Bitcoin Forum

I recently read [/] "An Order-of-Magnitude Estimate of the Relative Sustainability of the Bitcoin Network" , from Hass McCook .

In this book , he made a detailed study about estimating the durability and cost of the Bitcoin network.
He compares Bitcoin against the gold industry, the banking system and the production of physical currency.
And , Bitcoin is by far the most energy efficient monetary system we have ever made !
Here are some numbers:

Banking system: 23340 million GJ (energy consumed) + 390 million T of CO²
Bitcoin mining: 3.6 million GJ (energy consumed) + 0.6 million T CO².

 ;D ;D ;D

I don't know yours opinions about that , but I'm really excited , I want that erveryone know that !  ;D ;D


I know guys that it's really hard to delete these systems , and maybe not possible , I just think Bitcoin is the best system , and I just want to share my opinion , to touch a lot of people , and sensibilize them , it's important.
Nowadays , a lot of people are still thinking that Bitcoin is a scam , " a bubble" , they don't know the technology , they speak before learning , they don't understand and don't want to understand.
And I want to educate these people, it's my mission , and I sware iI will succeed : my goal is that people understand what is the potential of Bitcoin !

Bitcoin won't delete any other monetary systems and even if it one day replaces them this will not happen in any of our lifetimes. From an efficiency point of view bitcoin will only become more favourable when compared to cash as there are more advances in tech and as renewable energy sources become more common. Cash will always require some substance such as paper (coming from trees) whereas if electricity is renewable then bitcoin will have very little environmental negatives.

That just is a opinion of author. Bitcoin will delete all the other monetary systems, it work and develop itself. The people scare about that Bitcoin will replace current currency but I think it's impossible, I think Bitcoin will live parallel with current money system but is in the Internet :)

I don't think bitcoin will remove ALL the money systems in the world, but it may well become the biggest system in the world in ten to fifteen years.

Bitcoin is not going to delete anything. For the foreseeable future both monetary systems are going to exist side-by-side until there is a gradual transition towards blockchain based currencies. This doesn't necessarily mean it will be Bitcoin specifically that wins the future of currencies, but something based on blockchain technology.

In fact, the first is rarely the one that dominates the market, so it's likely that something will come along to overthrow it unless BTC forks several times to keep up with the pace of change.

Do you mean make other fiat systems obsolete? No, it won't happen. Yes, I agree that bitcoin is much efficient as compare to banking system which consumes a lot of electricity, but I don't think that they will be eliminated in our system. There's too much as risk eliminating the banking system so I doubt that governments around the world would agree to that.

Bitcoin is not going to delete anything. For the foreseeable future both monetary systems are going to exist side-by-side until there is a gradual transition towards blockchain based currencies. This doesn't necessarily mean it will be Bitcoin specifically that wins the future of currencies, but something based on blockchain technology.

In fact, the first is rarely the one that dominates the market, so it's likely that something will come along to overthrow it unless BTC forks several times to keep up with the pace of change.

You're right that the weight of history is against bitcoin. I do think it could be one of the rare exceptions to this rule however because of the large advantage it has being one of the first. Unlike a traditional business structure where the best always wins, bitcoin has the advantage that it is truly decentralized and many of the newer cryptocurrencies cannot offer this.

Bitcoin is certainly not going to delete anything, get that fact straight! Bitcoin or any other cryptos are not meant to replace any existing systems, they are here to co-exist and create a parallel system for common people like us! Government, being a strictly centralized entities will never approve any decentralized monetary system to be accepted as a mainstream one because it will shift the core of control in the hand of common mass.

Political parties will never let it happen, no matter how less energy we consume or how less Co2 we emit! Power mongers will be the main roadblock in the progress of crypto. They may allow it to mix it with mainstream economy like Japan and Germany did, but will never allow it to become the main monetary system. I don't see it happening even in the coming century.

You should change the title to something better because you already said that it won't delete or replace any currency. All of the replies share the same answer which is NO the efficiency of Bitcoin won't remove/delete/replace any kind of monetary system. I think everyone here knows Bitcoin is one of the best crypto since you've posted this in a bitcoin forum.

People don't understand Bitcoin because there's a lack of interest and many of them don't care at all. Most of what is being reported about Bitcoin are bad news which ruins Bitcoin's reputation. 

