The only valid justification for Bitcoin—or any system claiming to revolutionise monetary transactions—is if it can demonstrate greater efficiency than existing systems such as banks.
Efficiency in this context means achieving the same or better outcomes while consuming fewer resources, whether those be financial, technological, or environmental.
If Bitcoin consumes more energy, requires greater infrastructure, or introduces more complexity than traditional banking systems, any claim of "saving" money or resources is either deeply ignorant or fundamentally dishonest.
Existing monetary systems, such as banks, have spent decades refining their processes to minimise inefficiencies. They process millions of transactions daily with established mechanisms that, while not perfect, are relatively efficient given their scale and purpose. Bitcoin, on the other hand, demands immense amounts of computational power and energy for even the most basic transaction verification.
The mining process alone is a glaring example of inefficiency, with energy consumption that dwarfs that of entire countries. For all this expenditure, Bitcoin transactions remain slower and costlier, especially when scaling is considered, compared to traditional banking or payment systems.
Claiming that Bitcoin is a "saver" or that it improves on existing systems requires proof that it does more for less. If it requires more energy, more infrastructure, and results in slower or more costly transactions, the opposite is true—it is an exercise in wastefulness. The only way Bitcoin could rightfully claim an advantage would be if it could reduce the economic or resource burden currently carried by banks and monetary systems.
As things stand, to argue otherwise is to ignore the very real costs involved, or worse, to intentionally mislead people about the true nature of the system’s inefficiencies.
In short, the only benefit of adopting Bitcoin over established systems comes if it is more efficient. If it is less efficient, then there is no "saving" at all—just an embrace of waste and inefficiency under the guise of progress.
Bitcoin can do this - BTC cannot.
This is one of the reasons and one of the many reasons why BTC is not bitcoin.
• • •
S. Tominaga AKA CSW
Oct 22, 2024
https://threadreaderapp.com/thread/1848652200777814021.html
https://t.me/S_Tominaga/1609
Efficiency in this context means achieving the same or better outcomes while consuming fewer resources, whether those be financial, technological, or environmental.
If Bitcoin consumes more energy, requires greater infrastructure, or introduces more complexity than traditional banking systems, any claim of "saving" money or resources is either deeply ignorant or fundamentally dishonest.
Existing monetary systems, such as banks, have spent decades refining their processes to minimise inefficiencies. They process millions of transactions daily with established mechanisms that, while not perfect, are relatively efficient given their scale and purpose. Bitcoin, on the other hand, demands immense amounts of computational power and energy for even the most basic transaction verification.
The mining process alone is a glaring example of inefficiency, with energy consumption that dwarfs that of entire countries. For all this expenditure, Bitcoin transactions remain slower and costlier, especially when scaling is considered, compared to traditional banking or payment systems.
Claiming that Bitcoin is a "saver" or that it improves on existing systems requires proof that it does more for less. If it requires more energy, more infrastructure, and results in slower or more costly transactions, the opposite is true—it is an exercise in wastefulness. The only way Bitcoin could rightfully claim an advantage would be if it could reduce the economic or resource burden currently carried by banks and monetary systems.
As things stand, to argue otherwise is to ignore the very real costs involved, or worse, to intentionally mislead people about the true nature of the system’s inefficiencies.
In short, the only benefit of adopting Bitcoin over established systems comes if it is more efficient. If it is less efficient, then there is no "saving" at all—just an embrace of waste and inefficiency under the guise of progress.
Bitcoin can do this - BTC cannot.
This is one of the reasons and one of the many reasons why BTC is not bitcoin.
• • •
S. Tominaga AKA CSW
Oct 22, 2024
https://threadreaderapp.com/thread/1848652200777814021.html
https://t.me/S_Tominaga/1609
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