A New Study - Bitcoin is 56x more energy Efficient than Traditional Banks

[hatshepsut93]

You just gave me a new perspective on why traditional banking services still prevail. Human intellect can not be compared to machines and robots and they still offer a wide range of services that bitcoin lacks. But I am predicting that bitcoin might start offering these services in the nearest future.

I don't see how Bitcoin would start offering services other than simple money transfers. DeFi is an attempt to to that, and as we can see it's centralized and unsafe, and it fails to provide any solutions that would be useful for the masses, like loans without a collateral. It's limited to just trading altcoins for altcoins, which is not useful for real world economy.

[1715302230]

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[1715302230]

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[LittleBitFunny]

You just gave me a new perspective on why traditional banking services still prevail. Human intellect can not be compared to machines and robots and they still offer a wide range of services that bitcoin lacks. But I am predicting that bitcoin might start offering these services in the nearest future.

I don't see how Bitcoin would start offering services other than simple money transfers. DeFi is an attempt to to that, and as we can see it's centralized and unsafe, and it fails to provide any solutions that would be useful for the masses, like loans without a collateral. It's limited to just trading altcoins for altcoins, which is not useful for real world economy.

It's fair to say bitcoin is good but it can't compare to the banking system. We are investors, bitcoiners, but we should not exaggerate bitcoin and fall into the illusion that bitcoin is everything, can replace the banking system or anything else. What we don't like about the bank is that it is too centralized and we don't have full control over our assets when using the bank, but the services it offers are undeniable, in addition to savings, banks lend us with mortgages or with suitable interest rates. When we need money urgently to handle our business, bitcoin or cryptocurrency cannot provide such loans, not even our loved ones are willing to help us. But the bank is a place we can think of as long as we agree to the arrangements they make. We can borrow to decide on work. In my opinion, banking is still necessary in our lives, like it or not.

[Pumared]

You just gave me a new perspective on why traditional banking services still prevail. Human intellect can not be compared to machines and robots and they still offer a wide range of services that bitcoin lacks. But I am predicting that bitcoin might start offering these services in the nearest future.

I don't see how Bitcoin would start offering services other than simple money transfers. DeFi is an attempt to to that, and as we can see it's centralized and unsafe, and it fails to provide any solutions that would be useful for the masses, like loans without a collateral. It's limited to just trading altcoins for altcoins, which is not useful for real world economy.

(...)

Yes, it is still necessary. But as you said, because it is centralized, it ends up not giving confidence to its users. In addition to charging high fees in exchange for almost nothing. So, in addition to this precarious financial role, it turns out that they still don't help with society.

[$anounimus$]

Overall, this is great news for bitcoin's long-term sustainability. If cryptocurrencies and digital currencies are going to be successful over the next few decades, then it will require a major reduction in the amount of power currently required to mine and validate every transaction. About how far Bitcoin can be improved from a sustainability perspective and reduce waste and environmental impact, This is one of the implied messages that should be considered future.

[LittleBitFunny]

snip

Yes, it is still necessary. But as you said, because it is centralized, it ends up not giving confidence to its users. In addition to charging high fees in exchange for almost nothing. So, in addition to this precarious financial role, it turns out that they still don't help with society.

I am a bitcoin investor and bitcoin also gives me a lot of things that my main job cannot give me. But I can tell you, bitcoin is not comparable to the banking system. As @hathepsut93 said, it not only provides you with a simple way to transfer money, but also a lot of other services.

Banks have been around for centuries and bitcoin has only been around for 13 years. Before bitcoin arrived, did you rely on banks? I don't believe you don't have any bank account, I don't believe you never use a bank in your life. Bitcoin is amazing and everyone should have some bitcoin if want good future that is my sincere advice, but the bank is also very important to us, we should not get rid of it completely, just don't put all our trust in it.

[justdimin]

I am a bitcoin investor and bitcoin also gives me a lot of things that my main job cannot give me. But I can tell you, bitcoin is not comparable to the banking system. As @hathepsut93 said, it not only provides you with a simple way to transfer money, but also a lot of other services.

Banks have been around for centuries and bitcoin has only been around for 13 years. Before bitcoin arrived, did you rely on banks? I don't believe you don't have any bank account, I don't believe you never use a bank in your life. Bitcoin is amazing and everyone should have some bitcoin if want good future that is my sincere advice, but the bank is also very important to us, we should not get rid of it completely, just don't put all our trust in it.

Bitcoin, being able to both be store of value and also a payment transaction may make it unique on its own. I mean surely there must be "some" out there, but can you tell me something that both gains value and makes you rich and you invest into, but could also use for paying a cup of coffee?

