Ohio on Monday became the first state to accept bitcoin as a tax payment option for businesses, and United Press International went to Vellum partner David Veksler for the definitive take on the story: “Part of the reason cryptocurrency is so volatile is that nobody knows what will happen to
Environmentalists have recently become concerned about the impact Bitcoin mining has on global warming. Headlines such as “Bitcoin Will Burn the Planet Down. The Question: How Fast?” and “Bitcoin Mining Alone Could Raise Global Temperatures Above Critical Limit By 2033” suggest that Bitcoin is an unfolding environmental disaster. However, those panicking about crypto make three fundamental errors. First, they do not understand how Bitcoin works, second, they do not understand what mass adoption would look like, and third, they do not understand the problem Bitcoin is intended to solve.