Less than 10 transactions per second while spending more electricity than several medium-sized countries.
Yup. Technology of the future that we are fools to dismiss.
Yup. Technology of the future that we are fools to dismiss.
I like to think the energy consumption of the bitcoin network is an "idle energy":
10 transations/s = mid-size country
100 transations/s = mid-size country
10.000 transations/s = mid-size country
An increase in transations do not directly increase energy consumption.
So far this has always been the case
> The Lightning Network already proved that a much higher volume of bitcoin transactions
It hasn’t proven anything yet, and as already pointed somewhere in this discussion there’s already a new version trying to fix shortcomings and limitations.
You can easily compare. Fiat provides orders of orders of magnitude more value added services on top of just money. Bitcoin is consuming all that energy while struggling to send money between to people at a (often an order of magnitude) higher cost.
Oh. There’s not just bitcoin, of course. There’s the joke called ethereum which was crippled by a game which in real world can be run on a mid-2000-era netbook.
Yup. Incomparable.
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Edit: On Singles Day Alipay handled over a billion (yes, a billion) transactions in a day, with a peak of 120 000 transactions per second.
Bitcoin would deplete the Sun attempting the same thing.
A billion Bitcoin transactions would be about 250-500 GiB, depending on the transaction size. If we were willing to accept block sizes of 1.5 to 3.5 GiB then we could handle that many transactions per day using no more energy than the current system. Of course, you'd need a 50+ Mbit dedicated downlink and some fairly capable hardware just to keep up with all the traffic, which is why we don't permit such large blocks.