Look at all the other investments we know, bank savings account, gold, real estate, stocks, whatever you can think of, they are not stuff we use to pay for a coffee, or look at things that you can use to spend, dollars, change, credit card, whatever, they are usable to pay for stuff but those are not investments. Bitcoin could be the only thing you can use together.

[n0ne]

Increase in the usage of energy on Bitcoin mining keeps decreasing as a result of advanced high efficiency miners. Same time banking industry follow the same old form of banking where we need to pass through a stream of process. To pass these stream of process few intermediary need to work on it. This leads to the increased energy consumption.

In reality they're green and the Bitcoin is mentioned as functioning against the environment. Maybe similar things will make the traditional banking networks think about it and improve their efficiency.

[Pumared]

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Yes, it is still necessary. But as you said, because it is centralized, it ends up not giving confidence to its users. In addition to charging high fees in exchange for almost nothing. So, in addition to this precarious financial role, it turns out that they still don't help with society.

I am a bitcoin investor and bitcoin also gives me a lot of things that my main job cannot give me. But I can tell you, bitcoin is not comparable to the banking system. As @hathepsut93 said, it not only provides you with a simple way to transfer money, but also a lot of other services.

Banks have been around for centuries and bitcoin has only been around for 13 years. Before bitcoin arrived, did you rely on banks? I don't believe you don't have any bank account, I don't believe you never use a bank in your life. Bitcoin is amazing and everyone should have some bitcoin if want good future that is my sincere advice, but the bank is also very important to us, we should not get rid of it completely, just don't put all our trust in it.

Yes I agree. But, banks still have a large number of transactions per minute, and BTC has a very low number compared to banks.

I think BTC needs more time to evolve its number of transactions, for me this is very important

[Note3]

I am seeing that only Bigger members like hero or legendary members are giving merits each other, not to newbies or other such people. I was hoping that people who have best and good post might get merit but that's not the case 😁

This statement same like begging merit, but you're lucky got 5 Merits from Legendary members
That's why this campaign popup https://bitcointalk.org/index.php?topic=5415550.0
to realize people that Bitcoin does not consume as much power as the environmentalists out there are campaigning for

[Leviathan.007]

This discussion is a little bit started after some country's governments started to talk about bitcoin because of being proof of work and they believe bitcoin miners will consume too much energy to mine bitcoin and confirming each block of bitcoin takes a lot of energy because most of the bitcoin miners use fossil energy resources while if you compare bitcoin to the banks and the energy required to print traditional money you will understand the energy they use in the old financial and monetary system is much more than mining bitcoin by bitcoin miners.

[Ayers]

That's why this campaign popup https://bitcointalk.org/index.php?topic=5415550.0
to realize people that Bitcoin does not consume as much power as the environmentalists out there are campaigning for

basically, bitcoin mining consumes quite a bit of energy but compared to the consumption with other industries it is really insignificant, but they always find a way to blame bitcoin and the ethereum merger gives them more reason to put more pressure on bitcoin

i think if all the miners switched to using renewable energy to mine bitcoin, they would still blame and find all sorts of other reasons because those people didn't like bitcoin in the first place. this is controversial and there are still a lot of bitcoin supporters like us so i think it's nothing too serious, bitcoin cannot please everyone

[justdimin]

I am a bitcoin investor and bitcoin also gives me a lot of things that my main job cannot give me. But I can tell you, bitcoin is not comparable to the banking system. As @hathepsut93 said, it not only provides you with a simple way to transfer money, but also a lot of other services.

Banks have been around for centuries and bitcoin has only been around for 13 years. Before bitcoin arrived, did you rely on banks? I don't believe you don't have any bank account, I don't believe you never use a bank in your life. Bitcoin is amazing and everyone should have some bitcoin if want good future that is my sincere advice, but the bank is also very important to us, we should not get rid of it completely, just don't put all our trust in it.

Yes I agree. But, banks still have a large number of transactions per minute, and BTC has a very low number compared to banks.

I think BTC needs more time to evolve its number of transactions, for me this is very important

I would guess that it's not really ideal to compare the two together in the sense that transaction amounts are different. It could be different but we are not seeing anyone worrying about banks carbon foot print, whereas we are seeing a ton of people worrying about bitcoins one, that's the problem here.

If we one day reach to a volume that is close to worlds banks all total, then we could worry about the increased energy usage, but we are not there now, and yet people are still worried about it. We should be looking into not just dropping the amount of energy we use, but also we should focus on finding a way to fix the bad ways we find energy, we need to use energy but produce it in a clean way.