Re: Why Bitcoin will delete all the others monetary systems ?
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 !
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.