The PayBito chief asserts the global anti-crypto narrative is far from reality. The latest Bitcoin ESG report from leading accounting firm KPMG supports this.
PALO ALTO, Calif., Sept. 26, 2023 /PRNewswire-PRWeb/ -- The recent KPMG report on Bitcoin's potential contributions to global ESG frameworks is positive. This counters the mainstream concern about Bitcoin's energy usage patterns. PayBito CEO Raj Chowdhury appreciates the firm's efforts to bring truth to the forefront. He added reliable audits from the world's top accounting firms help improve investor confidence, leading to increased participation and development.
Bitcoin ESG 2.0 Report:
Mainstream media remained unfair and inaccurate in its criticism of Bitcoin's energy consumption, with some reports even declaring the world's first crypto to consume all of the world's energy within 2020. The KPMG report counters this notion, showing the significance of Bitcoin across the 3 pillars of the ESG project.
The Significance of the Report:
The PayBito CEO, also a blockchain pioneer, stated the following in reference to the report, "KPMG's report highlights Bitcoin's positive ESG contribution. This is a big boost to the global crypto community. It conveys the industry's positive trajectory." The crypto industry is far from perfect. But, it is not as bad as the mainstream industry's propaganda. The commoners should understand the current scenario and not make misinformed decisions.
Key Takeaways from the Report:
1. Environment-
The report offers substantial insight into the extent of Bitcoin mining energy consumption. Bitcoin's PoW mechanism necessitates hashing and subsequent mining, the latter of which is essential to prevent double-spend. Mining requires the use of energy-intensive ASIC devices.
However, Bitcoin mining consumes just 0.55% of the world's total energy used yearly at 10TWh. This is almost similar to the energy consumed by tumble dryers. Bitcoin emission is the second-smallest contributor in the world.
2. Social-
KPMG countered the common claims of crypto being the source of criminal activities. Money laundering accounts for 2% to 5% of global GDP, and Bitcoin's part is 0.24%. The report highlights the opportunities for financial inclusion.
It includes Bitcoin's contribution to Ukraine's war with Russia and electricity for Africa. The financial inclusion aspect also includes crypto innovations reducing the market entry barrier for individuals and enterprises considering brokerage. PayBito's white label crypto broker platform allows entrepreneurs to start an exchange in three days, with an affordable monthly subscription.
3. Governance-
The report also highlights the decentralized attribute of the network. Efforts to alter the inherent traits of Bitcoin results in forking and shifting away from the main Bitcoin network. Examples include bitcoin Cash(BCH) which considered increasing Bitcoin's block size to 8 Mb. BCH has never been as successful as Bitcoin. Bitcoin's structure is robust and immutable, even by those in power.
Wrapping Up:
Throughout history, there have been numerous instances where individuals and societies have resisted change, often to their detriment. The mainstream criticism of Bitcoin is a prime example of this resistance. However, as research and in-depth analysis continue to reveal the true potential of Bitcoin, those who were willing to embrace this change are reaping the benefits. The recent KPMG report serves as a powerful testament to the positive contributions of Bitcoin in terms of ESG (Environmental, Social, and Governance) factors, further bolstering the perception of cryptocurrencies in the mainstream.
About PayBito:
PayBito is an online platform for launching a crypto business in Crypto Trading, Brokerage, Payments, Tokenization, ICO and banking. It is available in the web version as well as in iOS and Android stores. PayBito services include white label crypto exchange solutions, white-label payment gateway, exchange affiliate, and coin listing. PayBito offers some of the best rates and top-notch security in the crypto world.
Media Contact
Coleen Facete, Hashcash Digest, +14159662907, [email protected]
SOURCE PayBito
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