The cost of crypto: Weighing the pro and cons of investing in Bitcoin

16/4/2022 6:15:00 PM

Investing into Bitcoin has become mainstream, but before getting in on it, think: do you know the risks and the impact on the environment?

Cryptocurrency, Environment

Investing into Bitcoin has become mainstream, but before getting in on it, think: do you know the risks and the impact on the environment?

Investing into Bitcoin has become mainstream, but before getting in on the action, think first: do you know the risks and the impact on the environment?

Cryptocurrencies are digital, cashless means of payment. They are managed and traded in a decentralised, secured payment system on the internet without the control of banks.It is becoming ever easier to buy cryptocurrencies. Many online brokers have long since offered individual currencies for purchase and conventional banks are moving towards allowing customers to buy crypto using their current accounts.

"Cryptocurrencies have arrived in the classical financial world, the asset class has established itself. Therefore, it is overdue and makes sense that classic banks also take the plunge,” he says.With online brokers, it's often all much easier: one click or swipe and the investor owns a bit of Bitcoin or Ethereum, which is stored right there in a wallet.

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At the time, the cryptocurrency was worth around US$8,000 (RM33,884). Now it’s worth five times that. This is how I approached my role as Finance Minister (MoF) in March 2020, when Covid-19 first began wreaking havoc on our economy and public health. Stories of such fabulous profit opportunities are attracting more and more investors to the crypto market. Cryptocurrencies are digital, cashless means of payment.         Over the last two years, while implementing various aid packages totalling RM530 billion — the majority of which were short-and medium-term measures — I also discussed longer-term reforms with my colleagues at the MoF. They are managed and traded in a decentralised, secured payment system on the internet without the control of banks.6 per cent),” he said in a statement today.

Almost 300 million people owned digital currencies at the end of last year and the figure is predicted to reach one billion by the end of 2022, the Crypto. 3.com platform has calculated. "Many are afraid of missing out. 4. That's why they're getting in," says Hartmut Walz, an economist at Ludwigshafen University of Applied Sciences in Germany. It is becoming ever easier to buy cryptocurrencies. As a result, systems thinking is precisely why, more than a year ago, we paired our reform vision with rethinking of the roles, functions and capabilities of Government-Linked Investment Companies (GLICs) and Government-Linked Companies (GLCs). Rubber processors factory was contributing 93.

Many online brokers have long since offered individual currencies for purchase and conventional banks are moving towards allowing customers to buy crypto using their current accounts. Growing interest in crypto Interest has increased significantly, says Timo Emden, specialist for cryptocurrencies at the stock market portal Emden Research. 5. "Cryptocurrencies have arrived in the classical financial world, the asset class has established itself. Therefore, it is overdue and makes sense that classic banks also take the plunge,” he says. From the electricity that powers our homes, the fuel that powers our vehicles, the clean water that gushes out of our faucets, the rice we eat, the highways that crisscross our country, the fund that supports employees’ retirement, and to the banks that process our financial transactions, various GLICs/GLCs’ products are so pervasive in our lives that we frequently take them for granted. Previously, those who wanted to invest in Bitcoin and the like usually had to buy coins by using trading platforms and then transfer them to their wallet, a kind of digital purse.8 per cent as against January 2022 (51,160 tonnes).

Owners have to keep the private key that controls access to this wallet as secure as possible. — Reuters pic 6. Figuring this out and setting it up took time, patience, and some technical knowledge. With online brokers, it's often all much easier: one click or swipe and the investor owns a bit of Bitcoin or Ethereum, which is stored right there in a wallet. Petronas, for example, has not only played an important role in the country’s socioeconomic development since its inception in 1974, but also grown to become a Fortune 500 company with global operations. Simple access makes it easier for people who might not otherwise have invested in crypto, for example, older people, small investors, and the less tech-savvy. Virtual currency but real risks Hartmut Walz doesn’t see this easier accessibility as necessarily a good thing. 7.4 per cent) and Brazil (2.

"It is a fatal sign that buying digital currencies is becoming easier and easier. This is aimed at the wrong target groups," he says. Khazanah Nasional Berhad, for example, created the Iskandar region that benefited many SMEs in property development. Experience with this asset class is still thin, he warns."Profits are pure luck with digital currencies. 8. No-one can predict how the market will develop in the long term," says Walz.5 per cent compared with January 2022 of RM2.

Cryptocurrency is a volatile asset. Strategic investments like these have also paved the way for the rest of the private sector to enter new markets and industries. Even a tweet can send values skyrocketing, as when Tesla founder Elon Musk announced last year that in future people will be able to buy his cars using crypto. Many investors are also betting on crypto as a crisis currency, similar to gold. 9. After all, cryptocurrencies are also not controlled by any central bank, the argument goes. And in the case of bitcoin, for example, the number of coins is limited, just as with precious metal, which cannot be extracted endlessly from the earth. Therefore, the MoF has spent the last 18 months reorganising and clarifying the GLIC/GLC mandate to better complement the Government’s daunting task of reviving our pandemic-ravaged economy as quickly as possible. Meanwhile, scrap was 0.

Not a safe haven "Cryptocurrencies offer no protection in market phases characterised by uncertainty,” Timo Emden warns. This is because they function as a high-risk asset class and are usually abandoned rapidly when uncertainties arise. 10."The safe haven narrative remains a myth.” That's why he urges caution when investing in crypto:"The risk of loss is much higher than with equities. It is a five-year journey, and we have been at it for more than a year. So investors must also expect a total loss.9 and 14.

” However, he doesn’t completely advise against cryptocurrencies either.       For example, various KPIs have been set to ensure that profit-oriented GLCs are not only commercially viable, but also have a clear roadmap for implementing ESG principles, coupled with well-formulated strategies to drive focus and investments into future growth areas. It all depends on how much risk someone is willing to take. The environmental impact of cryptocurrencies, meanwhile, adds a risk that goes far beyond your own finances.       The systems-thinking approach was also the underlying principle for the scope expansion of GLIC/GLC Disaster Relief Network (GDRN). That's because Bitcoin and co contribute to an enormous amount of global energy consumption that rivals the power usage of an entire country like Egypt or Ukraine. Researchers have long warned that the hardware and electricity needs of Bitcoin alone could significantly impact climate change for the worse. Beyond disaster relief, the GDRN’s expanded scope is a better-coordinated platform to align GLCs/GLICs’ existing social impact contribution in three key areas — education, sustainable livelihood and well-being (including the environment), and humanitarian response — while also ensuring improved ROI and tracking of GLC/GLIC CSR initiatives.79 per kg (US$1=RM4.

Bitcoin is responsible for 0.63% of global electricity consumption, according to the Cambridge Bitcoin Electricity Consumption Index.       We also recently launched the Principles for Good Governance (PGG) on 15 April, which are intended to guide GLICs/GLCs on three main board-related principles: Leadership and Board Effectiveness, Strengthening the Composition of Boards, and Promoting Investment Effectiveness and Transparency. The technical design that powers cryptocurrencies causes them to consume an enormous amount of energy in so-called mining centres around the world, and investors should know that the carbon footprint of the crypto community has risen steadily in recent years. – dpa Article type: metered . 14.