasing, rapidly.It fell to 0.34% in 2020.The percentage of all cryptocurrency transaction volume that was used for criminal activity in 2020 was 0.34%.Janet Yellen, President-elect Joe Biden\u2019s pick for Secretary of the Treasury, recently stated that cryptocurrencies are a concern when it comes to criminal activity and terrorist financing.It was a quick statement by her that the data disputes.Don\u2019t read too much into her take on the issue as she likely has not spent much time and energy on cryptocurrencies compared to other topics. The data shows that bitcoin is not supporting criminal activity.No, bitcoin is not anonymous.All bitcoin transactions are recorded on a public ledger.The public ledger, the blockchain, is a database of everything that has happened on the bitcoin network. Your bitcoin transactions are not anonymous.It might be difficult to pinpoint explicit owners of certain bitcoin addresses, but you can follow a trail of bitcoin, endlessly.This is also why bitcoin is not great money for criminals. The more people realize this, the smaller that above mentioned percentage of\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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