4 ms·

Do they use as much electricity JUST to validate a transaction? With bitcoin, we have electricity consumption per transaction AANNDDD lights in bldgs to provid

• stale2002 9y ago
  I think you'd be surprised how much money is spent just on fraud prevention, security, storing peoples money, and all the other stuff that goes into "validating transactions" alone. It is not an easy problem. Also, I've never needed to go into a bitcoin bank in order to talk to a bitcoin bank teller, so that the person at the front desk can deposit my Bitcoin check. So I'd argue that there would be a whole lot less literal lights in a building, because you don't need to handle those in person services like that. But this is also ignoring the fact that it is a fundamentally different problem that is being solved. The problem that Bitcoin is trying to solve is a decentralized payment system that can't be censored by a central authority. Let me know when a real life bank can do THAT.
  • NTDF9 9y ago
    But not all of Banking is just validating transactions. Do you get that? The amount of energy that goes into maintaining accounts will be the same with maintaining wallets. The fact that any central authority/gang/thief can seize my wallet by simply stealing my password is a bigger problem than a bank holding on to my transactions...a bank I can trust because of rule of law. Now we'll have to have fraud prevention for bitcoin...which means more additional energy.