4 ms·

Bitcoin can't handle the amount of transactions the banking system can handle at the moment. For it to scale to that level it requires an L2 solution (eg. Ligh

Bitcoin can't handle the amount of transactions the banking system can handle at the moment. For it to scale to that level it requires an L2 solution (eg. Lightning), in which case energy consumption is not going to increase.

Ekaros 6y ago
Why would L2 solutions use less energy than current banking, payment processing and transactions solutions? Or with other services related be at least in same ballpark?
- moralsupply 6y ago
  L2 doesn't require mining, only channels maintained with relatively low processing capabilities
PragmaticPulp 6y ago
What’s the argument for using L2 networks on top of Bitcoin instead of simply using one of the other cryptocurrencies that was designed from the start to handle transaction volume? Why do we need a separate currency for sending money around anyway?
- moralsupply 6y ago
  The argument is that Bitcoin work very well as a store of value, and is proven (10+ years in operation with little-to-no incidents, despite a huge amount of attempts to attack the network). It doesn't need to be "perfect" in every front. L2 solutions still transact the same tokens as their L1 counterparts. Other solutions may potentially be "better" technically, but that doesn't mean they are proven in the long run, and the on-ramp, corporate, etc. infrastructure is not in place for them.
  - jcranmer 6y ago
    > (10+ years in operation with little-to-no incidents, despite a huge amount of attempts to attack the network). Shame about all of those hundreds of millions of dollars worth of Bitcoin that have been stolen. Come to think of it, while I haven't crunched the statistics, it wouldn't surprise me if your money were more likely to be stolen if you kept it in Bitcoin than a boring bank account.
    - moralsupply 6y ago
      Is that because of the Bitcoin protocol or because people are dumb and lost their coins?
      - jiveturkey 6y ago
        does it matter?
MrMan 6y ago
Why don't we use dollars
- moralsupply 6y ago
  We do use dollars, the last time I checked...

Ekaros 6y ago

Why would L2 solutions use less energy than current banking, payment processing and transactions solutions? Or with other services related be at least in same ballpark?

moralsupply 6y ago
L2 doesn't require mining, only channels maintained with relatively low processing capabilities

PragmaticPulp 6y ago

What’s the argument for using L2 networks on top of Bitcoin instead of simply using one of the other cryptocurrencies that was designed from the start to handle transaction volume? Why do we need a separate currency for sending money around anyway?

moralsupply 6y ago
The argument is that Bitcoin work very well as a store of value, and is proven (10+ years in operation with little-to-no incidents, despite a huge amount of attempts to attack the network). It doesn't need to be "perfect" in every front. L2 solutions still transact the same tokens as their L1 counterparts. Other solutions may potentially be "better" technically, but that doesn't mean they are proven in the long run, and the on-ramp, corporate, etc. infrastructure is not in place for them.
- jcranmer 6y ago
  > (10+ years in operation with little-to-no incidents, despite a huge amount of attempts to attack the network). Shame about all of those hundreds of millions of dollars worth of Bitcoin that have been stolen. Come to think of it, while I haven't crunched the statistics, it wouldn't surprise me if your money were more likely to be stolen if you kept it in Bitcoin than a boring bank account.
  - moralsupply 6y ago
    Is that because of the Bitcoin protocol or because people are dumb and lost their coins?
    - jiveturkey 6y ago
      does it matter?

MrMan 6y ago

Why don't we use dollars

moralsupply 6y ago
We do use dollars, the last time I checked...