Bitcoin has 3 flaws “” and that could set the stage for other alternatives, says Cornell economist

Bitcoin has 3 flaws “” and that could set the stage for other alternatives, says Cornell economist

, the world's best known cryptocurrency, has a few flaws — and that's triggered other digital currencies to come up with more viable options, according to a professor at Cornell University. It isn't as anonymous as people think it is, and "mining" bitcoin is bad for the environment, pointed out economics professor Eswar Prasad. It also doesn't work well as a currency, he told CNBC on Thursday. One interesting aspect is that other cryptocurrencies have come up with solutions to address some of bitcoin's flaws, said Prasad, who was formerly head of the International Monetary Fund's China division. 1. Mining harms the environment refers to the energy-intensive process required to produce new coins and ensure the payment network is secure and verified. The electricity used when transactions are validated on the bitcoin blockchain, as well as the mining process, is "certainly not good for the environment," Prasad said. CEO said last month that his electric car company will as a form of payment because of environmental concerns, causing the price of bitcoin to drop 5% in a matter of minutes. He has since made an about-turn and said in a tweet on Sunday that if it can confirm "reasonable" and