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Compared to the cost of lighting a cigar with a matchstick, it'd be more like lighting it with a penny. Despite Visa transactions being cheap, bitcoin transacti
by parliament32 6y ago
Compared to the cost of lighting a cigar with a matchstick, it'd be more like lighting it with a penny. Despite Visa transactions being cheap, bitcoin transactions are also very cheap -- you spend more power turning on your living room light for a few seconds. Probably best if we keep things in perspective.
Further: https://hackernoon.com/the-bitcoin-vs-visa-electricity-consumption-fallacy-8cf194987a50 https://hackernoon.com/the-bitcoin-vs-visa-electricity-consu...
- bccdee 6y agoOkay, so the gist of that article is that bitcoin burns about a third as much energy as the entire global institution of banking, based on some extremely back-of-the-envelope calculations. Bitcoin's current market cap is about $600 billion. There are quadrillions of dollars worth of capital in the the world, mostly managed by banks. Bitcoin remains EXTREMELY inefficient in comparison.