I only ask, because it seems as if different types of money have different costs. Lets look a the US dollar (USD). Over 80% of the USD is digital. The other 20%
The other 20% is printed or coined. I wonder which is more expensive to launch and get into the hands of the actual consumer.
Let's make a quick list of the cost of this fiat currency called the US Dollar.
Design and manufacture printing plates and dies for coins. ( ongoing costs as they do deteriorate with use.
Design and manufacture the printing press and coin machines.
Design, Source and manufacture the best possible fabric to print on. (not paper) Mine and manufacture the layered metal round stock for minting coins. Mine and manufacture the precious metals for gold and silver coins.
Purchase land, build facilities, air condition and heat these buildings. Maintain these buildings, mow the law. Maintain the fences.
Security of the above items from the fabric to the bank. Security will include anti-counterfeiting operations and enforcement, theft from each phase of the coin process, theft of printed money, armored truck purchases and fuel and maintenance . Insurance on transfer of money from a mint to a federal reserve bank and to the using back from there.
Buy back worn out money and secure it until it is destroyed.
Now add all the costs of every bank building in the US. Utilites, buildings, security, maintenance, and employee costs.
Now add the cost of counterfeiters and how it devalues the dollar.
Now add inflation and how it devalues your dollar.
Now , add to this the secuity involved to disperse the other 80% of fiat currency and the audit/admin costs of every bank and credit union in the US, and overseas banks that deal in US dollars. Everything from training new staff, to retirement benefits for how many million people in the money/banking industry.
Add to this the retail friction/cost of millions of store owners driving to the bank to deposit cash and checks and picking up a bank bag of money to open their stores every day. Millions. Millions of miles driven, sometimes twice a day.
I can only imagine what it costs to build all the banks and vaults, and huge vault doors and armored cars and US Mints, and etc and etc and etc. How MUCH? Plus utilities. Did I miss anything? You bet, but you get the idea.
After all this, you want to tell me that mining Bitcoin is expensive? WTH. Did you just fall off the potato wagon?
Pray tell which of these has a larger impact on the economy and require more resources to build, maintain, employ, air condition, provide lighting and security.
Tell me again about the renewable energy sources that modern day Bitcoin miners provide. Tell me We can has Cheeseburger.
FNL content including, but not limited to, articles, podcasts, videos, live streams, and websites are intended for informational purposes and should NOT be considered financial, investment, tax, legal, nor trading advice. Cryptocurrency, futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. https://futuresnetworks.live/risk_disclaimer