Yet with the growth comes more criticism for another, less desirable aspect. Concerns about cryptos negative influence on the environment have been circulating in recent months. In a word, as cryptocurrency trading becomes more popular, so does electricity consumption as a result of it. This is becoming a huge problem for crypto, but where some currencies like bitcoin use, hundreds of kilowatt per hour of energy currencies like xrp, are becoming the most sustainable for money in todays video. You will know that how xrp will survive the race of sustainability will replace bitcoin and even cash and will be the only currency in the future, but before we get to it, welcome back everyone to crypto millionaires, a channel where you get your daily dose of xrp. If you like, the content do give it a thumbs up and dont forget to subscribe to the channel and click the bell icon for more xrp news. Earlier this year, bitcoin reached an all time high value of around 65 000. The value did not retain its position for long and when elon musk shared the shocking news. The value fell down. Musk has said that, due to its high energy consumption by bitcoin, the car company tesla will not use bitcoin for the payments anymore. After this announcement by the billionaire and the crypto influencer, the value went down and the whole crypto market got affected. The concerns were raised about the mining energy. The energy consumption by bitcoin is extremely high.

According to the cambridge center for alternative finance or ccaf, bitcoin currently consumes around 110 terawatt hours per year, 0.55 of global electricity production or roughly equivalent to the annual energy draw of small countries like malaysia or sweden, with the rising use of cryptocurrency, the demand is increasing, Which means a higher energy use among mining operators. According to reports, bitcoins electricity consumption jumped by more than 163 in the second half of february, from 265 terawatt hours to 433 terawatt hours as the price skyrocketed. The bitcoin network also generates 11.5 kilotons of e waste every year. After that, global and local leaders agendas have become preoccupied with sustainability. We can thank musk for that. The biden administrations decision to rejoin the parish climate agreement was the first hint of this and weve lately. Seen remarks from various federal and state agencies indicating how important it will be to confront the global climate catastrophe? Well, this was about the energy consumption of bitcoin and how they got awareness to think of a sustainable crypto market in a world where bitcoin is being such energy consumption. There are currencies like xrp that use less than one percent of energy used by the top cryptocurrency of the world. According to reports, the energy demand for xrp, which is employed by the us based technology company ripple labs, is .0079 kilowatt hours. This makes xrp approximately 90 000 times more environmentally friendly than bitcoin. In comparison, a single transaction using fiat currency like paper money, consumes .

044 kilowatt hours. It suggests that xrp is even more suitable than fiat currencies and, in fact, the most suitable cryptocurrency in the world. The world is working toward making crypto sustainable, but it is here to stay and they cannot neglect the energy it is using to achieve a low emission future driven by clean, renewable energy market parties are actively collaborating for this purpose. Ripple has joined hands with the world economic forum, energy, web foundation, rocky mountain institute and consensus to enable all the worlds blockchains to be powered by 100 renewables by 2025.. Inspired by the paris climate agreement, crypto climate accord or cca is a private sector led initiative for the entire crypto community, focused on decarbonizing, the cryptocurrency and blockchain industry in record time. According to the website, ripple is joining over 20 supporters across different industries and blockchains, including the united nations coin, shares compass, mining, the xrp ledger foundation and consensus to ensure that the crypto industry comes together to develop solutions that enhance sustainability, scalability and create value for all Ripple also shared in a tweet that at ripple were committed to being a sustainable company and plan to reach carbon net zero by 2030.. As the world works together to achieve carbon net zero by 2030. Addressing sustainability has become a global issue. Financial technologies such as blockchain and cryptocurrency are ideally positioned to lead global finances, commitment to a sustainable future according to new research with the years now, through 2023 being the most essential for cryptocurrency acceptance.

Growth as the world grows more digital, guaranteeing the long term viability of fintech becomes even more important ripple has pledged to spearhead this initiative in collaboration with strategic technology and conservation organizations, as reported by businesswire in partnership with energyweb foundation, ripple has co created, ew0 a new Open source tool that will enable any blockchain to decarbonize through the purchase of renewable energy in local markets worldwide following todays release, any blockchain developer can access and leverage the tool. The xrp ledger foundation will be the first to use energy web zero to ensure offsets are purchased for consumption on the xrp ledger. This also is a huge advantage for xrp to lead the future of the payment industry. The xrp ledger is carbon neutral and uses validation and security, algorithm called federated consensus, that is approximately 120 000 times more energy efficient than proof of work. One of the reasons the cryptocurrency is more environmentally friendly than its other. Cyber counterparts is that all of its tokens are already in existence requiring no additional energy to create more of the assets due to the quality of being the most sustainable. Cryptocurrency xrp was also adapted by raw sports, which is a plant based nutrition brand howell, a former footballer and owner of raw sports said cryptocurrencies will continue to grow in popularity across the world. Thanks to the convenience, transparency and anonymity they provide as they grow. We must take steps to ensure the environmental footprint is minimized.

Caring for the planet and keeping emissions to a minimum is a responsibility for every brand. We take this seriously and have chosen xrp. As a result, xrp not only seems to replace bitcoin that uses as much energy in one year as the country of argentina, but xrp can also be a suitable replacement for cash. Cash, on the other hand, is definitely going to disappear. One day many countries like sweden, china and the united kingdom are advancing toward a cashless society, and consumers are increasingly opting for alternative payment methods, such as credit cards. Cryptocurrencies appear to be a long term cash substitute considering everything that requires electricity in the traditional banking system. Such as data centers atms, corporate offices, transportation and so on, cryptocurrencies use less than 40 of traditional banking, electricity and among cryptos xrp is the most relevant one, because, apart from being sustainable, it is faster, cheaper, stable and most reliable cryptocurrency according to the united nations, the Negative environmental impact of cryptocurrencies such as bitcoin has been widely covered in the press in recent weeks and months, and their volatility has also been flagged as a cause for concern. Nonetheless, the un believes that blockchain the technology lying behind these online currencies could be of great benefit to those fighting the climate crisis and help bring about a more sustainable global economy. Xrp is the most sustainable solution. Whether or not a cashless society is the way of the future. Analysts predict that cryptocurrencies will expand rapidly.

As a result, it is vital to continue to assess cryptocurrencys environmental impact and improve their long term viability. Bitcoin did follow the advice and used hydroelectric power for mining. An economist alex dave rios affirms the use of clean energy cant help in bitcoins environmental sustainability. Hydroelectric can sustain bitcoin mining during the wet season, but hydroelectric electricity could not support all your demand, because bitcoin mining runs 24 7.. This only brings xrp to be the only solution and replacement to the cryptocurrency. If the world wants to be carbon free, the measures taken by ripple are also helping the global economy according to ripple across industries. The adoption of sustainable measures like these can save the global economy. An estimated 26 trillion dollars by 2030., as fintech, becomes increasingly more prominent. The opportunity for the industry to lead global finance toward a carbon neutral future becomes greater according to the coin market cap. At the time of writing, the xrp price today is 95 cents usd with a 24 hour trading volume of 3.1 billion dollars. Usda xrp is up 3.64 percent in the last 24 hours. The current coin market cap ranking is number six with a live market. Cap of 44.5 billion usd it has a circulating supply of 46.7 billion xrp coins and a max supply of 100 billion xrp coins, so guys this is it for todays video. I hope it could be a big help to you.