Its not possible bitcoin will replace all other monetary system because bitcoin can be a global currency but every country have their own national currency so peoples always need cash for daily requirements and now most of global transactions are happening via USD. bitcoin transaction is p2p transaction and fast method for send bulk money but other monetary system is also useful for financial system.

Actually, many people are already aware of the potential of Bitcoin, that's why they use bitcoin as a tool to make the most profit before bitcoin is truly legally accepted throughout the world. The government prohibits bitcoin because they understand well if this will have a bad impact on the traditional economic system they make, therefore it is necessary to encourage and support all Bitcoin users to create benefits that are useful for everyone, not only for the big players.

i don't think so.
bitcoin is obviously not wasting energy as they have been saying in the media for the past 10 months.
but also bitcoin is not the most energy efficient system either. it is right in the middle.

While there may be merits in the authors book regarding the energy consumption between Bank, and that of mining of a Bitcoin he's wrong to say when he says, Bitcoins will only be the monetary system. Like so many before the author, have failed to take under consideration the fact that Bitcoins is limited, not all have access to it, and we value bitcoins in fiat,  also pertinent to note not all countries accept it.

I do understand your point op considering that Bitcoin miners are often made to feel guilty over the electricity they consume, but understand it fiat is irreplaceable.

I don´t think that this is the likely outcome. Bitcoin is rather going to be
used as an asset in order to preserve and increase the purchasing
power of your wealth than as a real currency. The immutability of the Bitcoin
blockchain is suited really well for this kind of use.

I envision a future where people store their wealth in assets like Bitcoin while still
mainly transacting in government-issued currencies, which are not
blockchain based.

Keep the fire burning, keep your hope alive and spread the good news about bitcoin because it is gaining more and more awareness and  will become more popular soon although it might take over other or replace other form of currency but it will surely get the upper hand

The governments decide which monetary system to support and they don't about care efficiensy at all.
The only factor that is important for the governments is control.More control means more tax revenue.
I don't think that any monetary system can survive in the long run without government support.

I think the whole world is still not quite familiar with the bitcoin especially the rich who do not know the cryptocurrency I think bitcoin will not be able to take these processes, especially the bitcoin has not been around the world.

Bitcoin is like cash but while cash is held by the government and the value is controlled by the central bank, Bitcoin is not under the control of anyone. So Bitcoin can not remove all other currency systems.

I don't see anything to be rejoiced about here. The fact is bitcoin is not replacing or deleting any other financial system especially fiat. The worst case scenario would be they both coexist which is something that I see happening. The banks would eventually adopt the blockchain technology to do the same thing they are currently doing but this time, in a more efficient and secure way that is made available by blockchain. The reason for that is simple the technology is open source which makes it easy for any intelligent developer to work on it and for banks that have either in-house team of developers or dedicated consultants for that purpose, there won't be any serious issue in getting a solution.

Your statistics sound right but decisions such as this are not made bases on statistics alone because it goes to the very foundation of the country if they are deleting their own financial system.

Bitcoin was introduced in 2008 and that time it was considered as a alien technology and no one was ready to believe it and those who believed bitcoin that time are now bitcoin billionaires and now the bitcoin is most successful and the most powerful crypto currency and the most investing investment of all and due to its huge potential, it has been used by millions of people for investment and due to its numerous of advantages, it will replace all the Fiat currencies available in the market.

As far as i know bitcoin will not delete all the monetary system and i believe after some years later bitcoin will become the biggest system.

You have got the thing wrong. BTC will not delete the monetary system. It will in fact revolutionize the monetary system and will unite the globe with one currency, that is crypto.

Bitcoin will never delete the other monetary systems. I believe that, Bitcoin and fiat money should run side by side for a better economic system. It will not remove other monetary systems but there is a possibility that it might become the greatest payment system of them all.

This is really a valuable talk. I also agree with the statement that many people think that bitcoin as well as crypto currency is a scam out of ignorance or negative word of mouth. Bitcoin will not delete all the monetary systems but it will try to reduce the gap between poor and rich.

Bitcoin will not delete all other monetary system. In fact it is here to make the lives of the people better and is there to eliminate the rich poor gap. It has been the alternative for the people who were unable to find a work in the first place.

This is really a true fact that most of the people misunderstood bitcoin along with crypto currency. But your initiative is really nice and appreciable. If everyone tries to do this from their place then this will really help to change the notion of the people regarding bitcoin.

