Re:Cambridge Bitcoin Electricity Consumption Index
by frongpik on Wednesday February 10, 2021 @12:23PM
(#26092047)
What happens if a few millions people send 5 bucks worth of bitcoin? A global power outage?
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Re:Cambridge Bitcoin Electricity Consumption Index
by MereInterest on Wednesday February 10, 2021 @12:29PM
(#26092131)
Depends on the transaction fees associated with those transfers. If those millions of people also post higher-than-average transaction fees, then the Bitcoin network prioritizes those payments, and cannot process any other transfers.
Re:Cambridge Bitcoin Electricity Consumption Index
by Darmody on Wednesday February 10, 2021 @02:29PM
(#26093566)
They would have to wait a lot. Also a fee is almost $20 now. So they would make a bad and slow deal.
Re:Cambridge Bitcoin Electricity Consumption Index
by frongpik on Wednesday February 10, 2021 @03:08PM
(#26094018)
That seems like a natural rate limiter that would prevent wasting any meaningful amount of energy on bitcoin.
Re:Cambridge Bitcoin Electricity Consumption Index
by imtringued on Wednesday February 10, 2021 @04:15PM
(#26094916)
That transaction fee will be used to run more miners and thus increase the energy usage.
Re:Cambridge Bitcoin Electricity Consumption Index
by frongpik on Thursday February 11, 2021 @11:17AM
(#26103298)
Higher fees means fewer transactions. Nobody's going to buy a $3 coffee with $300 fees just because it's bitcoin.
Re:Cambridge Bitcoin Electricity Consumption Index
by Darmody on Thursday February 11, 2021 @01:20PM
(#26105169)
Nobody will pay a coffee with BTC, just like you don't pay for your stuff with a gold coins.
Some say Litecoin will be used for that but I doubt it. Coins like Cardano or IOTA will be used for transactions. I'm not sure about Cardano but with IOTA you can transfer a fraction of a cent (or no value at all) without fees (that doesn't mean everything will be always fee-less).