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Ade Adepitan presents a new Channel 4 documentary about the recent cryptocurrency boom
Roughly three million Brits have invested in cryptocurrency, and since Bitcoin was launched in 2009, it has seemed like an easy way for many to make a quick profit.
But over the last couple of years, cryptocurrency has become infamous for its instability and unpredictability, with some investors losing small fortunes almost overnight.
As concerns about the viability of cryptocurrency, and the environmental impact of crypto mining grow, Ade Adepitan sheds light on the world of digital currencies.
Cryptocurrency is a digital currency that is not tied to a central authority such as a government or bank.
Cryptocurrency is an umbrella term for many different digital currencies, the biggest of which is Bitcoin.
Other cryptocurrencies include Tron, Ethereum, Tether, and Dogecoin, and they all fluctuate in value.
Your corner shop probably won’t accept crypto as payment, but some major companies are now accepting several types of crypto.
Amazon, Microsoft, Starbucks, and Paypal are among the companies which do accept crypto for some services.
Because cryptocurrency is decentralised, it is not stable, and the value of different cryptocurrencies surge and crash frequently.
For instance, Dogecoin, a cryptocurrency based on an internet meme, had a value of £0.46 per coin in May 2021, but today is worth £0.059 – that’s a drop in value of almost 90%.
Bitcoin, the most popular cryptocurrency, with roughly 180 million users globally, surged in value from £600 per coin in December 2016 to £48,000 in November 2021, before dropping again to £19,000 today.
Cryptocurrency does have a significant carbon footprint because of the way that it is made.
Crypto is ‘mined’ using sophisticated computer hardware to solve complex maths problems – this requires a lot of energy.
The US is responsible for more than a third of all Bitcoin mining, and this results in the production of more than 18 million tonnes of carbon dioxide every year.
The documentary explores the phenomenon of cryptocurrency and how it has taken hold of many UK investors.
Ade Adepitan explores how cryptocurrency works, the risks involved in investing in new digital currencies, and whether the crypto boom is over.
In 2021 it was reported that Bitcoin alone had a carbon footprint comparable to that of the entire population of New Zealand.
Ade Adepitan is a TV presenter and wheelchair basketball player who took part in the 2004 Paralympic Games in Athens.
Adepitan took part in documentary series Beyond Boundaries in which he trekked through rainforests, deserts, rivers and mountains in Nicaragua.
He was one of the main presenters on Channel 4 of the London 2012 Paralympic Games and has presented several documentaries for the channel, including Britain on Benefits.
Adepitan’s other documentary work includes presenting New York: America’s Busiest City, World’s Busiest Cities, and Changing Planet.
He has also appeared on game shows Tipping Point: Lucky Stars, Blankety Blank, Celebrity Catchphrase, Pointless Celebrities, House of Games, and Celebrity Chase.
The one-off special documentary will air on Channel 4 at 10pm on Tuesday 9 August. It will be available to watch on All 4 shortly after it is first broadcast.
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