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Title: Does Bitcoin/cryptocurrency makes more economic sense than banks? Post by: Ilocanoako on March 06, 2018, 01:40:49 AM Bitcoin/cryptocurrency= uses 42 Terawatts, probably more
Banks(hundreds of thousand bank building and ATM)= how much electricity they consume? Title: Re: Does Bitcoin/cryptocurrency makes more economic sense than banks? Post by: TepungBeras on March 06, 2018, 01:58:32 AM Yes it's true if I think bitcoin makes more sense than a bank, because bitcoin is irregular and not controlled like a bank, and bitcoin currencies are also not inflation-like money created by banks, and have an increased zinc value.
Title: Re: Does Bitcoin/cryptocurrency makes more economic sense than banks? Post by: jseverson on March 06, 2018, 08:49:07 AM Well, "economic sense" isn't as black and white as simply looking at their energy consumption. Banks spur the economy by lending, and they provide jobs, etc, so you're going to have to factor in much more than just cost. The economy is a complex thing.
To answer your question of consumption, here is an article I've read about the subject: https://hackernoon.com/the-bitcoin-vs-visa-electricity-consumption-fallacy-8cf194987a50 tldr; Author conservatively estimated banking's energy costs to be around 3x Bitcoin's |