Can Proof of Stake Solve Bitcoin's Energy Problem ...

10-23 00:44 - 'Bitcoin as a currency is unsustainable... / Security and Trust: Millions of dollars worth of bitcoin lost by hacks, lost passwords and mismanagement. Mt. Gox, Coincheck, Binance, Bitconnect to name few. / We may have solve...' by /u/jucoin2000 removed from /r/Bitcoin within 264-274min

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Bitcoin as a currency is unsustainable...
Security and Trust: Millions of dollars worth of bitcoin lost by hacks, lost passwords and mismanagement. Mt. Gox, Coincheck, Binance, Bitconnect to name few.
We may have solved the problem with trust through block chain...We just don’t know if trust is a problem that technology can ever truly solve as long as humans are the ones using it.
Cost effectiveness: Blockchain is very expensive for its functionality, computers working around the clock to maintain distributed ledgers using more energy than many entire country’s put together.
Efficiency: Bitcoin has painfully slow transactions times. Visa’s payment network can deal with 24,000 transactions per second and bitcoin just a measly 7.
So even though giant centralised organisations sometimes abuse our trust they are also fast, typically safe and convenient.
Bitcoin is a currency experiment that will inevitably fail for its intended use, but before that time and due to its erratic changes in value there will be potential money and profit to be made from the instability.
Its possible that “Blockchain” will revolutionise a lot more than just money, although as yet i am not clear as to what that will be.
Conclusion: Make your money before the bitcoin bubble bursts...and it will.....
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Author: jucoin2000
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Cryptocurrency as an Environmentally Friendly Alternative

First off, apologies if this is not the right place for this kind of post, but it is something I'm passionate about for a number of reasons and I hope people find it as interesting as I do.

Bitcoin
Many people have heard of Bitcoin's crazy energy consumption. Most blockchain crypto-currencies suffer from the same issue. Crypto-currency mining is a drain of energy and electricity. Bitcoin has solved one problem, only to cause another. Sure, Bitcoin's total energy consumption is less than the global banking sector but it's not an exact equivalence.
Currently Bitcoin mining is using up the same amount of energy as a small country. This is neither practical nor sustainable.

NANO
However, there exists a crypto-currency called NANO that I'd like to bring attention to (without going into too much technical detail). NANO is infinitely scalable, it has no transaction fees, it has sub-1 second transaction times, and most importantly of all - it is not mined. To call anything "environmentally friendly" that requires more energy than it produces would be disingenuous but the differences are staggering.
Per transaction it is estimated that Bitcoin uses 450-950 kWh of electricity. NANO uses a meer 0.112Wh.
To put this into perspective, NANO uses between 0.000001% - 0.0000025% of the energy Bitcoin does per transaction (if I've done my math right), whilst also improving drastically on transaction speeds, fees and scalability. Compare this to the global banking sector and it is but the smallest of fractions in energy consumption. The entire global NANO network could be powered by a single wind turbine. There is even an initiative to plant trees to offset NANO's (already small) carbon footprint.

The Technical Bits
NANO has achieved its relative environmentally friendly status by the following:
  1. The Block-Lattice. Where Bitcoin uses a single blockchain, with a single point of entry on the chain that miners compete for, every NANO account has its own blockchain. Each account's chain has send and receive records, meaning no competition, no mining, and no fees.
  2. No Mining. All the NANO that will ever exist have been distributed by publicly available "faucets". There are still some of these, but the quantity received is small. NANO can still be bought on exchanges like Binance and used on cards like Wirex.

Conclusion
Crypto-currencies are undeniable in their infancy, and with this comes volatility and speculation. But, just like the internet, the potential is there. The first websites were clunky, slow and poorly designed. Few people had the internet when it first became commercially available, and many skeptics thought that the .com boom was a bubble that would burst and fade into obscurity. I believe the same is happening with crypto-currency. However, I'm not posting this to shill crypto-currency. Use it or don't, it's up to you. But there is a real potential to help the environment by using crypto-currencies like NANO and I don't think this should go ignored.
With most environmentally-destructive practices been performed in the name of money, I think it's important that we tackle this at the source. If we can use currency in a sustainable way, we can chip away at the ever-mounting bricks of energy-consuming markets.

