Why Bitcoin will delete all the others monetary systems ?

[Neurzway]

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.

 

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


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 !

[randythered]

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.

[boyknightvn]

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

[vfrcbv911]

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.

[Parodium]

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.

[btc_angela]

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.

[Parodium]

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.

[randythered]

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.

[avikz]

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.

 

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


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 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.

[ralle14]

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.

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.

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 !

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. 

[cxirvin]

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.

[bitvalak]

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.

 

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


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 !

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.

[BitcoinHodler]

And , Bitcoin is by far the most energy efficient monetary system we have ever made !

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.

[Juggy777]

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.

 

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

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.

[Samarkand]

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.
...

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.

[CAPTEZECC]

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

[davis196]

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.

[naruto7676]

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.

[voanquan]

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.

[audaciousbeing]

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.

 

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


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 !

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.