In a conversation on the Clubhouse app, Bill Gates said that `Bitcoin uses more electricity per transaction than any other form of money known to man, so Bitcoin is not a great thing.`

Bitcoin is a cryptocurrency, created by building links in a blockchain code – a collective record (or ledger) that stores transactions.

If enough “volunteers” verify a transaction as valid, that verification is grouped with other transactions in the world as a “block.”

Bitcoin miners often use high-end graphics cards or GPUs, because these hardware is capable of fast calculations and multiple calculations at the same time.

Scientists from the University of Cambridge recently built an analytical tool to calculate the energy used in the Bitcoin cryptocurrency mining process.

The research team discovered that about two-thirds of Bitcoin `mining pools` use electricity from fossil fuels.

Bill Gates said he does not invest in buying Bitcoin.

The Gates Foundation describes these as `the mechanisms by which individuals and businesses actually buy and sell. These systems can foster competition, spur innovation, and accelerate the development of products.`