I'd be interested on hearing people's thoughts about any part of this post, and I'll happily answer any questions I can.
submitted by FuckingPrawns to environment [link] [comments]

Could the US Ban Bitcoin 2020? Binance $186 Million Q3 Profit IS BitcoiN A bubble going to burst? Ronnie Moas Bitcoin: Beyond The Bubble - Full Documentary - YouTube Pumpzinho Maroto do Bitcoin +5% e Ripple + 10% com Futuros na Binance até 75x Bitcoin Bubble? Will the Crypto Bubble Burst? What is your investment strategy? Crypto Predictions Don’t Be the victim of Bitcoin Bubble - English Version BTC USD $5742 🔥Free #Bitcoin Price Prediction  Binance ... Binance - Buy the BEST ALTCOINS here! BITCOIN RIPARTE - FINANZA DECENTRALIZZATA ( DEFI) NeoDevcon Interviews, Bitcoin Price Movements, and Binance Delistings

What do you think about this scribble? Interesting It may not matter whether Bitcoin is a bubble. The staggering energy costs associated with “mining” the digital currency could prove to be its downfall. According to Digiconomist’s Bitcoin Energy Consumption Index, as of Thursday May 17th, 2018 Bitcoin’s current estimated annual electricity consumption stands at 67.14 TWh. Let’s take a look at some important facts about Bitcoin ... In this short period of time, bitcoin and the altcoins went in a free-fall never experienced in the demand-driven phase of the bursting of the bubble, suffering losses in the order of 70%. In 2019, the "Darwinian selection" of miners seems to have stopped, as testified by the recovery of the overall network hash rate — albeit at a more moderate rate. Things You Need To Know About Bitcoin Before The Bubble Bursts December 23, 2017 By ... not to mention the huge amount of energy it uses. It is all of the above points that lead many to believe that the Bitcoin bubble will suddenly burst. It was originally designed to be an alternative to traditional currencies, and despite the number of different cryptocurrencies, this just hasn’t happened ... For our 13th quarterly BNB Burn (July to September 2020), Binance burned a total of 2,253,888 BNB, equivalent to $68 million USD worth of tokens. Binance CEO CZ also shared his thoughts on Binance Smart Chain and the emergence of DeFi. Binance.US looks to be far more limited than regular Binance, with only Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, and Tether trading available to start. Further, Binance.US will require identification information to sign up in order to comply with regulations. Bitcoin bubble has burst again! Over the the past two years, on multiple occasions, investors have been witness to a chaotic falls in this cryptocurrency. At one moment we see it rising and another we see it plunging, causing massive losses to some investors. After raising false hopes, Bitcoin has done the same all over again. So, forget hitting $20,000-mark, what one needs to really think ... Even the most ardent crypto evangelist must admit that bitcoin appears to have been the worst investment of 2018, at least in pure dollar terms. The cryptocurrency has lost almost 80 percent of its market capitalization since it established an all... How DeFi Can Boost Bitcoin. After surging by over 150% from March’s lows, Bitcoin has stalled in the $9,000s. Since early May, the leading cryptocurrency has traded in a tight range from $8,500 ... Binance CEO Changpeng Zhao has apologized for causing concern among the crypto community when he openly spoke about the possibility of a rollback for the Bitcoin blockchain following confirmation of a hack leading to the theft of USD 40 million worth of bitcoins on its platform.. The rollback had caused a sharp backlash, particularly among Bitcoin-only communities, aghast at the very concept ...

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Could the US Ban Bitcoin 2020? Binance $186 Million Q3 Profit

Thanks for watching! For donations: Bitcoin - 1CpGMM8Ag8gNYL3FffusVqEBUvHyYenTP8 May 6 2019 - Basic Attention Token BAT has been one of the best performing and top altcoins of 2019. Today we review if this trend will continue and if the r... #criptovalute #bitcoin cosa è #btc #altcoin #binance #investire #guadagnare Bitcoin correzione terminata e si torna nuovamente a crescere ? Defi che cosa è ?... Must see video for Bitcoin Investors. This video explains about the most popular Bitcoin, which is bubble now and will burst anytime soon. If it burst ‘s people who crazily buying bitcoin will ... Bitcoin acima dos US$7700, subindo hoje acima de 5% e também a Binance anunciou contratos futuros com o par Ripple & USDT, isso fez a moeda subir acima de +10% de alta. Ivan on Tech video. Ted Siedle explains THIS Risk You Can’t Afford To Take - Robert Kiyosaki [Rich Dad Radio Show] - Duration: 45:47. The Rich Dad Channel Recommended for you. New My top choice is Binance. ... Limitless Energy & the Pyramids of Egypt - Duration: 29:15. After Skool Recommended for you. 29:15. Why the Air Is About to Come Out of America's Bubble Economy ... When will it burst? Check out this prediction from Ronnie Moas. _____ BUY TRON TRX HERE - https://www.binance.com/?ref=15817655 ... How will you survive the crypto bubble? When will the bubble pop? What is the future of Bitcoin? What is your investment strategy? Let's talk about it! ... Binance is one of the newest Bitcoin/Altcoin exchanges. Their portfolio includes plenty of the top Altcoins out there. This video should teach you the basics about this cryptocurrency exchange and ...

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