Why Saudi Arabia Should Ban Bitcoin Argumentative Essay

Throughout history, currencies have been constantly developing from a shape to another. Numerous years ago, people used to consider bartering as the only way to buy and sell, until currencies, such as gold and fiat currencies, occurred. By imposing many changes in several fields, Technology, nowadays, has dominated in many domains, and currencies were not an exception. This essay will argue why Saudi Arabia should ban bitcoin owing to the amount of environmental damage it produces, and the number of crimes it causes. 

To begin with, there are numerous reasons why bitcoin must be banned in the kingdom, arguably the most assertive one might be the amount of electricity it consumes, and its affection on the environment.  In Saudi Arabia, most of the electrical power comes from unclear sources, petrol for instance. The more electrical power is consumed in the country, the more fossil fuel burning is made. The problem here is not restricted to Saudi Arabia alone, in fact, it is a widely and globally affecting issue. Fusil fuels burnings leave a hazardous footprint on the environment, due to the greenhouse gasses it produces. The amount of electricity that bitcoin uses is almost the same as a mid-sized European country (Nauman, 2021). This indicates the significant amount of electricity that is being consumed, as well as the bulk of the non-renewable energy being utilized to create this electricity, by bitcoin miners around the world. This, consequently, means that environmental purity is an exorbitant toll that humanity must pay. 

Furthermore, another significant reason that should be considered too is the large number of crimes and thefts that bitcoin allowed. Due to the anonymity that bitcoin uses in its complicated blockchain system, it is sufficiently difficult to caught criminals. Which makes bitcoin one of the most utilized cryptocurrencies in illegal activities. Although the considerable amount of electricity that is being consumed in the mining process might give a sense of trust and security, numerous scams succeeded because of bitcoin. According to Piven (2021), bitcoin utilizers can be easily stolen; thanks to the lack of restrictions on it. What can be perceived is that the Kingdom's government must take urgent actions towards such threats, and banning it is one of the reasonable procedures that should be undergone.

In conclusion, points of view might vary in that regard, but this essay has discussed why bitcoin must be banned in Saudi Arabia; because of the environmental effects, and the security concerns.