Crypto gets the highest mention on Reddit in 2021
“Bitcoin is hated every day, Bitcoin is loved every day but bitcoin is never forgotten”, because hey, Bitcoin is the most happening thing today only followed by Vicky-Kat’s wedding and that expensive Sabyasachi Lehenga.
#cryptoonreddit has become the public open-access library for all the worldwide info on Cryptocurrency. On average, the posts that showcase buzz around crypto on Reddit get a minimum of 20 thousand upvotes, 3 thousand comments, and at least 50 plus awards. This makes it certain that the netizens are going crazy around crypto. Can you imagine, if just a phrase “Bitcoin”, on Twitter by Elon Musk can make this impact, then what if every crypto trader has a surplus of knowledge and wisdom on crypto? We got you covered, book a free demo with team CoinCRED here. Visit — https://coincred.org/
According to Swedish officials, Europe must prohibit Bitcoin mining to meet the Paris climate objective of 1.5 degrees Celsius. Because of its environmental effect, Swedish financial and environmental officials seek to ban Bitcoin mining in the EU as reported by Tom Bateman in an article, Computers must solve mathematical problems to validate transactions on a network under the proof of work scheme. As the number of blocks of authenticated transactions in the chain grows, the process is supposed to become increasingly challenging, requiring more processing power — and hence energy.
According to CoinCRED, in the last 24-hour scale, all the major coins have fallen in price, however, their single unit is still skyrocketing. The bitcoin has fallen by 0.22 %, Ethereum by 0.46 %, Binance Coin by 2.49 %, Tether by 0.11 %, Solana by 2.09 %. Hence on Reddit, we could see comedy genre threads by netizens like — “I was a crypto millionaire 5 minutes ago”. It is mesmerizing that in the crypto-verse, you buy for more and sell for less, but still you can sell it at a better price than the amount you invested to buy. Just another real magic logic, because Heyyy!! CRYPTO IS THE FUTURE.
But why do the crypto crash trends exist?? There’s a simple reason for this: rumors of looming stricter crypto restrictions have sparked a massive worldwide sell-off. The crypto market is notoriously volatile, and the Reserve Bank of Australia warned crypto investors late last month that they were risking owning speculative assets with “niche” applications that might lose the majority of their value as reported by Alex Turner Cohen on https://news.com.au. The value of several cryptocurrencies has been driven by “FOMO” according to Tony Richards, the RBA’s head of payments, and might fall if central banks decide to exercise control over their monetary systems.
A person may become a Bitcoin miner if they have a powerful computer with capable software and plenty of electricity, to begin with. On Reddit, there’s been a ruckus over buying pricey GPUs to mine bitcoin. Can GPUs, on the other hand, be utilized for crypto mining? We keep hearing this, but GPUs are still being purchased in droves. Professional bit currency miners use specialized processors; however, GPUs are used by many other casual miners. They were also moderately profitable, at least a few months ago.
Some anonymous Redditor has something controversial to address which says — “What I desire is to prevent world civilization from collapsing due to the Technosphere. Before crypto, if you wanted to generate money or gather cash, you had to gather hardware and software engineering skills and create something that people wanted. To create a coin, all you have to do now is follow a template, or even better, tie a bunch of GPUs together and rig them up to nicehash. And, because of how transportable capital is among the entire ecosystem of currencies, capital just flows from one coin to another on swap sites or exchanges, whether it POW or POS, more or less efficient consensus methods simply using more computation cycles, indefinitely and increasingly.” However, Team CoinCRED suggests to “BE BULLISH” because you never know the potential of you making money while you are asleep.
Another anonymous Redditor rant suggested -Silicon’s rising expenses substantiate this- it’s consuming a growing amount of global human civilization’s output, diverting our resource consumption toward the creation of more silicon and using more energy to feed into this technological ecosystem with declining returns to the human race. Miners should be thought of as carriers of this technological illness. They’re multiplying the GPUs you’d be gaming on to solve the equation of global civilization’s downfall. But hey! We are all never sure of it yet, so for now let’s follow the quote — “In Rome do as Romans do”, and go with the flow before we drown in the stagnate lake.
While crypto gains massive hatred and love ironically on Reddit, the debates are worth all your ears. While Redditors insist to pop the crypto bubble, there’s an immediate influencer to tell you otherwise. It is indeed tough to decide between “Make fun of NFTs, boycott content providers that sell them, push your friends to sell their crypto, and raise awareness about how NFTs are nothing more than a pyramid scam in which no value is generated and no product is exchanged. Making a profit requires someone else to lose money”, and “Because the bulk of cryptocurrency holders favor decentralization in general. The ability to transfer money around without the need of a centralized intermediary, such as a bank, which must notarize and examine every transaction to take a ‘piece’ although it is your own money.”
Crypto empowers people to take ownership of their own money as a whole. Yes, there are costs for transferring money around in most circumstances, but knowing that it is going to a person like me rather than a faceless organization that just cares about itself is comforting.
Here, we will leave you with a cliff-hanger, aren’t banks businesses?? Aren’t their interests hilarious?? Also, how can we expect free service anyway? A Redditor claimed that crypto made him 5X times richer 2 years ago, and that was the fastest way in super less time to behold the crypto.