"The average energy consumption for one single Bitcoin transaction in 2020 was 741 kilowatt-hours."
The global energy consumption in 2017 was 22.3 terawatt hours.
If we moved all financial transactions over to Bitcoin, we'd require over 1000 terawatt hours... each day(!) for Bitcoin transactions alone(!).
That doesn't even factor in that Bitcoin's energy consumption will be exponential to the amount of transactions.
Still believe that Bitcoin is the future of financial transactions?
I'm sorry, but no, that's laughable.
Bitcoin and the blockchain are amazing technologies, but they don't scale for what we are currently using them for.
Yes, there are enough clueless people in the market so that you can still make a quick buck (with a bit of luck anyway), but it's just one big bubble waiting to burst - by design.
Does that mean all crypto currencies suck? No, we're working on better alternatives.
I absolutely agree and I don't consider it a failure at all. On the contrary, it's a huge success, without a doubt. But its design is incredibly flawed for its current use-case, and eventually it'll just be remembered as the first iteration of crypto currencies.
My only recent use of BC is via robinhood where I can make a few bucks each day buying/selling due to its volatility.
Pretty sure they said we'd all be dead by 2019 if we still used BTC.
Their talking points… ugh.
#CambridgeUniversity debunked the bitcoin-is-a killer trope. They weren't even trying to, spun the result so it'd sound as bad as possible. Was yawn.
Yes, #bitcoin is designed to use a tiny fraction of the energy found on the planet.
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