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Is that really a fare comparison? I mean Visa and Mastercard use the global banking infrastructure to complete its transactions. I cant open a Visa or Mastercar
by Phenomenit 9y ago
Is that really a fare comparison? I mean Visa and Mastercard use the global banking infrastructure to complete its transactions. I cant open a Visa or Mastercard account but I can generate a wallet in one second and use it instantly.
- ben_w 9y agoI have two questions: 1) Is this wallet going to have any spendable money in it one second after creation, or do you have to wait for the network to process your transaction like everyone else? 2) How often is it useful to create a wallet in one second?
- Phenomenit 9y agoMy point wasn't really about comparing Visa/Mastercard connected accounts with cryptoaccounts. I just wanted to highlight that for a traditional transaction to be completed between to accounts requires a lot more energy and infrastructure than just the energy consumed directly by those services. Nevertheless I still think its outrageous that so much energy is wasted mining BTC.
- ben_w 9y agoPlease quantify the energy use of the conventional approach — many people want to make the same point as you, but there don’t seem to be any (easily referenced) numbers estimating the energy cost per transaction of the alternatives.