Did I read that the number of transactions that Bitcoin can do per unit time is dwarfed by current digital banking capabilities? That , plus it's exorbitant energy consumption and lack of anything concrete to back its value up makes me dubious. But never underestimate humanity to avoid efficiency.
From my understanding, on-chain transactions are limited yes, but they are instantly settled, peer to peer. Banks, credit cards, wires, etc. are not instantly settled and involve numerous counterparties. Try moving 10k+ around the world, it will take a long time, involve permissions, and is slow. With BTC it is verifiable in 10min or so with little fees. Credit cards/wires are essentially "layers" on top of the base USD. There are layers on top of bitcoin which sacrifice some of the security to increase transaction quantity and speed. Lightning network is a layer 2 solution that is still decentralized on top of the BTC network working now and can solve many of the transaction issues that the base BTC network itself couldn't keep up with. There is a lot to BTC and I could not hope to answer everything in a reply. I also wrote about the climate/energy impact on BTC last year, check it out here. Many of the energy claims about BTC made in the news have been false.
Did I read that the number of transactions that Bitcoin can do per unit time is dwarfed by current digital banking capabilities? That , plus it's exorbitant energy consumption and lack of anything concrete to back its value up makes me dubious. But never underestimate humanity to avoid efficiency.
From my understanding, on-chain transactions are limited yes, but they are instantly settled, peer to peer. Banks, credit cards, wires, etc. are not instantly settled and involve numerous counterparties. Try moving 10k+ around the world, it will take a long time, involve permissions, and is slow. With BTC it is verifiable in 10min or so with little fees. Credit cards/wires are essentially "layers" on top of the base USD. There are layers on top of bitcoin which sacrifice some of the security to increase transaction quantity and speed. Lightning network is a layer 2 solution that is still decentralized on top of the BTC network working now and can solve many of the transaction issues that the base BTC network itself couldn't keep up with. There is a lot to BTC and I could not hope to answer everything in a reply. I also wrote about the climate/energy impact on BTC last year, check it out here. Many of the energy claims about BTC made in the news have been false.
https://betterbatteries.substack.com/p/proof-of-energy