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And how much would it use if we used it to replace fiat currency?
by eloff 7y ago
And how much would it use if we used it to replace fiat currency?
- magashna 7y agoI wonder if it would be comparable if you took the costs of printing and handling fiat.
- frei 7y agoIt's not possible to replace fiat currency with bitcoin because the transaction rate (# of tx/s) of the bitcoin ledger is far too slow (5tx/s). https://hackernoon.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44 https://hackernoon.com/the-blockchain-scalability-problem-th...
- eloff 7y agoThere are solutions to that, I wouldn't go so far as to say it's not possible. But I don't advocate for it or think it's in any way going to happen either.
- askmike 7y agoThere is no relation between the hashrate and the amount of transactions being mined. So to answer your question: That depends on a few dynamics, mostly the price of electricity compared to the price of a bitcoin given an amount of inflation (the blockreward).
- eloff 7y agoAre you sure there no unintended side effects either that might cause the energy usage to increase with transactions?
- askmike 7y agoIn some cases more onchain transactions does mean more rewards for miners, as transactions will need to outbid with more fees for blockspace. How this relates to hashrate depends on things like the ratio of the block reward vs the block fees. But in the context of "what if the the whole world uses bitcoin", the vast majority of transactions will not be onchain. But instead will be transacted via other more efficient layers (sidechains - like Liquid, or level 2 - like lightning).
- eloff 7y agoYeah, that all makes sense and fits with my understanding. Thanks for explaining it.