Tom Ritchford
May 25, 2022

--

Bitcoin is barely a monetary system.

It performs 6 transactions a second, and 80%+ of all its transactions are internal to the cryptocurrency field - less than 20% are purchasing goods and services in the real world.

The VISA network alone does 7000 transactions a second, and over 95% of those transactions are external - that is, used to purchase goods or services in the real world.

If you include all the fiat currency transactions involving coins and notes, the world easily performs 100,000 external transactions per second - of which Bitcoin is 0.001%, but it uses 0.5% of the world's power.

Even if you include internal transactions that don't exit the cryptosphere, Bitcoin is still performing less than 0.005% of the world's transactions, and consuming 0.5% of the power.

--

--

Responses (1)