There are about 1 billion credit card transactions per day vs. ~300,000 bitcoin transactions per day. On top of that A Woman Cannot Survive On Wine Alone She Also Needs Cows Shirt are billions of other transactions that occur via ACH, equity trading, wire transfer, etc. When you do the math bitcoin uses about 100,000x to 1,000,000x more energy *per transaction* (depending on assumptions used) than our global financial system. It’s not even close, and it never will be.So yes, the global financial system uses more energy than bitcoin, but that’s because it’s handling millions of times the transaction volume. When you look at energy costs per transaction it’s very clear how inefficient bitcoin is.And yet masses upvote his comment because they own bitcoin, so they gotta try to prop it up whenever they can. I see the value in crypto, absolutely I do, but bitcoin does not seem like it deserves that #1 slot which it currently holds. So many better alternatives out there.It’s initial value derived from it’s anonymous purchasing power, the speed of transaction and it’s decentralization. The fact the speed of transaction has slowed down substantially since it’s popularization and the rise of other coins – sometimes backed by exterior value – exist now really makes me wonder how and why Bitcoin is still as big as it is, beyond the trust factor of how long it’s been operating for.
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Can’t we just stop repeating this super stupid comparison of bitcoin with the banking system over and over again? If the banking A Woman Cannot Survive On Wine Alone She Also Needs Cows Shirt was just accounts and transactions it would easily fit in a single building.The issue isn’t consumption. It’s generation. We need to generate more carbon neutral electricity and that means we need nuclearCorrect me if I’m wrong, but wouldn’t bitcoin and its ilk actually be DRIVERS of green energy?At its core, crypto mining turns electricity into money, so it’s an arbitrage problem: basically, “is your electricity bill lower than your crypto output?” Meaning that the geographies which can create the most mining value are the places where power is really cheap. Places with hydroelectric plants or massive solar and wind farms come to mind.And also correct me if I’m wrong, but isn’t a single unit of demand for electricity basically neutral, with the green v. wasteful ‘moral’ judgement firmly on the grid supporting that demand? Meaning that if I want the most power I can get at the cheapest price, and the power companies choose to supply that power via solar, then they’re the ones making green choices, not me.
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