Bitcoin is a digital currency proposed by a developer hided under the pseudonym Satoshi Nakamoto in 2009, and it is relied on a peer-to-peer payment system created as an open source software. It is relied on blockchain a distributed and democratically-sustained public register of the transactions. Bitcoin, as well as other digital currencies, has a lower transaction cost and greater security and scalability than fiat money and no need of a central bank. However, in the last years several researchers have relived environmental issues related to the use of this money. On the contrary, the relate technology of blockchain is recognizing as a significant tool contributing to create a more sustainable world. In this context, the purpose of this paper is to describe and evaluate the sustainability of the Bitcoin currency and the blockchain technology considering the environmental and social impacts due to energy consumption, market diffusion compared to fiat currency. Blockchain can reduce and accelerate bureaucracy processes as well as incentivize environmentally friendly behaviour. Under these perspectives, blockchain may show the full applicability of sustainability in the economic, environmental and social sectors.

Sustainability of Bitcoins and Blockchain

Pasquale Giungato;
2019

Abstract

Bitcoin is a digital currency proposed by a developer hided under the pseudonym Satoshi Nakamoto in 2009, and it is relied on a peer-to-peer payment system created as an open source software. It is relied on blockchain a distributed and democratically-sustained public register of the transactions. Bitcoin, as well as other digital currencies, has a lower transaction cost and greater security and scalability than fiat money and no need of a central bank. However, in the last years several researchers have relived environmental issues related to the use of this money. On the contrary, the relate technology of blockchain is recognizing as a significant tool contributing to create a more sustainable world. In this context, the purpose of this paper is to describe and evaluate the sustainability of the Bitcoin currency and the blockchain technology considering the environmental and social impacts due to energy consumption, market diffusion compared to fiat currency. Blockchain can reduce and accelerate bureaucracy processes as well as incentivize environmentally friendly behaviour. Under these perspectives, blockchain may show the full applicability of sustainability in the economic, environmental and social sectors.
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11586/241924
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