Bitcoin

Out of context: Reply #933

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  • detritus0

    The two most significant problems with Bitcoin as a replacement for money as I see it are the maximum amount of transactions it can handle, and the disgusting amount of energy required to commit each transaction.

    I've read that each transaction takes around 3kWh (!) and there's a global maximum of 20M transactions per month...

    https://runeksvendsen.github.io/…

    So that leave bitcoin as some sort of alternate savings or security, neither of which are proven, the former of which is tentuous given the drastic fluctuations these things seem to encounter.

    detritus 0Permalink
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    • 'tentuous' should be a word.
      Chrtst, I need to put the heating on - fingers are cramping :\      detritus
    • Bitcoin will never replace money, Bitcoin is a replacement for golddrgs
    • The lightning network on top of the bitcoin blockchain should solve a lot of the scalability issuesCalderone2000
    • If I do a transaction with my smartphone wallet it doesn't cost me any energy. Miners confirming the transactions and closing the blocks use the energy...Calderone2000
    • ... but that is what they call 'mining'. And they are rewarded bitcoin for their efforts.Calderone2000
    • how much energy it takes to support all banks, credit cards, financial institutions?zaq
    • Plenty, but for orers of magnitude more money, also excess consumption to solve complexity isn't a fundamental build-in of the systemdetritus
    • @calder - I need t ofind my source, but I'm under the impression that figure was post mined coin, rather for simply refreshing the chain across the network.detritus
    • Bitcoin is a speculative bubble. The tech may survive when fed banks and institutions embrace their own block chain. Beyond that, it's niche gambling.formed
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