Yes, because the banking system has long been operating, therefore the banking system has consumed a lot of energy, in that data you do not make it in more detail, such as how long it takes until when the energy is consumed, bitcoin is still in a lower count in consuming energy because bitcoin is indeed recently operated differently from banking. We know that the energy for crypto miners also requires high or large energy, so there are still weaknesses and deficiencies in each of them.

I'm partially agree and think, Crypto oneday, will delete all other monetary systems , if todays crypto can dictate over current currencies very fast.You will be very happy to know that most of the ig companies accept crypto, Most of the countries make it valid. So i think it's just need time to delete ll other monetary systems.

I'm not sure, but i don't think that bitcoin will be able to delete all other monetary systems. Current currency and bitcoin are parallel to their actions.

If bitcoin stay side by side with fiat, it will be fine because it will give a large space to compare what cryptocurrency has to offer to the society. But whether it will delete existing payment system entirely is yet to be proved,  it will contribute to it rather.

As what I've said to the threads similar to this, Bitcoin will not delete the monetary system. First is because it has been with the civilization eversince. Second, what medium are you going to use to buy cryptocurrency if there will be no monetary or fiat system? The thing that Bitcoin will do is improve the current system and make it more convenient and faster to use.

My opinion to this is no, BTC will not delete any monetary system as per author's subject and BTC was not developed to include such thing. BTC is developed as a payment system and as a currency for people to be able to invest and earn some profit. Moreover, BTC will have to do some innovations and improve the current payment system to become more reliable and faster transaction speeds.

who argues like that? I think bitcoin will not be able to erase the existing financial system in the world, although later bitcoin will become a global currency. but that will not change or shift the position of any monetary system

I couldn't agree more! Bitcoin will not delete all the monetary systems because first of all, the bitcoin was not created to replace paper money but rather as one of the alternate money that focuses on tech or digital money. It will not happen due to not all the people can be or familiarize in accessing it and governments or most of the people won't agree to it. It is just that bitcoin is more complimentary than paper money.

Maybe in your dreams it will come true, it's far from reality and will never happen I guess. Bitcoin is a revolution and most revolutions failed. And Bitcoin is not the best but the first and widely used, there are others that are way faster and cheaper to use than BTC.

I won't believed, bitcoin don't have that potential to delete/replace monetary system in the world. It's far from reality. The monetary system were created long time ago and its not that easy to remove in the community. Most of the entire world population is using this kind of system in their lives.

I guess bitcoin might be able to remove the use of paper money unless its transaction costs get higher and higher. If we can keep our coins safe from hackers for day to day transaction and if the governments decides to regulate cryptocurrency then I guess paper money might face a challenge. Bitcoin can remove the needs of other monetary system but it’s going to take a lot of time.

Cryptocurrency like BTC has given people a common monetary system across the globe. But I don’t think any nation would accept this as their main monetary system by leaving all their security concert behind.

Even though Bitcoin consumes less energy than many other monetary systems, I don’t think it is capable of removing other monetary system specially the fiat. Still many people trust banking system rather than crypto.

This is a great fictional story by the author. I will state this as fictional because I don’t think so there is a chance of bitcoin to vanish other monetary systems . now researchers compare bit coin with gold industry and others but it cant be fully abolished.  We cannot replace our full system with digital currency yes but there is a  chance to face a neck to neck fight but as noone can have supreme power over cryptocurrency so no nation will not be willing to do that. We can get a great example fropm the hidden ammount of Gold stack in US.

Bitcoin is truly one of the best monetary system of our time but I don’t think it will be able to remove all other monetary system. Bitcoin is dependent on technology but not everywhere this technology is available yet.

Bitcoin can not replace either local currencies or banks. No decentralized crypto currency can do this. Only centralized crypto currency can replace local national money however not banks. Banks will always exist as long as they are needed by the state. Such thoughts will simply remain, reflections and the matter here is not in the expenditure of electricity. With the help of renewable sources of wind and sun, you can get as many as you want. The fact is that the decentralized crypto currency itself can not replace national money, because it will be a failure for the economy of the state. It can only walk in parallel with the national money of the state.

Mind you in this world, everybody cause traffic to whatever believe they have on something. Bitcoin is good and OK but deleting all the other monetary system, will and can never possible. Before the advent of bitcoin something had been in use and presently bitcoin can not be acquired direct without use something as exchange.

