As Bitcoin hovers over $4000, crypto enthusiasts across the world staring at the new bull market. While BTC starting to pick the long-awaited figure, one cannot forget the energy it consumes during mining– however, the case of Bitcoin transaction in terms of electricity is quite different. As such Venezuelan claims that the recent massive power outages didn’t affect the BTC network.
Bitcoin Better Than Centralized Banks
Frances Coppola, financial author, and famously known Bitcoin critics took to Twitter on March 16 and claimed that ‘Bitcoin needs electricity’. She quoted a tweet of Professor Steve Hanke who discussed the use of Bitcoin in Venezuela that had suddenly dropped 40% due to blackout according to some reports. Quoting the tweet of Steve Hanke, Coppola said;
Since the “blackout” began in #Venezuela, the use of #bitcoin has dropped 40%, heightening the country’s money problems: a lot of inflation, but no money. #Socialism has returned VNZ to the days of barter.
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