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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence.
Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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Over the last decade, cryptocurrency has gone from overlooked asset to a wildly popular investment. Cryptocurrencies are a form of digital currency secured through cryptography and computer networks. These currencies are not overseen by traditional central institutions, like a government or bank, and transactions are performed while maintaining the semi-anonymity of buyers and sellers.
How cryptocurrencies work can sometimes be complex, and below is an easy-to-follow guide on the most important things to know about digital currencies and new developments in the crypto market.
Golem (GNT) offers a way for users to rent computing power systems.
Although cryptocurrencies have created a new, alternative method of payment and opened up doors for millions all over the world, the production of cryptocurrency has been mired in controversy because of the energy required to produce it.
Bitcoin and other cryptocurrencies are “mined” on decentralized computer networks that act much like a large ledger. This ledger tracks each transaction of cryptocurrency, and computers throughout the network verify and process each transaction through a blockchain database.
Think of it like a long receipt that records every transaction in a cryptocurrency. As transactions are processed and verified, new bitcoins are created, or mined. Mining is the process of adding another entry onto the receipt, or another block to the chain.
This process requires high-powered and sophisticated computers – and a lot of electricity. Citing the Cambridge Bitcoin Electricity Consumption Index, Columbia University says that Bitcoin alone used an estimated 150 terawatt-hours of electricity annualized as of May 2022 – more than Argentina, with 45 million people.
Bitcoin mining consumes so much electricity that it accounts for 0.40 percent of the entire world’s electricity consumption as of July 2022, according to the Cambridge index. Mining for Bitcoin alone is estimated to create between 22 – 22.9 million metric tons of carbon dioxide emissions per year, comparable to those created by Sri Lanka, according to the Economic Times.
If Bitcoin were a country, it would be in the top 30 energy users worldwide, according to Digiconomist.
One Bitcoin transaction’s carbon footprint is equivalent to more than 975,000 Visa transactions, according to Digiconomist.
Bitcoin emissions alone could increase average global temperature above 2°C, according to research in the journal Nature Climate Change.
It is even estimated that Bitcoin mining consumes the same amount of electricity as all the data centers in the world, according to research in the journal Joule.
When cryptocurrencies were first created, it was nearly impossible for government tax agencies to track them. The hallmark of blockchain transactions is anonymity, meaning one could not prove the identity of the buyer or the seller.
Since 2014 however, the IRS has stated that cryptocurrency is treated as property for federal income tax purposes. Although the agency itself has not released official estimates yet, a new analysis from Barclays figures that the IRS loses an estimated $50 billion per year from taxes that should be paid on cryptocurrency assets.
Buying and holding cryptocurrency is not considered a taxable event. You can buy and hold the crypto for as long as you want (though you do have to disclose that on your tax return) but once you decide to sell (or realize the gain or loss) you will need to report the amount of profit or loss from the sale.
The popularity of cryptocurrency has grown in recent years as access to crypto has become easier. The asset is still incredibly volatile, and in 2022 rising interest rates have caused selloffs in Bitcoin, as skittish investors have offloaded what is still considered to be a risky investment.
Governments around the world, including the United States, have also started to analyze how to regulate cryptocurrency. On March 9, 2022, U.S. President Joe Biden signed an executive order to call for a broad review of digital assets, including cryptocurrencies.) Federal agencies are currently reviewing digital currencies and assessing the risk they pose to overall financial stability, among other considerations.
The difficulties of tax reporting and the controversy surrounding crypto have resulted in the digital asset being entirely banned in nine countries: Algeria, Bolivia, Bangladesh, Dominican Republic, Ghana, Nepal, North Macedonia, Qatar and Vanuatu. China, which used to account for the majority of the world’s bitcoin mining, has now outlawed cryptocurrencies altogether as well.
Cryptocurrency, although available as a method of payment for some companies scattered throughout the world, has not made the official leap as a widely available currency. Several major companies already accept cryptocurrency as a form of currency or payment, but the list is relatively limited:
So far, El Salvador and the Central African Republic accept crypto as legal tender, although both countries have had significant problems with its implementation.
Cryptocurrency’s volatile nature and controversy surrounding climate impact make it a speculative investment. Even a more established coin like Bitcoin is risky. All cryptocurrencies are fairly new, and it is difficult to compare asset-backed investments like stocks to digital currencies that are backed purely by investor sentiment.
Cryptocurrencies have become popular in recent years, but still face a number of challenges. Increasing regulatory oversight by governments throughout the world, extremely volatile price swings and fickle investor sentiment will continue to pressure the future of digital currencies.
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