Author: Luke Collins

The value of a single bitcoin has recently plummeted from an all-time high of €53,981, to around €30,000, in wake of the news that Elon Musk’s electric car company Tesla has stopped accepting the cryptocurrency as payment for vehicles. The reason behind Musk’s move is not motivated by lack of faith in the idea of cryptocurrencies: on the contrary, it is motivated by the faith in future generations of cryptocurrencies, namely, those which are not as harmful to the environment. The main issue with Bitcoin is that it relies on something called proof of work. The idea is that, in…

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