A Bitcoin Transaction Takes Thousands of Times More Energy Than a Credit Card Swipe

Discussion in 'Crypto Assets' started by Covertibility, Mar 13, 2017.

  1. It doesn't sounds like you've done enough research on Bitcoin to have an informed opinion.
     
  2. Xela

    Xela


    How can you possibly tell how much research the OP has done, just from one post linking to one article he's read, Steve? [​IMG]

    I suspect that what you really mean is that his opinion seems to be different from your own? [​IMG]
     
    eusdaiki likes this.
  3. Pekelo

    Pekelo

    Nothing like refuting someone with FACTS. OP is actually right, and bitcoin's usability as a popular payment tool depends on constant price increase. An instrument that is mostly held instead of circulated is not good for currency purposes.
     
    VPhantom and Xela like this.
  4. Tibster

    Tibster

    There's also the cost to preserve a currency integrity that is not included in the CC transaction cost.

    How much does it cost to prevent attacks on the USD? For example, someone changing their account value to 1 trillion and spending it. That's what transaction costs on a blockchain are used for. CC companies get this for free.
     
  5. just21

    just21

    Once the mining is done and all 21 million coins have been created why would you keep your mining computer connected to the network?
     
  6. Actually it wasn't the link I was referring to but:
    The factual answer to the above statement is:
    Yes, 21 million Bitcoins is enough to buy things. The smallest division of a Bitcoin is a Satoshi which is 10^-8 BTC. That's 2.1x10^15 Satoshis. In other words it's sufficiently divisible to support a huge market cap in exchange with another currency.
     
  7. What "price"? You mean the exchange rate against the USD? That exchange rate is variable depending on the forces of supply and demand. And has nothing to do with Bitcoin itself.
    Hypothetically imagine a world without government issued currencies and Bitcoin was adopted as the world-wide exchange medium. What's the price of Bitcoin then? It would be "how many BTC/loaf of bread" or "how many BTC/hour of labor".
     
  8. Remember that miners aren't mining Bitcoin but blocks. Miners are rewarded with Bitcoin for solving blocks but the reward decreases over time. After all the rewards are paid out, miners will continue to be paid for blocks with fees. Mining blocks to hold transactions is vital to the health of the Bitcoin network.
     
    VPhantom likes this.
  9. Pekelo

    Pekelo

    Only if the dollar valuation is high enough. At current valuation try to pay for a 10 million bucks purchase with bitcoin and see what happens...
     
    #10     Mar 13, 2017