It seems you are very desperate about bitcoins success. By the way I don’t think it will ever delete any monetary system. I think one day it will replace  them or will be used as an alternative as bitcoin will be more famous than other currency. 

bitcoin wouldn't delete the monetary system in the world, why? we can see that if there are no monetary system in the world, it will ruined all world because there are the monetary system that can't manage money in a world, crisis in many country, inflation, and many others

it will never be either kill or be killed in the real world. there will always be a middle ground. bitcoin is not going to ever kill or delete or anything else the monetary systems and it doesn't matter how many numbers to mention about the energy usage or the transactions processed by each,... in the end bitcoin will remain the only decentralized currency of the world while the same centralized monetary systems still exist and continue working like before.

Actually bitcoin will not delete anything. It will develop itself to attract everyone to use it and thus other monetary can be replaced. But those will not be deleted from anywhere. It will act as a parallel way of financial activities.   

simply because bitcoin is the best among the rest when it comes to payment method , not only payment method but bitcoin can also do other  amazing things that any monetary system cant possibly do . bitcoin is slowly deleting the tradional money on most countries because we can now see that majority of people are now using bitcoin whenever they make a purchase online or offline . when the right time comes , only bitcoin will remain alive and even credit cards/debit cards , paypal , payza ,etc will also become obsolete because of bitcoins dominance .

No I don’t agree with this. Yeah it’s true that bitcoin is much efficient than current banking system but these will always exist. And bitcoin is never meant to delete or remove other monetary system. It is just another way of currency. 

This is possible but not in the nearest 5-7 years, for sure . But this is real because bitcoin is very easy to use and transactions around the world

it's surely very efficient, yet there is room to improve. But it doesn't mean it's not good enough as it's, we just need tp push for mass adoption in order to help the people to understand how to use it

It is good to set goals like that most importantly because we are users of bitcoin per se and we are all experiencing what bitcoin has done in our lives. Yet you cannot please everybody and let them accept your thoughts. Personally, what I aim for bitcoin is to be acknowledge worlwide and be accepted in the circulation of currency in the market. Educating others is what we can do to help bitcoin. Let us help not just ourselves but also what we can do for bitcoin.

I don’t think bitcoin gonna delete any other monetary systems. It is not possible to remove all currencies worldwide replacing bitcoin but btc can be one of the big currency in upcoming world.

It is not so easy task to delete all the monetary systems from the world. The possibility is both Btc and monetary system will exist side by side. Btc will rise in future but cann’t beat other monetary systems.

did not know about this information but apparently bitcoin really is the most economical system but the question is when it becomes more scale how much it will consume energy

You deserve respect.You have chosen the right course.By the way I never saw statistics on energy in the Bank and the level of carbon dioxide!I would like to see a link to this study.Bitcoin is a symbol of the coming age of Aquarius.

I think because of bitcoin some monetary systems will be eradicated. It will create its own system which is totally developed by bitcoin. Some people thought that bitcoin delete the current currency but you have to know that bitcoin works parallel with existing currency.

I couldn't agree more. Honestly, the question was asked thousand of times in this forum and again my opinion to that will stay the same. Bitcoin will not erased all the monetary systems because first of all I don't think that was the purpose of it. For me, bitcoin is just another currency or alternate money. It is just more favorable due to the more secure and you have the full controllarity to it and can go anonymously. So bitcoin will not delete any monetary system.

with the degree of solutions the blockchain technology is proffering to loads of challenges in the world and with the disruption in the financial system of the global economy, it can only be said that bank will either adopt the new system or phase out of the financial system

Bitcoin may run its own monetary policy. In the future, it totally run by its own technology. Some government set law that bitcoin and national currency can run smoothly together.

Maybe its possible for bitcoin to delete other monetary system but it will take a long time. Maybe in the future, no one knows. Yes bitcoin is efficient but some people will continue to invest in banks because they think its much safer than bitcoin. In fact, that is just an opinion so its depends on us if we are going to believe that or not.

Simply because bitcoin is the best among the rest when it comes to payment methods, not just the payment method, but bitcoin can do other great things that any currency system can not. can do. When the right time comes, only bitcoin will remain alive and even credit / debit card, paypal, payza, etc. will also become obsolete because of the bitcoin dominance.

We all know that there are lots of investment methods available in the market and there are millions of people around the world who are investing into these investment like the most popular one of the present times is gold investment then comes the investment into stocks and then the most successful one that most of the businessmen are engaged in, is bank investment as they feels that there money is safest there but now comes the future investment and that is crypto investment and now is has become so popular and successful that it is now considered as a superior of all kind of investment.