Concern for the environment is one reason that Bitcoin Zero has recently emerged and is now a part the cryptocurrency market.
Uphold has introduced a wrapped unit of Bitcoin available for trading on its platform a few days ago shortly after adding the Universal Carbon token. BTC0 is an ERC20 token intended to help the environment by being carbon neutral with a net zero emission of CO2.
Bitcoin is responsible for exacting a heavy toll on energy consumption aversely affecting the quality of our environment. One Bitcoin transaction roughly equals the power consumption by a modern urban home over a period of a month.
The carbon footprint that negatively impacts our environment due the production of Bitcoin is a global environmental concern.
Each Bitcoin that is mined effectively produces several tons of carbon over the course of its life.
Bitcoin Zero is an ERC20 version of Bitcoin that is designed to help our environment by reducing the carbon footprint. It is called Bitcoin Zero due to the fact that it produces net zero emissions.
Net zero simply means that the amount of CO2 emissions caused by the BCT0 is equal to the amount being removed and is considered a balance.
The BTC0 token is rendered carbon neutral by retiring 10 tons of carbon credits in the form of 10 UPC02 tokens. Each UPC02 token is backed by a digital certificate.
It is clear that BTC0 and other environment friendly cryptocurrencies should eventually replace many of the current choices we have now. The process won't be overnight but it is inevitable. Gas guzzling automobiles dominated the auto industry long after electric cars were initially introduced. Electric cars are destined to replace the old gas cars even though the process will take many years. Electric automobiles also produce some undesirable emissions but far less than the gas and diesel variety.
One BTC is estimated to produce about 10 tons of CO2 and is how the price of BCT0 is calculated. 10 Universal Carbon units are added to the base price of BTC to arrive at a slightly more expensive token.
Owning Bitcoin while simultaneously helping the environment could be one reason mass adoption will eventually happen for BTC0. Many companies are concerned about the impact cryptocurrency has on the planet and are getting onboard.
Final thoughts
Stimulating the demand for carbon credits is a great reason to own Bitcoin Zero and even help save the rainforest. Cryptocurrency may eventually have a better reputation than it has now and not be suspiciously viewed as a tool for illicit gains.
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