> If you were to sum up all the retail banking locations, corporate offices, their data centers, contractors, POS systems, etc. would you realistically expect energy usage per transaction to be lower than a Bitcoin transaction?
Yes, on a per transaction basis. You can only have 7tx/sec which means only a tiny tiny number of people could ever use it, and yet it uses as much power as Denmark. Currently nobody uses it and it uses as much power as Denmark. I would rather another Denmark or Austria than an incredibly inefficient payments system. To underscore just how little bitcoin matters ask yourself, if it just disappeared one day would anyone outside the industry even notice? And on that you want to spend an entire nations energy budget?
Visa processes 600,000 transactions in the same energy budget as a single bitcoin payment. Six hundred thousand times more efficient.
I can’t understand why you’d compare it to the entire global financial system when it can’t possibly ever replace even a sliver of it. I could outperform it with a single AWS instance and one table in RDS or DynamoDB.
Yes, on a per transaction basis. You can only have 7tx/sec which means only a tiny tiny number of people could ever use it, and yet it uses as much power as Denmark. Currently nobody uses it and it uses as much power as Denmark. I would rather another Denmark or Austria than an incredibly inefficient payments system. To underscore just how little bitcoin matters ask yourself, if it just disappeared one day would anyone outside the industry even notice? And on that you want to spend an entire nations energy budget?
Visa processes 600,000 transactions in the same energy budget as a single bitcoin payment. Six hundred thousand times more efficient.
I can’t understand why you’d compare it to the entire global financial system when it can’t possibly ever replace even a sliver of it. I could outperform it with a single AWS instance and one table in RDS or DynamoDB.
[1] https://digiconomist.net/bitcoin-energy-consumption