2 ms·
What you've just said here is the reason PoS cryptocurrencies are the way forward. I don't think bitcoin is sustainable as a global currency. The bitcoin networ
by pcthrowaway 6y ago
What you've just said here is the reason PoS cryptocurrencies are the way forward. I don't think bitcoin is sustainable as a global currency. The bitcoin network currently uses 1-2% of global energy production, which is already too much!
The mean wealth of an adult on Earth (in USD) is ~$70,849 [1]. For all adults (let's say 70% of the global population, or 5.46 billion), on average, to have even 1% of their wealth stored in bitcoin, and assuming 14.8 million bitcoin in circulation (as 18.5 million have been mined, ~20% have been lost [2]), the bitcoin market rate would have to be $258,243 USD/BTC. This would mean an increase in mining incentive which will likely outpace advances in renewable energy technologies. With ballooning transaction fees, Bitcoin is not even useful for 90% of the world, for the scale of their transactions.
With Ethereum's 2.0 network (which uses PoS), we will have a much more sustainable cryptocurrency that can hopefully be adopted at a global scale without devastating impact on the planet. Perhaps Bitcoin Cash or some other contender with negligible fees will play an important role as well (I'm not sure what the Eth 2.0 transition will mean for mining fees on the Eth network, which are also undesirably high). I'm overall optimistic on blockchain technology as a whole, but I really hope Bitcoin isn't the dominant cryptocurrency in 10 years time
[1] https://en.wikipedia.org/wiki/List_of_countries_by_wealth_per_adult#By_region https://en.wikipedia.org/wiki/List_of_countries_by_wealth_pe...
[2] https://www.investopedia.com/news/20-all-btc-lost-unrecoverable-study-shows/ https://www.investopedia.com/news/20-all-btc-lost-unrecovera...