Transactions Per Day : Visa 150Million / BTC 0.6Million
- Thread starter Nobert
- Start date
A LOT more possible via the lightning network.
(this goes for btc).
Other cryptos have a much higher possible transaction rate;
for ex. cardano, algorand or XRP.
(btw also interoparbility between the coins)
Yes that would make sense since you can buy things with a credit card. This is common sense, so what?
They don't exist, do they?
If other cryptos are much better at transferring money (a fact), then how come we are still bombarded with the "bitcoin is the future of money" bullshit?
Also lightning or no lightning, how come there were 24K transactions stuck in the system for hours when the volume was high? Because nobody was using LN?
You're talking nonsense
That's not how BTC transactions work. There are about 2000 Bitcoin transactions per block or every 10 minutes
Lightning Network does not need mining computing power and can scale to millions of Bitcoin transactions per second
"Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden."
https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume
I made a mistake & deleted my post.
It would use less, a third instead of a half, but a third is still way beyond anything that we can afford.
A third of global energy, to do, transactions.
Lightning network, aliens, Satashi Nakomoto, yes, yes, i know.
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Number of transactions per block has no relation to the Bitcoin network's energy usage aka network hashrate aka computing power
The limit of transactions per Bitcoin block is about 2000 transactions (see my picture above)
If there are 10 Bitcoin transaction sent in 10 minutes or 2000 Bitcoin transactions, the Bitcoin network will use the same exact amount of energy
Bitcoin Lightning Network nodes usually run on Raspberry Pi so about 1A/5v each. Those nodes are the ones that scale the Bitcoin transactions to millions per second, fully decentralized and does not utilize mining computations
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So what are you trying to say ?
That it will use the same amount of energy as now, but will be able to serve as many transactions as VISA ?
What I'm saying is that Bitcoin's energy usage is not dictated by the number of Bitcoin transactions
The Bitcoin mainnet is limited to 2000 transactions per ~10 minutes ( block interval)
To match or surpass Visa transaction volume, the Bitcoin Lightning Network which has been exploding will be the solution
The LN is a scaling solution that is being used in El Salvador and will be used in the USA by Strike partnership with NCR that will allow Bitcoin to be used as payment at Whole Foods, Walmart, CVS, McDonalds, Macy's, etc etc
The amount of energy is to secure the Bitcoin network and Bitcoin miners are incentivize based on the price of Bitcoin and their rewards. Currently, the price of BTC is down so the miners will need to turn off their older non-efficient miners and that will lessen Bitcoin's energy usage
Last year, China banned Bitcoin mining and the network hashrate fell by about 40% so Bitcoin's energy usage dropped by 40%
Bitcoin mining is energy usage to secure the Bitcoin network from attacks such as double-spend
TL;DR stop mentioning number of Bitcoin transactions as if it's related to Bitcoin energy usage