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Sustainability 2017, 9(12), 2214; doi:10.3390/su9122214

Current Trends in Sustainability of Bitcoins and Related Blockchain Technology

1
Department of Chemistry, University of Bari, Bari 70125, Italy
2
Department of Economics, University of Foggia, Foggia 71121, Italy
3
Department of Economics and Management, University of Pisa, Pisa 56126, Italy
*
Author to whom correspondence should be addressed.
Received: 26 October 2017 / Revised: 21 November 2017 / Accepted: 27 November 2017 / Published: 30 November 2017
(This article belongs to the Section Energy Sustainability)
View Full-Text   |   Download PDF [339 KB, uploaded 30 November 2017]   |  

Abstract

Bitcoin is a digital currency based on a peer-to-peer payment system managed by an open source software and characterized by lower transaction costs, greater security and scalability than fiat money and no need of a central bank. Despite criticisms about illegal uses and social consequences, it is attracting the interest of the scientific community. The purpose of this work is to define and evaluate the current trends of the literature concerned with the sustainability of bitcoin, considering the environmental impacts, social issues and economic aspects. From the analysis it emerges that the transition of the whole monetary system in the new cryptocurrency will result in an unacceptable amount of energy consumed to mine new bitcoins and to maintain the entire virtual monetary system, and probably bitcoin will remain a niche currency. Blockchain, which is the base for a distributed and democratically-sustained public ledger of the transactions, could foster new and challenging opportunities. Sharing the framework of medical data, energy generation and distribution in micro-grids at the citizen level, block-stack and new state-driven cryptocurrencies, may benefit from the wide spread of blockchain-based transactions. Under the perspective of its being a driver of social change, bitcoins and related blockchain technologies may overcome the issues highlighted by numerous detractors. View Full-Text
Keywords: bitcoin; sustainability; monetary exchanges; digital currency; energy consumption bitcoin; sustainability; monetary exchanges; digital currency; energy consumption
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Giungato, P.; Rana, R.; Tarabella, A.; Tricase, C. Current Trends in Sustainability of Bitcoins and Related Blockchain Technology. Sustainability 2017, 9, 2214.

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