Bitcoin and the other crypto currencies have now spread widely. Around a quarter of Australian adults are thought to have some form of crypto-currency, as does 1 in 10 European house-holds. China has introduced a digital version of the yuan; EU and US central banks are developing digital euros and dollars.
However, these forms of digital money involve severe weaknesses. First of all, despite blockchain systems, experts have doubts surrounding security. Secondly, the new currencies constitute a threat to the climate through power consumption – Bitcoin’s power requirements are about half that used by all of Australia.
